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.
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