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Atty. Sheryl S Caballes has experiences in real estate transactions since 2009.  The posts contained herein are from her various experiences in real estate. The posts here are for educational purposes only and it is the responsibility of the reader on how he/she will apply this in his/her current real estate situation. In all cases, it is advised that persons with real estate concerns seek the advice and help of a professional who can study the concerns in detail and can give the a sound and practical advice.


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How to prevent foreclosures

While browsing foreclosed property for sale by a bank, I chanced upon a condominium unit with a familiar unit number.  I checked my email and I found that the property being sold is the same property which was referred to me by its owner several years back, asking me if I could sell the unit within weeks. Since competition is tough in the area at that time with lots of development being sold, it was difficult to sell the property within the time frame provided by the client. Now I am seeing it foreclosed and on sale. How can a person eyeing to buy a condo unit avoid foreclosures? First, before you buy, determine your end goal. Envision your end goal in mind. Are you buying because you want to lease? Are you buying because you are using the unit? Are you buying using bank financing or are you paying in cash? If you are paying using bank financing, how much are you supposed to be earning at the turn over date in order to pay your bank obligations? Second, set realistic and co...
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5 ways to avoid property scams for OFWs

Investing in real estate is one of the main dreams of the ordinary Filipino. Thus whenever an opportunity presents itself for one to invest anywhere, investing in a house or a home comes to mind. There were several instances when, after working hard to save money to invest, an OFW gets scammed into investing into non-existent property or those involving fake titles. OFWs can protect themselves by knowing these 3 ways to avoid being victimized by property scams.  1. If you are buying condominium units, you can check whether the property has an existing license to sell number before you proceed with your purchase. If it has no license to sell yet, avoid investing. This is to protect yourself from putting money into a project that has no permit yet to sell to the public.  2. Check out the documents.  The best way to check whether the title is legit is to get a certified copy from the Registry of Deeds. Make sure you ask the seller for a copy so your conveya...
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Right to refund of buyers of undelivered condominium units

Q: I have paid my downpayment in full and I relied on the promise of the developer that the unit I bought will be delivered last year. I found out that at the time I signed the reservation agreement, there is no license to sell yet, worse there was no building stated by the developer. Can I ask for a refund? Answer: If the developer sells property without the required license to sell issued by the HLURB, the developer will be violating PD 957.  The remedies for a buyer of the property are stated in Section 9. It provides: SEC. 9. Revocation of Registration Certificate and License to Sell. -The Authority may, moto propio or upon verified complaint filed by a. buyer of a subdivision lot or condominium unit, revoke the registration of any subdivision project and the license to sell any subdivision lot or condominium unit in said project by issuing an order to this effect, with his findings in respect thereto, if upon examination into the' affairs of the owner or dealer during a h...
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