Property Buying Guide for Overseas Filipino Workers (OFWs) Part 1
It is every OFW’s dream to own a house and this dream is made more realizable now more than ever with the many housing options available in the market that will suit every budget. If you are working abroad, the process of owning a home today has become a manageable process.
Since all transactions will be executed in the Philippines, first thing you have to do is to assign a representative, or what is legally known as an attorney-in-fact, who will represent you at every step of the property buying transaction. Make sure you assign someone you fully trust as all the actions of your attorney-in-fact will be binding on you. You can assign your spouse, parent or any person that you are sure you can fully depend on to represent your best interests.
Following are the 5 steps that need to be taken when buying a property in the Philippines:
1. Execute a Special Power of Attorney (SPA) document assigning your attorney-in-fact in the Philippines as your authorized representative who will represent you in the property buying transaction and act on your behalf. The property developer from whom you are buying the property will usually provide the SPA form so have your attorney-in-face request this from the developer. Have the SPA consularized in the Philippine Consulate nearest you. Consularization simply means the authentication of documents by the Philippine Consulate. Send the consularized SPA to your attorney-in-fact via courier.
2. Once your attorney-in-fact has the SPA, he/she can then proceed to reserve the property – house and lot, townhouse or condominium unit – with the developer, showing the SPA as proof of his/her authority from you. Signing of reservation forms and payment of required reservation fee are usually done at this point.
3. Get the list of required documents submission (7 key docs)...
4. Submission of post-dated checks...
5. Bank or in-house financing options...
It is every OFW’s dream to own a house and this dream is made more realizable now more than ever with the many housing options available in the market that will suit every budget. If you are working abroad, the process of owning a home today has become a manageable process.
Since all transactions will be executed in the Philippines, first thing you have to do is to assign a representative, or what is legally known as an attorney-in-fact, who will represent you at every step of the property buying transaction. Make sure you assign someone you fully trust as all the actions of your attorney-in-fact will be binding on you. You can assign your spouse, parent or any person that you are sure you can fully depend on to represent your best interests.
Following are the 5 steps that need to be taken when buying a property in the Philippines:
1. Execute a Special Power of Attorney (SPA) document assigning your attorney-in-fact in the Philippines as your authorized representative who will represent you in the property buying transaction and act on your behalf. The property developer from whom you are buying the property will usually provide the SPA form so have your attorney-in-face request this from the developer. Have the SPA consularized in the Philippine Consulate nearest you. Consularization simply means the authentication of documents by the Philippine Consulate. Send the consularized SPA to your attorney-in-fact via courier.
2. Once your attorney-in-fact has the SPA, he/she can then proceed to reserve the property – house and lot, townhouse or condominium unit – with the developer, showing the SPA as proof of his/her authority from you. Signing of reservation forms and payment of required reservation fee are usually done at this point.
3. Get the list of required documents submission (7 key docs)...
4. Submission of post-dated checks...
5. Bank or in-house financing options...
