Ways to Ensure Your Property Title is Real and Clean
Luckily, there are a few guidelines to follow to ensure you’re not setting yourself up for a ton of headache when buying a new property. Here’s hoping these tips will help your transition of moving into your own home a bit easier.
The first step in ensuring a title is what it appears to be is to check for authenticity. A clean title is no good if it isn’t a genuine title in the first place. How do you make sure a title is real?
Check the quality of paper used. The forms used in property titles are exclusively printed by the Banko Sentral ng Pilipinas. The judicial form uses a type of paper which contains various security features. The paper is made out of 50% cotton and 50% chemical wood pulp with colored fibers. If held up against a light, an LRA or Land Registration Association watermark should be visible through the paper. The paper also has a similar texture to a bank check.
Fake titles forms typically use material similar to cartolina or paper of inferior quality. Our real estate experts say there are more than 10,000 fake titles being used and circulating around the Philippines.
Verify authenticity of the “Transfer Certificate of Title” document. The Register of Deeds should be able to provide you a “Certified True Copy” of the title to ensure its authenticity. Request the seller of the property to give you a photocopy of the title since the Register of Deeds will need information such as the title number and the owner’s name. Their office is usually located at the municipal hall where the property is located.
Check the Owner’s Duplicate Certificate and its seal. First, the owner’s duplicate copy of the title should contain the marking “Owner’s Duplicate Copy” on the left side of the form. Second, a red seal with no blotting should be present on the lower corner of the form.
Note that the original copy does not contain any of these features.
Check for liens and encumbrances. A lien is an encumbrance (legal liability on real property that does not prohibit transfer of the title, but instead, reduces its value) on a person’s property to secure a debt the property owner owes to another person.
The back page of the title contains annotations (if any) for liens and encumbrances like mortgage, adverse claim, etc. This page must be empty if you’ve been promised a “clean” title.
Make sure real estate taxes have been paid. Check with the Assessor’s Office to see if the real estate taxes have been paid up. If, for instance, there are arrears or back taxes, coordinate with the landowner on how you can settle the amount – which at this point should already be part of the property price. You will need a notarized document for the agreement on the payment of back taxes.
Double check the title’s technical description. Ask permission from the landowner to have the land surveyed by a Geodetic Engineer. This is to determine if the land area specified in the title matches the actual land area surveyed.
For example, if the title indicates a 3,000 square meter area but only 2,700 square meters is observed upon survey, then you can ask for a proportional reduction in price.
---
For more blogs and articles about Real Estate,
You may visit our website at www.crownasiaphilippines.com
Crown Asia Philippines
Crown Asia not only offers the “trophy” home every family deserves, but also the primmest location where every community has access to different needs within arm’s reach. Up to this date, this Vista Land Company subsidiary has proven that Filipino families deserve a quality home where they can raise good values among their homes and community. Founded in 1995, Crown Asia still thrives to build beautiful homes that are meant to last for generations where families share cherished memories and enjoy limitless celebrations. It has earned its title to be one of the top home-developers in the Philippines catering to middle and upper-income earning families. It is also praised for their themed-communities inspired from stunning places around the world.
you may also like
- Next The Growth of Philippine Property Sector in 2018
- Previous Tips to Help You Get Started Investing in Real Estate
Contact Us
For inquires, sample computation or to schedule an exclusive property viewing, please contact:
CROWN ASIA SALES TEAM
Mobile / Viber Number:
(+63) 917 512 5475
(+63) 977 182 4135
(+63) 997 965 5046
(+63) 939 589 6263
(+63) 926 473 4019
Head Office
Lower G/F, Building B,
Evia Lifestyle Center, Vista City,
Daang Hari, Las Piñas City
Email Us
crownasiaphilippines@gmail.com
Easy Steps to Buy
1 |
Schedule Property ViewingSchedule an exclusive property viewing with our property consultant to your desired project. To schedule an appointment, you may contact (+63) 917 512 5475. For overseas-based clients, you may request for your family or representative to have the viewing on your behalf. |
2 |
Unit ReservationDuring property viewing, you'll be presented with the best available units within latest inventory. You may reserve your desired unit by filling out the Buyer Information Sheet, Reservation Forms and paying the reservation fee. Requirements to bring: Two (2) valid ID and TIN number (both spouses if married). |
3 |
Submit Required DocumentsPersonal and documentary requirements must be submitted within 30 days from the date of reservation. A checklist of requirements can be downloaded here. Bank financing is developer-assisted (see list of accredited banks). |
4 |
Pay DownpaymentPayment of required downpayment is made through post-dated cheques (PDCs) payable to Crown Asia. Downpayment can be paid on lump sum or monthly installment at zero interest. |
5 |
Unit TurnoverAfter downpayment, wait for the unit construction to finish and for home loan application to be approved (if bank financing) before we can schedule a unit inspection. After inspection, client may now accept the unit and move-in. |
List of Requirements
- 2 pcs. Philippine-issued Valid ID
- Accomplished Customer Information Sheet
- Accomplished Reservation Agreement Form
- Reservation Fee
If married, both spouses shall submit the following:
- 3 pcs. 1x1 picture
- 2 Philippine-issued Valid ID
- Birth Certificate (if single)
- Marriage Certificate (if married)
- Proof of Billing Address or Barangay Certificate
- Tax Identification Number
- Post Dated Cheques
- Certificate of Employment with Compensation
- Payslips (latest 3 months)
- Latest Income Tax Return (ITR)
- Bank Statements (latest 6 months)
- Vouchers latest 6 months (for commission-based employee)
- Photocopy of Passport
- Job Contract (photocopy)
- Passport stamp entries
OFW/Immigrants buyers must assign a family/relative as their Attorney-in-fact (AIF) in their home purchase. AIF must likewise submit the following requirements:
- 3 pcs. 1x1 picture
- 2 pcs. Philippine-issued valid ID
- Proof of Billing Address
- Special Power of Attorney Form (Notarized/Consularized)
Additional requirements for business owners (self-employed) with minimum 3 years of operation:
- Business Permit
- Latest 3 years ITR with Financial Statement
- Photo of Business Establishment
- Bank Statements latest 1 year