Wazzup Pilipinas!?
While buying a home is exciting, do not forget the importance of its legal aspects. Navigating relevant real estate laws and regulations is essential to making more informed decisions and safeguarding investments. Lucky for you, we are here to help you out. Let us talk about vital real estate legislation in the Philippines that every homebuyer should know.
3 Philippine Real Estate Laws and Regulations
Understanding the following laws thoroughly is crucial for anyone looking to own property in the Philippines.
1. Real property tax
Owning real estate in the Philippines means you are subject to real property tax. Local government units (LGUs) annually impose this tax on all properties, including land, buildings, and other structures. Tax rates depend on the property's location, with the Local Government Code of 1991 Section 233 listing them as follows:
· Provinces: <1% of the property's assessed value
· City or municipality within Metro Manila: <2% of the property's assessed value
However, there are some exceptions to this policy. Public properties, cooperatives, charities, churches, and cemeteries, among others, do not have to pay real property taxes.
2. The Condominium Act
Are you a foreigner hoping to own a condominium unit in the Philippines? Do not fret—you have every right to do so. The Condominium Act allows non-Filipinos to buy and own condos, provided Filipino citizens comprise 60% of the project's ownership share. In other words, foreign ownership must be in the minority.
This policy is especially beneficial if you are looking to invest in properties within urban areas and central business districts (CBDs).
3. The Maceda Law
The Philippine government protects buyers who are paying via installments. The Maceda Law or Realty Installment Buyer Act prevents you from losing your investment due to defaulting or canceling your contract. It grants a grace period of at least 60 days, provided that you have paid at least two years' installments.
Moreover, you can refund a property if you have paid for those two years. Sellers also cannot cancel the contracts due to non-payment of installments.
More about Philippine Real Estate Laws and Regulations
When buying a home, it is not only the location, aesthetics, and financial considerations that matter. It is equally important, if not more, to have a thorough understanding of real estate laws. It will help you make more informed decisions about your investment, allowing you to acquire properties without worrying about conflicting with the law.
We have only discussed some essential Philippine real estate laws and regulations. Check out the infographic below to learn more.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
This comment has been removed by the author.
ReplyDeleteCar insurance is a contract between you and an insurance company that protects you against financial loss in the event of Texas Car Insurance Rates an accident or theft. You pay a premium, and in return, the insurance company agrees to cover your losses as outlined in your policy.
ReplyDeleteWhen it comes to finding the perfect property in Moenchengladbach, Carstensen Real Estate stands out as a premier choice. Known for their comprehensive services and exceptional market knowledge, Carstensen Immobilien Moenchengladbach has established a strong presence in the real estate industry. Whether you're looking to buy, sell, or rent, their team of experts is dedicated to helping you navigate the Moenchengladbach real estate market with ease.
ReplyDeleteLand auctions and foreclosures can be excellent sources of cheap land. These properties are often sold at a fraction Cheap Land for Sale of their market value, offering a chance to snag a great deal if you’re prepared to act quickly.
ReplyDeleteIn the world of real estate, knowledge is power. A comprehensive home inspection report gives both buyers and sellers Perth building inspections the information they need to make informed decisions. For buyers, it’s a tool for negotiation; for sellers, it’s an opportunity to address issues before they become deal-breakers.
ReplyDeleteAgents can perform a CMA, comparing how much is my house worth Ontario your home to similar recently sold properties in your neighborhood. This analysis provides a more localized, detailed value range.
ReplyDeleteEnsure a smooth buying process by researching properties, inspecting villas thoroughly, and understanding any additional Apartments for Rent in Al Ain costs. Consulting a legal professional can prevent unforeseen complications.
ReplyDeleteA comprehensive inspection report serves as a detailed account of your property’s condition. It highlights every aspect, from Building inspections Perth structural integrity to electrical systems. They also provide pest inspections, identifying any unwanted critters that could cause significant damage over time. Early detection can save you from costly repairs down the road.
ReplyDeleteSocial media is another valuable tool for expanding your network. Platforms like Instagram and Facebook allow you to showcase Houston home buying properties, share success stories, and engage with potential clients. By maintaining an active online presence, you can reach a wider audience and establish yourself as a trusted expert in the field.
ReplyDeleteIn seller financing, the buyer and seller agree on terms such as the down payment, interest rate, and repayment schedule. A legal checklist for selling a house agreement, typically a promissory note, outlines these terms. The seller retains ownership until the buyer pays off the loan.
ReplyDeleteTenants may face financial penalties or legal action depending on the terms of the lease. No, changes are only allowed Lease Agreements with mutual agreement or at the lease renewal stage. A sublease involves a tenant renting out the property they lease, while a standard lease is directly between a landlord and tenant.
ReplyDeleteThe cannabis industry has been on Michigan Cannabis Properties a rocket ride, captivating entrepreneurs and investors alike. With more states embracing legalization, the opportunities are vast. Michigan stands out as a key player in this evolving market. If you've ever considered diving into the world of cannabis business ownership, now might be the perfect time to explore what's available.
ReplyDelete