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How to Buy Property


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hchoate

Any old hands willing to provide a few bullet points, bases that must be tagged in the process?

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BossHog

bullet points as requested (and I do appreciate the baseball metaphor of tagging bases):

 

  • It will be mind-boggingly stupid
  • You'll need to pay for something you can't own. Where I'm from we call that 'charity'.
  • People get violent about land: prepare firearms
  • Flip a profit if you do buy and get that shit outta country and into the NYSE as quickly as bionic-man possible.
  • Things don't close at closing. You got years of getting paperwork for land you can't own.
  • But if you want to donate a house to a cute woman, then you've come to the right place.
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  • Haha 1
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smokey

Add strange with no real escrow u will stress every day then stress more when someone offers to buy in cash 

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to_dave007

Make sure that the property is actually OWNED by the person who stands in front of you trying to sell it.

If the last person who is the registered owner is already dead..  then make a list which contains (a) his or her spouse, (b) his or her siblings, (c) his or her children, both legitimate and illegitimate, (d) the spouses of his or her children, (e) his or her grand children and great grandchildren, and their spouses..  Now..  be prepared that ANY of them may make a claim that the property should NOT have been sold to you.. and that THEY are the rightful owner.

Oh..  and be prepared to pay the estate taxes for that deceased owner.. and anyone else in the family who is deceased but with a possible claim ..  since no one else paid the taxes.

And wrap your head around the fact that in the Philippines..  capital gains tax is paid by the buyer most often..  and many sellers do NOT want you to have bank financing.

In short..  it's a learning process.. and an adventure.

Oh..  and lastly..  like @BossHogsays..  you can have ALL that fun.. for an asset that you will not own.

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BossHog
3 hours ago, to_dave007 said:

Now..  be prepared that ANY of them may make a claim that the property should NOT have been sold to you.. and that THEY are the rightful owner.

This may sound like over-kill but it's saved our bacon a few times. When you are at a closing and have all the itchy-palm relatives of the seller lined up then make sure and take pictures of them. Filipinos love having their pictures taken. That way they can't dispute the sale and say they were unaware of it.

 

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Fresh
4 hours ago, smokey said:

 no real escrow

All the banks are set up for escrow transactions, the problems is Filipino sellers aren't interested in it.

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smokey

$$$$$$$$$$$$$$$$ seller will let u pay if u want

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HongKongPhooey
4 hours ago, BossHog said:

This may sound like over-kill but it's saved our bacon a few times. When you are at a closing and have all the itchy-palm relatives of the seller lined up then make sure and take pictures of them. Filipinos love having their pictures taken. That way they can't dispute the sale and say they were unaware of it.

 

We told all parties with a claim we wouldn’t pay cash; only deposit into their bank accounts. Unsurprisingly, none of them had bank accounts (or at least that’s their story). At closing, my wife arranged with our bank (PNB) for everyone to come in, right before the branch closed, to open accounts and deposit the payment. The bank was happy to facilitate because they probably met whatever quota they had for the month that day. 
 

It wasn’t my brilliant idea, probably common/makes a lot of sense, but I would have never thought of doing that.

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