Frequently Asked Questions
- How should I use this listing of properties?
- I am interested in a few properties of the current listing. How do I find out more information relating to those properties?
- How often is the listing of properties updated?
- How is the Listed Price established?
- Is seller financing available for the properties?
- Once an offer is submitted on a property, how is my offer evaluated?
- How can I have my name added to the Sandie.Biz Real Estate Mailing List?
- When does the actual closing take place after the seller accepts an offer?
- Where does the actual closing take place and which parties are present at the closing?
- What funds are needed from the purchaser and in what form at the closing?
- What is involved in a home inspection and are there contingencies for structural aspects of the property?
- When you have found a property that you would like to make an offer on, who provides the offer to the seller and what is needed in the offer?
- What factors affect real estate value in the luxury real estate market?
- Can Foreigners own real estate in the Philippines?
- What are the disadvantages of a Tax Declared vs. Titled property?
- How can I be certain that these properties are legitimate?
- In the event of my death, can the property be transferred to my husband or children or both, who are all natural born American (or other) citizens?
- Are there limitations on hereditary succession?
- What are the terms of the sale?
- What is real estate law?
- What is commercial real estate?
- Are there any differences between commercial real estate and residential real estate (i.e.,buying a house)?
- Who pays closing costs?
- Do I need to hire a real estate lawyer if I've already hired a real estate agent?
- How do I prepare for a closing?
- What does the Philippine Family Code state regarding property relationship between husband and wife?
- How should I use this listing of properties?
This listing of real estate properties is intended to provide interested parties with preliminary information only. It is not a solicitation of offers and does not constitute an offer to sell. The information is provided for the purpose of inviting further inquiry and has been obtained from sources we believe to be reliable. Information is subject to actual verification of the title documents.[back to top]
- I am interested in a few properties off the current listing. How do I find out more information relating to those properties?
Kindly send us an email regarding the property of interest. If a property information package ("PIP") has been prepared on a particular property, it can be furnished upon request. [back to top]
- How often is the listing of properties updated?
We intend to update the information pertaining to this listing of properties as often as necessary. However, with the volatile nature of the real estate business, it is important to contact us directly to find out whether the property is still available since the last update.[back to top]
- What is the condition of properties being sold?
All properties are sold in an "AS IS" condition. Sandie.biz makes no guarantee, warranty, or representation, expressed or implied as to the location, quality, kind, character, size, description, or fitness for any use or purpose, now or hereafter.[back to top]
- How is the Listed Price established?
The listed prices herein are established by the seller, based on a variety of factors. These may include independent appraisals, brokers' opinion of value and current market conditions. All prices are subject to change without prior notice.[back to top]
- Is seller financing available on the properties?
Typically, for properties listed in this website, there is no seller financing available.[back to top]
- Once an offer is submitted on a property, how is my offer evaluated?
A number of criteria are considered when evaluating offers from prospective purchasers. These include, but are not limited to, net funds received after deducting taxes, brokerage commissions and sale expenses, and payment terms considered in light of the applicant's credit worthiness and ability to perform. Sandie.biz, under engagement from the seller or upon instructions relayed through the seller's broker, reserves the right to accept, reject or counter any submitted offer. While reviewing such offers, Sandie.biz further reserves the right to continue its sales efforts, including responding to any inquires or offers to purchase the property.[back to top]
- How can I have my name added to the Sandie.Biz Real Estate Mailing List?
Sandie.biz does not maintain a mailing list of those interested in purchasing real estate as it sees the Internet as the most efficient method to communicate its current property listings in a timely fashion.[back to top]
- When does the actual closing take place after the seller accepts an offer?
Closing and transfer of title generally take place within 60 days after acceptance of the contract to purchase. There are occasionally unavoidable delays in securing loan approval. You should be aware that even the most diligent agent may have no control over the situation once your loan application has been submitted.
Occupancy generally takes place 2 to 3 days after the closing and this period is usually rent-free to the seller. A specific date of occupancy is negotiable and is a term of the contract.[back to top]
- Where does the actual closing take place and which parties are present at the closing?
Closings generally take place at an attorney's office or at a bank, with all parties to the transaction being present. The listing and selling agents and/or brokers are also present.[back to top]
- What funds are needed from the purchaser and in what form at the closing?
Payments and closing costs are to be provided in the form of a cashier's/certified check, payable to the seller. An estimate of closing costs may be obtained at the time the loan application is made.[back to top]
- What is involved in a home inspection and are there contingencies for structural aspects of the property?
Most real estate contracts require the seller to warrant that at time of closing, the property will be in the same condition as it was on the date this agreement was signed by seller, normal wear and tear excepted. It is the purchaser's responsibility to check that all appliances remaining with the premises, and the heating, air conditioning, plumbing (including without limitation, septic tank system or systems, pool and spa) and electrical systems will be in normal operating condition prior to closing, as the seller's responsibility ceases at closing.
It is common practice for the Purchase and Sale Agreement to contain a contingency upon the purchaser obtaining a complete inspection of the structural aspects of the premises, as well as the mechanical items. Such inspections can be obtained by employing an inspector of your choice. This cost is paid by the purchaser. The correction of any defects determined by the inspection is usually negotiated between purchaser and seller.[back to top]
- When you have found a property that you would like to make an offer on, who provides the offer to the seller and what is needed in the offer?
The offer to purchase is usually provided by the selling broker. This instrument should cover all terms of the proposed transaction and must be accompanied by an earnest money check from the purchaser. Once the offer is fully negotiated and signed by all parties to the agreement, it is a legally binding (enforceable) contract. Both purchasers and sellers should make sure they understand all terms and conditions of the offer before signing it and should seek legal counsel if they have doubts or concerns.[back to top]
- What factors affect real estate value in the luxury real estate market?
There are several factors that determine the value of Makati luxury real estate. Design, amenities and 'curb appeal' affect value, but a critical factor is the topography of the land. Homes with lots that are usable, rather flat and private tend to command the highest prices.[back to top]
- Can Foreigners own real estate in the Philippines?
Generally, only Filipinos are allowed by Philippine laws to acquire by purchase, transfer or assignment any lands in the Philippines. However Foreigners may be able to acquire properties in the Philippines by any of the following:
- Lease the Property -- You can lease public and private land for 25 years with an automatic renewal for 25 years, (just enough time for return on investments). This is also a cheap alternative, but it makes it difficult to make any sort of investment return on a property. However, it is ideal for those thinking of retiring here. Unlike many countries such as Thailand or Indonesia, a lease on property for a foreigner is a very easy and straightforward step to take in the Philippines. This is the easiest, least time-consuming, and safest way for a foreigner to purchase small areas of land within the Philippines. It can be done directly with the owner.
- Through a Filipino Trustee or wife – Have a Filipino (you can trust) where you can put the title or ownership of property in his/her name. This is the most common way for small-scale investors to buy property here.
- Purchase land as a Balikbayan – The Government of the Philippines has recently passed the Dual Citizenship Act, which gives all former Filipinos the right to purchase land within the Philippines.
- Buy A Condominium Unit -- You can own 100% of the unit but not more than 40% of the entire condominium project.
- Form a Corporation – You can form a corporation with Filipino partners with the sharing of 40% foreign - 60% Filipino capital. This is the most iron-clad form of property ownership for foreign investors, and definitely the preferred form of property ownership for those thinking of establishing a resort, or tourism facility. In fact, the majority of existing resorts and businesses owned by foreigners are using this form of ownership.
- Inherit the land if your Spouse dies: This simply means, when your Filipina wife dies, you as the compulsory heir, together with your children if you have any, will become the legal owners of her property.
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- What are the disadvantages of a Tax Declared vs. Titled property?
Tax Declarations are proof of possession, but they are not deemed as desirable or 100% secure as a titled property. That's because there exists the possibility of disputes of property boundaries and ownership with tax declarations, especially if the property is not held by a single owner, but by "Heirs". Because of this we extensively research our Tax Declared properties to ensure they are free of problems. It would be counter-productive for us to sell properties that later have troubles when the sale is taking place.
In general it is easier to commercially develop titled properties than Tax Declared, but there is very little difference involved and not having title is no prohibition on development. It is simply that a bit more process must be completed to commercially develop a Tax Declared property. However, in the instance of the property being used to locate a residence there is virtually no difference between the two.[back to top]
- Once an offer is submitted on a property, how is my offer evaluated?
A number of criteria are considered when evaluating offers from prospective purchasers. These include, but are not limited to, net funds received after deducting taxes, brokerage commissions and sale expenses, and payment terms considered in light of the applicant's credit worthiness and ability to perform. Sandie.biz, under engagement from the seller or upon instructions relayed through the seller's broker, reserves the right to accept, reject or counter any submitted offer. While reviewing such offers, Sandie.biz further reserves the right to continue its sales efforts, including responding to any inquires or offers to purchase the property.[back to top]
- How can I be certain that these properties are legitimate?
We can send certified copies of title for any of the properties you inquire about.
We can arrange you to have a meeting with a lawyer, and you can also consult with an independent lawyer who specializes in real estate laws of the Philippines. We are registered Real Estate Agents, can (if needed) supply contact details of happy clients who will verify their satisfaction with our service, subject to their prior approval.[back to top]
- In the event of my death, can the property be transferred to my husband or children or both, who are all natural born American (or other) citizens?
Yes. Under Section 7, Article XII of the Philippine Constitution, foreigners can inherit land."[back to top]
- Are there limitations on hereditary succession?
No. There are no limitations on hereditary succession both with respect to citizenship and size of the property.
SEC. 7. "Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold lands of the public domain."
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- What are the terms of the sale?
Financing is available, but not common in the Philippines. The most common form of payment is a deposit of between 10-20%, depending on the total purchase price upon signing of the Contract of Sale. Then the balance is paid when the Deed of Sale is signed after which the new title in the name of the buyer is processed. This payment must be paid in cash, at the time of the sale.[back to top]
- What is real estate law?
Real estate law includes a variety of legal issues relating to acquiring, financing, developing, managing, constructing, leasing and selling commercial and residential real property of all kinds. It can include, but is not limited to, the following:
- Mortgages
- Purchases
- Sale agreements
- Property taxes
- Negligence
- Fraud/Misrepresentation
- Construction defects
- Mechanic's Liens
- Land use & zoning
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- What is commercial real estate?
Commercial real estate refers to any dealing with real property in a business context. It could involve any of the following:
- Leasing office space
- Selling real property as part of the sale of a business
- Industrial or agricultural property
- Residential properties - apartment complexes, rental houses
- Working with the government
Unless the property is a residence where the homeowner is living, you are probably dealing with commercial real estate.[back to top]
- Are there any differences between commercial real estate and residential real estate (i.e., buying a house)?
There can be substantial differences between commercial and residential real estate transactions. In general, the risk and potential liability exposure in a commercial real estate deal is higher. Commercial property may involve concerns such as highest and best use, liens or zoning issues. In the end the most vital issue is the property's location in relation to one's business needs.[back to top]
- Who pays closing costs?
Certain closing costs are the responsibility of the buyer to pay and are other closing costs are the responsibility of the seller to pay. The responsibility varies depending on the contract between the buyer and seller. You should have an attorney review the contract carefully before it is signed if you are unsure about what your rights and obligations will be.
Capital gains and/or withholding taxes and commissions are paid by the seller, while documentary stamps, registration fees and transfer fees, are usually paid by the buyer, especially when purchasing foreclosed assets from banks. Taxes and associated closing costs will amount to about 9% of reported price of your property.[back to top]
- Do I need to hire a real estate lawyer if I've already hired a real estate agent?
Real estate transactions are complex, involving numerous documents; therefore, it is a good idea to hire both a real estate agent and a real estate attorney. Listing agreements will clearly state that real estate agents are not providing legal advice. An attorney will be in a better position to provide you with essential legal advice and the benefit of competent legal advice on a real estate deal is worth it. A real estate lawyer will review all documents, including title, for legal clarity before you sign.[back to top]
- How do I prepare for a closing?
Once you have decided upon a lender, their lawyer will review a title search and schedule the closing. As a buyer, if the closing is being handled by an attorney assigned by the lender, it is important to keep in mind that the attorney is working in the interest of the lender. You should consider hiring a separate lawyer to represent your interests.[back to top]
- What does the Philippine Family Code state regarding property relationship between husband and wife?
Please read the following excerpt:
PROPERTY RELATIONSHIP UNDER THE FAMILY CODE
except those in Art.92
- Absolute community of Properties (ACP)
In this regime, the husbands and the wife are co-owners of all the properties that they bring into the marriage and those acquired by each or both of them during the marriage except those in Art.92 (Family Code)
Exclusions from ACP (Absolute Community of Properties)
- Properties acquired during the marriage by gratuitous title by either spouse, and the fruits as well as the income thereof, if any, unless, it is expressly provided by the donor, testator or grantor that they shall form part of the community property;
- Property for personal and exclusive use of either spouse; however, jewelry shall form part of the community property;
- Property acquired before the marriage by either spouse who has legitimate descendants by a former marriage, and the fruits as well as income, if any, of such property.
EXCLUSIVE PROPERTY OF EACH SPOUSE
- That which is brought to the marriage as his or her own;
- That which each acquires during the marriage by the gratutitous title;
- Property acquired before the marriage by either spouse who has legitimate descendants by a former marriage, and the fruits as well as the income, if any, of such property.
- Conjugal partnership
In this regime, each spouse retains his or her property before the marriage, and only the fruits and income of such properties become part of the conjugal properties during the marriage.
EXCLUSIVE PROPERTY OF EACH SPOUSE
- That which is brought to the marriage as his or her own;
- That which each acquires during the marriage by gratuitous title;
- That which is acquired by right of redemption, by batter or exchange with property belonging to only one of the spouses; and
- That which is purchased with exclusive money of the wife or of the husband.
- Separation of the Properties
Under this regime, the spouses retain ownership, management, and control of their properties before the marriage and those acquired during the marriage, together with their earnings and fruits and accessions
In payment of estate tax, it is necessary to determine if the properties are solely and exclusively owned by the other spouse or not so as to know what assets form part of the estate of the deceased. If the property forms part of the conjugal asset of the deceased, e.g. House and Lot worth P1million, then only half of its value will be subject of estate tax and not the whole property.
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