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Jess Bartone

How to pay for "big ticket" items

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Jess Bartone

We're thinking about buying another lot near our existing place, it's 800 sq mt @1,500 per metre, 1.2 million pesos. I don't have any bank accounts in country so I was wondering how to raise a cashier's cheque from foreign funds.

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Chris24

This may be the occasion that triggers you opening a bank account, so that you can have funds wired to your bank and then meet the seller at your bank and do the transaction all inside the bank.  No way do you want to have that much cash on your person for any distance outside your bank (which you already know as you're after a cashier's cheque).

Short of that, the seller's bank or another major bank may be willing to provide an escrow service to you for a fee, I don't have personal experience with that but BDO's web site says they offer that service https://www.bdo.com.ph/business/trust-investments/escrow-services .  Not sure if they offer it to non-account holders but is worth checking.

Another option might be to retain a real estate lawyer to help with the transaction, which you might want to do anyway.

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Daddle

Banks will, I read, accept foreign cheques. However they take a long time to clear.

I wired the money from my US bank to the wife’s bank in town. That is easy, quick and cheap. Wife’s bank simply made a deposit into an account of the seller’s bank. Apparently out here in the wilderness the banks all have accounts with each other. We simply took the deposit slip to the seller’s bank where the transaction was completed. 

Escrow services were going to be very expensive and would create one more party of dubious trustworthyness.

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Jess Bartone

Thank you gentlemen for the advice.

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lynette

My experience of buying properties in Philippines is that I have a bank account and I just have my local (US bank) wired the money to my account in Philippines. They need the swift code. I think that is the right term. You can probably use Xoom also and pick up the cash in any banks. Banks usually have lower exchange rates. What I usually do is have the outside money exchanger meet me in the bank and he exchange the US dollar to pesos to have a better rate. Just be sure your seller have all the documents ready to be sign then you can hand them the payment. If you need any help for honest real estate transaction professional pm me. Hopefully, this one is not considered advertising and I get in trouble with the forum. I have a lady that I entrusted to all my properties there. She is the only one who were able to produced the titles of my real properties. In fact, I bought couple condos last year without me being there. I gave her a power of attorney to have her be able to deal with some real estate transactions except selling. She is very organize, very professional and not money hungry. She does have professional fee and she will not collect that until she can produce the title. This woman is very experienced. She is a retired DNR personnel. She knows the in and out of real estate in Philippines. Before I met this lady I wasted so much money from lawyers, engineer, fixer and my own sister (cheated me).

 

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Davaoeno
4 hours ago, lynette said:

She is the only one who were able to produced the titles of my real properties

are you saying that no one else you ever dealt with was able to get you a Title ? I do it myself most of  the time and have never had a problem.   I bought 2 condos in Cebu from a Norwegian . No attorneys were involved. No fixers were involved.  I got the titles no problem.

I sold the same condos to a Dane. Same thing- no attorneys or fixers involved.    And the titles were produced.  The people in BIR and the Tax office and the ROD were all very helpful. 

I have on occasion used fixers to handle all the documentation and obtain the Titles just because it takes several hours over several days to get everything . The cost has ranged between 3000 and 7000  per deal .

The one part I did do is that I went with the fixer to the bank [ I believe in Cebu it has to be China Bank- in Davao its Land Bank] and  personally paid the cash for the managers check   [ for the BIR ]  .

Edited by Davaoeno

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