Do's And Don'ts
SUGGESTED DO'S AND DON'TS WHEN BUYING PROPERTY
This is not an exercise in trying to teach my grandmother to suck eggs. People do lose money by not taking simple precautions.
The Do's
When buying property or land ensure the title is clean and has no undeclared encumbrances.
Take your time in choosing an area in which to live. Visit it several times both day and night. What might seem a peaceful haven daytime, may be bedlam at night. Make sure the subdivision is well maintained, has adequate street lighting, is clean, has a regular garbage collection, free from stray dogs and especially goats and has an adequate water supply together with reasonable water charges and telephone, cable television facilities.
Check the creditability of your broker/agent. Make sure they are accredited Realtors. It is not uncommon to hear of bogus agents "selling" ghost properties - properties which do not exist or they are not authorized to sell. Beware of an agent's agent who may ask for a commission, you are not required to pay for the services of an agent/broker when buying a property.
The Don'ts
Never enter into contracts except with the owner of the land/property for sale or their appointed and accredited lawyers. Do not pay any money without a contract prepared by the seller's accredited lawyers.
As a buyer, never pay your broker/agent for his services unless you have requested him to carry extra works which incur expenses.
It is most unwise to buy untitled property or land unless you are dealing with a reputable and national developer who guarantees to produce a title within a specified time frame. Beware of companies offering untitled land who need 12-18 months to produce the title, if after that period of time they give you the option of choosing another piece of land on the same terms or a full refund. Meanwhile, the company has had the benefit of your hard earned cash for 12-18 months, interest free, and you have wasted that time. More importantly, the company could have "ceased to trade" during that period, resulting in the loss of your money.
And lastly, it's not a good idea to have your Filipino in-laws or family buy a property on your behalf. This does happen, believe or not, and nearly always ends in disaster.
These are just a few of the obvious do's and don'ts when buying property.