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hchoate

OK then, why does it take so long to sell a piece of real estate?

106 posts in this topic

 

well my California member is like Hollywood millions come and most are disappointed once there ,,, for me with enough money you can live anywhere and with enough money you can make your own perfect home

Yes. and how much is enough is probably the oldest and longest thread (now more like an encyclopedia) on this forum.

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Yes. and how much is enough is probably the oldest and longest thread (now more like an encyclopedia) on this forum.

well i am middle class if you ask me the best camping trip i ever made was done at a holiday inn ,,

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anywhere land here hes a rip off? none of them have water,electricity,sewerage then they ask you a price or do not reflect what you get ,or too small just enough too build a cubby house ,???????or next door hes a slump no thanks very much.

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It's even better to live and spend time in a particular environment before you buy. Reason for selling is important. As I and other say. People desperate for money. Lots of those. 'Finanancial dislexia' is abundant.

thebob likes this

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Don't mean to be a jerk, but- can't potential liens be unknown or unknowable or are you meaning those already filed? Is it possible to make this a stipulation so the seller is back in the loop if something pops up. What I'm thinking about is situation where seller knows his cousin has a valid claim to the property but wants to grab the cash himself.

 

It's OK. You can be a jerk if you want to...only kidding.   :yahoo:

 

In order for a lien to be valid, it must be filed with the city or municipality that holds the title. All valid liens must be put on the back of the title certificate. Therefore, if you request a copy of the title city or municipality, then you can see all valid liens against the property. When the valid liens are satisfied, the lien holders must sign a release form, which is turned into the city or municipality registrar. Therefore, when the title is transferred to a new title holder (buyer) and shows no existing liens (clear title), no liens can be added (unless the new title holder approves them). If you hold a clear title, there is no worry about "potential" liens.

 

This is true anywhere. It's amazing how many people close without their own lawyer present. They thereby save a few hundred bucks on the biggest purchase of their life.

 

 Agreed.

 

Good to know it's that definite. Am thinking about how to get a place for a sister-in-law to retire and the family seems to think a development is a good option.

 

The key to a "good deal" on real estate in the Philippines is to find a seller who NEEDS to sell quickly. It would be extremely rare to find any big developer in that position. However, if you did, then that would be the exception to the rule.

Cannonball likes this

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no liens can be added (unless the new title holder approves them). If you hold a clear title, there is no worry about "potential" liens.

 

True story =   I bought a house in 2009. I paid cash for it and there was no liens registered  .  A year after I bought it someone filed an adverse claim against it  [ basically the same as a lis pendens ].  I was then in a sitiution where i could not sell my house, or or even use it as security to get a loan if i had wanted.

 

Apparently the person who sold me the house had borrowed 1 M php from a local money lender, and had signed an Deed of Sale which said it could be redeemed. That Deed of Sale was never registered so my attorney didnt know about it when i bought the house. Now normally it should be reasonably easy to get an improper adverse claim removed via filing a Petition to the court.   I did have a Petition filed, and lost the case, because the attorney for the money lender stated that there had been no subsequent sale, and the Judge agreed with that - even though i had filed an Affidavit saying otherwise.  So I was then in the situation where I had to either pay off the money lender or lose a pending sale. 

 

This is the second case I have lost here where it was due to outrageous lies filed in court by attorneys. In Canada they would both have been disbarred - or suspended at best.  Here it seems to be the norm for an attorney to file any nonsense of even lies in court and to be able to do so with no recourse at all. 

Cannonball likes this

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I'm not sure raw land is such a good deal as compared to subdivision because with raw land I would have to put in utilities and amenities that the subdivision would come with as part of the package. Water and power alone could be very expensive. Still this might work out if water and power are available nearby. We could possibly create your own little mini subdivision. Between my wife and myself, her sister and her American husband and her other sister and her husband and kids, we're looking at 3 houses to be built. I read some ads on some large lots in Moalboal that might be ideal for this.

 

Well, that can be true (that property for sale by owner...rather than by a developer...requires more upfront expenses), but not always. The lot I have for sale in Danao is in an ungated subdivision with all utilities available at the site. My lot (actually in my wife's name) is certainly not the only one like it. So...it depends on what you refer to as "raw" land. There are plenty of lots in subdivisions for sale that have everything you need. If one goes on the market for a reasonable price (usually because the seller needs the money NOW), then you can get a deal. In addition, not all real estate prices are inflated by greed here. Some are just looking to get what they paid for the property years before (without considering inflation and prevailing property prices). However, you will not likely find those reasonable prices being advertised by the developers themselves.

Edited by Headshot
Cannonball likes this

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because the attorney for the money lender stated that there had been no subsequent sale, and the Judge agreed with that - even though i had filed an Affidavit saying otherwise.

 

You, or your lawyer couldn't argue or appeal based on this? Barring that, could your contract with the seller of the property have stipulated that there are no liens or other encumbrances on the property and if so that they are the responsibility of the seller or something to that effect? 

Edited by Knowdafish

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You, or your lawyer couldn't argue or appeal based on this? Barring that, could your contract with the seller of the property have stipulated that there are no liens or other encumbrances on the property and if so that they are the responsibility of the seller or something to that effect?

problem is should of could of maybe often takes years to get to court if at all...
Davaoeno likes this

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You, or your lawyer couldn't argue or appeal based on this? Barring that, could your contract with the seller of the property have stipulated that there are no liens or other encumbrances on the property and if so that they are the responsibility of the seller or something to that effect? 

 

standard contracts always state that there are no liens ! The seller has a great many people after him for debts and is nowhere to be found.   And as Smokey says i was told that to fight the case in court would take me years to do .

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