The next step once you’ve decided to buy a new house and have narrowed down the home you want to buy is to begin the process of purchasing the property.
Below is a step-by-step method to purchasing a project-based property from a developer, as stated on FilipinoHomes.com:
Assign a trustworthy agent to act on your behalf. This is referred to as SPA (Special Power of Attorney). It’s referred to as Attorney-in-Fact in legal documents. This agent will sign all documents in your name and will almost certainly handle all of the paperwork in the Philippines. If you’re single, your parents or siblings, or if you’re married, your wife/husband. Your children can act on your behalf if and only if they are of legal age and are employed. Setting your real estate agent or broker is not recommended until the entire immediate family is absent or you have a secure link (ideally by blood) with them. It is advisable to appoint someone you trust to act as your Attorney-in-fact for security and ethical reasons.
Complete the registration or reservation procedure. With your SPA and your selected real estate agent, it is recommended that you engage with one real estate agent from the beginning to avoid any misunderstanding or complications. During your reservation, your SPA should bring the following items.
• Reservation Fee
• Buyers Information Sheet (should be under your name)
• Authorization Letter from you for your assigned SPA
• Your two valid Government Issued IDs’s with three specimen signatures
• SPA’s two valid Government Issued ID’s with three specimen signature
• Proof of Income (Scanned copy of your Job Contract or payslip)
Finish the paperwork. You and your SPA will have 30 to 60 days to finish all of the paperwork needed to finalize your purchase. The following are some of the things you’ll need to prepare:
• Consularized Special Power of Attorney (to be processed at the Philippine Embassy in the country you are in).
• Certificate of Employment with Compensation (if available)
• Your current/active Job Contract (in English)
• Scanned copies of your Passport entries (up to the last entry)
The Philippine Property and Investment Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this 2022 at Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
