How to Buy Property in PalawanDate created 17.09.2017 08:03:16
In general, foreigners cannot own land but they can get freehold ownership of condos (the same it goes in Thailand and Vietnam).
However if you have Filipino spouse, you can acquire property as a couple. If you intend to do business, I suggest you form a domestic corporation, 40% is foreign owned and 60% must be Filipino owned.
There must be at least 5 members of the corporation. Formation of a corporation is covered by Corporation Code of the Philippines, a legal service from an Attorney as well as an Accountant is necessary.
However, if you really like Palawan, you can become a Filipino citizen after some time and acquire properties here too (if you want full freehold ownership).
Crucial things to consider before buying property
The best land to acquire is titled property. Verified documents must be presented such as a certified copy of the title, a tax declaration and a tax map. The records must be clean and without encumbrances or liens, at the back of the title.
If there is an encumbrance like existing mortgages or anything else, make sure it’s cancelled or released before you buy.
For spot cash payment especially in raw land, the buyer and seller must execute a Deed of Absolute Sale and Acknowledgement Receipt in front of a notary public.
If the term is Installment payment, the parties must sign a Contract to Sell and a Acknowledgement of Receipt. Other legal contracts needed will be required by your lawyer.
After the execution of the contracts, it will be processed for the Bureau of Internal Revenue for payment of taxes, a Certificate Authorizing Registration (CAR) will be issued. Once the process is completed, another process of payment of transfer taxes from the City Assessor s office and Registry of Deeds.
The Registry of Deeds will then issue a new title in your name, this title is the Transfer Certificate of Title while in condominium you will get a Condominium Certificate of Title.
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