ConveyancingPH

I talked to a lot of overseas workers in my 8 years of practice as a real estate broker/agent. Most of them prioritize buying a house or a condo once they earn abroad. Who wouldn't be excited to buy when you see your co-workers buying property at home. For those who lived through the 90s, it was common to know someone who knew someone who purchased a big house upon arriving from the middle east or elsewhere after a contract. Today, given the low monthly payment, no spot down payment requirement, of builders selling property, the faster transfer of documents and funds from one country to another, it is easier for those who are earning abroad to invest in property faster. While the real estate industry offers opportunities to save for retirement or increase wealth, OFWs should take care to ensure that what they are investing with reliable builders who can deliver the property they purchased. Here are the three types of professionals OFWs should talk to before buying or investing...

Signing the deed of sale does not make you the registered owner of the property. When you signed the deed of sale and paid the agreed purchase price. You must have the deed notarized to make it a public instrument.  Once it is signed and notarized, the next step would be to register the sale with the Bureau of Internal Revenue District Office where the property is situated and pay the taxes.  The BIR will issue a Certificate Authorizing Registration (CAR).  Upon payment with the BIR and applying for the CAR, proceed to your local government unit's real property office to pay for transfer fees and apply for new tax declaration.  Once the CAR is issued, file the copy of the deed of sale, verified TIN, and CAR to the Registry of Deeds. Congratulations! Title is now issued in your name and the tax declaration released by your local government unit's assessors office,