i am starting this series of FAQs to benefit all personalities involved in philippine real estate. from property owners, banks, developers, brokers, agents, sales people, administrators, etc… my purpose is to let everyone know what is ethical and proper in the industry. of course, there will some excemptions but that would be on a case to case basis.
What documents are normally given to a prospective client and when should it be given ?
With regards to a commercial / industrial / residential lot, the following documents will be needed :
1) Transfer Certificate of Title
2) Tax Declaration
3) Tax Clearance
4) Certificate of Non Improvement
5) Lot Plan
6) Vicinity Map
7)) Approved Plan ( if property is still a tax declaration )
The “NORM” is to give the lot plan and vicinity map of a property to a client prior to viewing the property. If dealing with a broker / sales person / trustee, the CLIENT should be registered in writing prior to any release of documents which would initially be the lot plan and vicinity map only.
On a more sensitive issue, i have had experiences with both clients and brokers / sales people asking for the “TITLE” of the property immediately even prior to viewing the property.
Take note that it’s very important to understand, that the TITLE, TAX DECLARATION, and TAX CLEARANCE will only be RELEASED upon an ACCEPTABLE OFFER ! For those that don’t realize the importance of this procedure, this is to PROTECT property owners from unscrupulous buyers / agents who may be part of a syndicate that specializes in producing fake titles ( although the Land Registration Authority is now computerized, it’s better safe than sorry ).
The property should have been viewed by the parties involved prior to making an OFFER for the property.
Should there be an acceptable offer and the Documents are given to the Client, “DUE DILIGENCE” starts from the time the documents are received.
Hope this clarifies issues with the proper release of documentation.
Thanks and a great day to everyone.
Robert G. Sarmiento Properties
Professional Affiliation :
Real Estate Broker’s Association of the Philippines
President, Greenhills Chapter 2008-2009
02 5148481 ( direct line )
+ 632 5536051 ( trunkline )
+ 632 4781316 ( telefax )
+ 632 8561365 ( line 3 )
+ 632 8041701 ( line 4 )
+ 63 917 5364829 ( globe ) + 63 920 9064829 ( smart )
Email : [email protected]
Website : www.robertgsarmiento.org
Subscribe to my daily postings at www.robertgsarmiento.org by sending an email to [email protected] and write SUBSCRIBE on the subject.