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Steps to ensure safe purchase of real property

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hailled


Arresto Menor
What are the steps in purchasing real property to ensure that my payment is safe?I read bank escrow is the safest method,but the expenses are a bit high.Amount involved is P3.8M.Are there other ways for a safe transaction?I do not personally know the seller.

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attyLLL


moderator
here are possible things to consider:
-have a lawyer review your deed of sale
-acquire a copy of the tct and verify with the registrar of deeds. get a certified copy
-determine the identity of the seller by asking them to display government issued id's, photocopy them
-visit the seller's address to determine that it is real
-visit the property and ask around who owns the property. check if there is an occupant. if there is an association, make sure the seller info matches
-ask to examine the original TCT and look for the security marks (look up guides on the net)
-pay in manager's check in the name of the registered owner.
-take a video or pictures of the actual signing event; do it at the residence of the seller
-don't be lazy and actually go before a notary together with the seller


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hailled


Arresto Menor
Are there extra steps if the seller is a corporation?Who is responsible for the payment of documentary stamp tax? What is the usual method of cash payment? My friend suggests for my protection, to pay only part of the purchase price until the seller is able to produce CAR.Thank you for your repy.

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attyLLL


moderator
if a corporation, then there should be a secretary's certificate stating that the company decided to sell the property and who is authorized to act in behalf of the company. DST is normally paid by the buyer, but the parties can agree who or both will shoulder. if the seller will agree to only a partial payment until issuance of CAR, then that is a good idea.


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Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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hailled


Arresto Menor
Thank you very much.Your reply is of great help.

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