Jump to content

Transferring large amount of money from PI to US (sold house)


Recommended Posts

smokey

That might be a good idea. Instead of doing a wire transfer, my wife could just bring the manager's check with her back to the US.

 

 

 

 

I don't think I really need to come to the PI myself to sign anything. The house and lot is in my wife's name.

I sold the Harley before leaving the Philippines 1 1/2 years ago.

_____________________________________

 

 

 

Well are you going to have an escrow ? A middle man to hold the title while they hold the cash ? Are they giving you a check ? If so how will the deal go if they hand you a check for the amount and your wife signs off what if the check dont clear? you should be here to watch very close its not like the us... do the deal in the bank or better yet in the bank with your lawyer and check the funds before you sign anything. Thats a lot of money and if it was me i would want to be right in the front lines, You really need to set up the mechanics of the deal it sure can not be done at your house and you really need lawyers involved , I dont think they do escrow here its just they hand you a huge pile of cash or a piece of paper that says managers check but its up to you to make sure its more then just a piece of paper , will the funds come from your city or a bank in the philippines ? I think selling a house is more work then building one.... its a whole new thread but we had one guy show up and say i will pay you what you ask plus 1 million but i want to move in this week and do the deal in one month... another wanted to give me a check from a bank in china , yet another wanted to trade my house for stock in his company ,,really weird things go on ,...

Edited by smokey
  • Like 3
Link to post
Share on other sites
  • Replies 98
  • Created
  • Last Reply

Top Posters In This Topic

  • Turbota

    23

  • smokey

    12

  • spooks

    11

  • billy

    7

Top Posters In This Topic

Popular Posts

Well are you going to have an escrow ? A middle man to hold the title while they hold the cash ? Are they giving you a check ? If so how will the deal go if they hand you a check for the amount and

The family buying the house are both Filipinos.      

Great news ,,, finally a person who sold something in the philippines ,, best to both of you

Payment by bank cheque/draft in front of the attorney with deed of sale ready to be signed by boh parties in front of him etc

Link to post
Share on other sites
smokey

Payment by bank cheque/draft in front of the attorney with deed of sale ready to be signed by boh parties in front of him etc

 

 

 

i would have them deposit the funds into his bank not accept a managers check on some bank in another country ,, checks are just a piece of paper with a promise to pay not really money i had a managers check from union bank and deposited it into wells fargo and still had to wait for it to clear 21 days

 

best way to cut out the bullshit was what he said an earnest money deposit of at least 3,000 us that will cut the bullshit artist from the herd

Edited by smokey
Link to post
Share on other sites

Excuse me he is selling in pesos, a managers cheque drawn on a local bank paid into a local bank is good for cash. That is why it is a mangers cheque etc, not a personal cheque.

 

Once that is done then there is the question of converting to currency which is what this was about etc.

 

Not unusual to ask for a deposit here of 6% which is the value of the capital gains tax etc

Edited by spooks
Link to post
Share on other sites

jesus, turbota your scary ...........

 

dont ever, ever forget .............. penny wise pound foolish!

 

and revise PI paperworks yourself at least 2x!!!

  • Like 1
Link to post
Share on other sites
SkyMan
would have them deposit the funds into his bank not accept a managers check on some bank in another country ,, checks are just a piece of paper with a promise to pay not really money i had a managers check from union bank and deposited it into wells fargo and still had to wait for it to clear 21 days
Quite right. I was getting a manager's check from someone and since I didn't have any idea what Philippine manager's check was supposed to look like. I had him meet me at the bank and had the manager verify it. For the size of check you're talking about, I would have the manager verify it, deposit it, convert it to dollars and withdraw it in a dollar manager's check before I would accept it.

 

Another thing to think about is getting the attorney to write up a paperwork agreement between you and the buyers. It's more protection for the buyers but could be in your favor somehow too. It basically says that if there is some clerical error or new requirement or whatever, you'll have no problem signing additional documents to complete the sale and transfer of property. It's a standard form in the US but haven't heard of it here.

Link to post
Share on other sites

The guy buying the house is a Filipino, and will be paying in Pesos.

 

I just ran into a little problem ... The realtor just called me on the phone tonight from the Philippines.

 

I mentioned to her that I want some "Earnest Money" equal to at least the price of 2 round trip tickets from my home in the US to the PI ... She said that this was a good idea.

 

Then the shit kinda hit the fan .... I talked to a friend of mine that is a Filipino doctor that has been living here in the US for the last 30 years. He is also a friend of my realtor in the Philippines. He had her sell his house before and paid 3% in commission. I then asked the realtor what she is charging me, and she said 5%. She said that she and my wife both agreed on the 5% figure. My wife told me that this was not discused between the two of them, however, my wife did sign a contract to sell the house (the % commission must have been included in the contract somewhere). My wife, nor I was ever given a copy of this contract (I sure don't have anything).

 

I told her (the realtor) that I will not pay her anymore than the 3% she charged the doctor that is both a friend of mine and the realtor. She said that she would have to discuss this with her broker.

 

Well, I then told her that if we can't come to an agreement on the 3%, I am pulling the house off the market, and she can tell the Filipino / Chinese couple that want to buy my house that I have changed my mind and am now NOT selling it anymore ... (Everybody goes to bed hungry tonight!)

 

So, the drama continues!

_____________________________________________

Edited by Turbota
Link to post
Share on other sites

"For the size of check you're talking about, I would have the manager verify it, deposit it, convert it to dollars and withdraw it in a dollar manager's check before I would accept it." and how exactly would the conversion get done bearing in mind the requirements that for a sum that size that Banko Sentral clearance is needed etc. Seems the issues are

 

1/ How do i complete the paperwork to ensure that the deed of sale is executed in return for agreed pricing.

 

2/ how do i convert the price in pesos to $ us, bearing in mind that I cannot just do it!!

 

1/ Your attoreny draws up the deed of sale and does not execute until a Managers cheque drawn on a local bank is presented and cleared prior to the papers being signed.

 

2/ You arrange that the attorney you and the buyer meet at the bank branch to execute the transaction. then again you are in the US, so your wife wil have to do that.

 

YOu will not be getting US$ in the PI from a local pinoy. Even if you did it by managers cheque on a US dollar account it will still take 24 working days to clear.

Link to post
Share on other sites

Just curious, has the house been sold yet? Mind if I ask where is this located? Talisay or consolacion area?

Link to post
Share on other sites

The house is in the Ayala North Point Subdivision (Ayala Premier) just outside of Bacolod. (actually in Talisay City, Negros Occidental).

 

As far as the realtor commission I mentioned above ... we settled on 4%

Link to post
Share on other sites
MattFromGA

For smaller amounts would it be easier to just leave it and use a credit card internationally that draws off that account?

 

Actually I think the issue is the IRS and new Obama laws trying to grab money all over the world.

 

http://watchdogwire....ican-investors/

 

Only if you want to pay crappy exchange rates all the time. My wife and I have a couple of Metro bank credit cards and its not really worth using here in the USA. For our situation, if we buy in the USA, we're buying in USD but metro bank is doing a currency conversion for us at who knows what rate at the time. Then, when its time to pay the bill, we have to wire money to the Philippines, with the wire cost (or Western Union costs), then pay an exchange rate again from USD to PHP to pay the credit card bill in PHP. Totally sucks big time and wastes tons of money.

 

Ya, ya, ya, I know you were not talking about my situation, but using a CC to slowly transfer money is a great way to lose money.

Link to post
Share on other sites
smokey

"For the size of check you're talking about, I would have the manager verify it, deposit it, convert it to dollars and withdraw it in a dollar manager's check before I would accept it." and how exactly would the conversion get done bearing in mind the requirements that for a sum that size that Banko Sentral clearance is needed etc. Seems the issues are

 

1/ How do i complete the paperwork to ensure that the deed of sale is executed in return for agreed pricing.

 

2/ how do i convert the price in pesos to $ us, bearing in mind that I cannot just do it!!

 

1/ Your attoreny draws up the deed of sale and does not execute until a Managers cheque drawn on a local bank is presented and cleared prior to the papers being signed.

 

2/ You arrange that the attorney you and the buyer meet at the bank branch to execute the transaction. then again you are in the US, so your wife wil have to do that.

 

YOu will not be getting US$ in the PI from a local pinoy. Even if you did it by managers cheque on a US dollar account it will still take 24 working days to clear.

 

 

and there is the danger

Edited by smokey
Link to post
Share on other sites

turbota,

what were you thinking? it takes years to sell a house here in the philippines. you tried screwing the sales person out of her commision? i would have cancelled it also. i could see maybe 4% but 3 come on. that's ok wait another 2 years to sell it maybe

Link to post
Share on other sites

and there is the danger

Sorry i do not understand why that is the danger. The Deed of sale is drawn up against cleared funds, pretty standard. Just the time delay is not real good far easier in peoso which I believe is the route as it is instant clearance. The draw down 60thou$ us each per qtr until its cleared unless that that is too long a process etc.

 

The danger as I see it is not being able to receive cash value in exchnage for deed of sale. This is whY I suggest that the transaction takes place in the bank with their managers cheque which si cleared funds being handd over in front of the attorney and the bank manager as witness. The deed of sale being exchanged at that time.

Link to post
Share on other sites
smokey

Sorry i do not understand why that is the danger. The Deed of sale is drawn up against cleared funds, pretty standard. Just the time delay is not real good far easier in peoso which I believe is the route as it is instant clearance. The draw down 60thou$ us each per qtr until its cleared unless that that is too long a process etc.

 

The danger as I see it is not being able to receive cash value in exchnage for deed of sale. This is whY I suggest that the transaction takes place in the bank with their managers cheque which si cleared funds being handd over in front of the attorney and the bank manager as witness. The deed of sale being exchanged at that time.

 

 

 

we had a person who said he wanted to buy our house we did all the paperwork the lawyers etc and then he tried to percent a managers check on a rural bank in china as payment in full ,, it was a real tiny bank in the middle of no where would it clear ???? maybe but he wanted me to sign off on the sale and then give me this check as payment ,, even a managers check is not proof of funds in God we trust all others pay cash /// if you go to union bank and the buyers give them a managers check drawn on a bank in china sure your bank calls and they say yes its a good check but till the funds reach union and then you the only person on the hook is you

Edited by smokey
Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..