REQUIREMENTS FOR BUYING A CONDO

 

 

Buying a condo in the Philippines is actually a fairly straightforward endeavor. Both foreigners and Filipinos can buy condo units in this country.

 

For Pinoys, buying real estate is as easy as getting a new mobile phone line. The paperwork is manageable and if you can meet all the requirements you can have a condo in no time. You simply need to produce:

 

 

1. Proof of income

2. Valid IDs

3. Reservation Agreement or RA (to be given to you by the developer)

4. Buyer’s Information Sheet or BIS (also to be given to you by the developer)

 

 

We’re assuming, of course, that you have money saved and can either pay the total cash price or give a down payment and then pay monthly. (Later in the series we’ll talk a bit about housing loans. We also suggest you contact your bank or a financing institution for expert advice.)

 

If you’re a foreigner, the paperwork is essentially the same. You will need a valid passport, of course. But the main thing to know is that Philippine law allows foreigners to own a condo (owning land is not as easy but that’s a topic for another occasion).

 

According to The Condominium Act of the Philippines, R.A. 4726, foreigners can own up to 40% of a single condominium but no more than that.

 

Since you probably only want one unit (a mere fraction of the entire building), you’ll have no problem buying one. If you’re a businessman and you want an entire floor, that shouldn’t be a problem either as long as the total number of units sold to foreigners doesn’t exceed 40% of the building.

 

Source: www.century-properties.com