Real Estate and Property Thread

[glenn_duke]

That is exactly what I did Doc, I left the Meralco in my name to the buyer thinking that if he does not pay it, then sya rin ang mapuputulan. I don't think it will have a bearing on my name and if it will, I don't think it will be a problem for me.

Same with the condo I bought, I was paying the Meralco for so many years in the name of the developer until I sold it. Tamad ako mag lakad ng transfer in my name.

As for bill deposit, it's not that big.

Xerox lang ng deed of sale at latest bill ang kailangan ng meralco to transfer the name, pwede isabay sa pagbayad. Hindi ibabalik ang deposit kayo magsuklian nung buyer o seller.

[xwangbu]

Pano procedure ng lot purcahse via bank loan?

Sa bank magkaliwaan or bibigay muna kay buyer yung loan then saka ibigay sa seller?

Saka ok lang ba na magbigay ng contract to sell for the bank loan application?

[Ry_Tower]

Pano procedure ng lot purcahse via bank loan?

Sa bank magkaliwaan or bibigay muna kay buyer yung loan then saka ibigay sa seller?

Saka ok lang ba na magbigay ng contract to sell for the bank loan application?

Until you fully repay your mortgage, the bank or financial institution retains the property title. Since the bank or financial institution holds the property title while the mortgage is in effect, they also have the right to foreclose on the property if you fail to make your home loan payments.

They can't be automatic owners (pactum commissorium is illegal in the Philippines) of the lot but they have the SPA(written/included in the terms or conditions of the real estate mortgage attached to the bank loan) to have the lot be sold at auction if you fail to pay.

The contract is a deed of sale between buyer and seller and not contract to sell kasi babayaran agad ng bank si seller. Since owner na si buyer, he will then have the right to make it a collateral for the loan to buy the land. Kaya magiging "Loan Agreement with REM" ang contract between buyer and the bank or financial institution.

[Mask Rider Blac]

Pano procedure ng lot purcahse via bank loan?

Sa bank magkaliwaan or bibigay muna kay buyer yung loan then saka ibigay sa seller?

Saka ok lang ba na magbigay ng contract to sell for the bank loan application?

Kayo po ba ang buyer?
Magkasundo muna kayo ni seller sa presyo. Magkasundo din kayo kung cash payment o thru bank o Pag-big loan. Dapat sa umpisa pa lang amenable si seller kung thru bank o Pag-big loan kasi marami siyang pagdadaanan, pirma pirma, atbp.
Kapag nagkasundo na kayo, si seller manghihingi ng Earnest Money, may time limit ‘to kaya pag-usapan niyo ang timeline na achievable.
After that, si buyer, pupunta sa bangko para mag-apply ng loan. Si bangko hingi ng docs, info, etc from buyer at seller. Bank will conduct background check, credit investigation on buyer, appraisal on the subject property, atbp. Loanable amount for vacant lot is usually 60% of appraised value. Halimbawa:
Selling price: P8.0M;
Earnest money: P100K (2 months);
Appraised value: P7.0M;
Loanable amount: 60%

Bago i-process ni bank ang loan, buyer will pay seller: P3.7M
Loan amount: P4.2M

After processing, bank will issue a “Bank Guarantee”. Nakasulat diyan sa BG ang terms and timelines ni bank with regard to the transfer of ownership ng property from seller to buyer. Kapag na-fulfill ang BG, bank will pay the seller of the loan amount. Mahabang proseso ito..expects delays, inip/inis na si seller atat na sa cash..hence, Dapat sa umpisa pa lang amenable si seller kung thru bank o Pag-big loan.

Deed of absolute sale

Ung Contract to Sell common sa mga land developers, condo

After 2 months kung hindi nasunod ung terms na nasa Earnest Money Agreement, pwe i-enforce ni seller at maaring ma-forfeit ang Earnest Money.

[baludoy]

anyone here has dealt w/ memorial park developers?

[xwangbu]

Until you fully repay your mortgage, the bank or financial institution retains the property title. Since the bank or financial institution holds the property title while the mortgage is in effect, they also have the right to foreclose on the property if you fail to make your home loan payments.

They can't be automatic owners (pactum commissorium is illegal in the Philippines) of the lot but they have the SPA(written/included in the terms or conditions of the real estate mortgage attached to the bank loan) to have the lot be sold at auction if you fail to pay.

The contract is a deed of sale between buyer and seller and not contract to sell kasi babayaran agad ng bank si seller. Since owner na si buyer, he will then have the right to make it a collateral for the loan to buy the land. Kaya magiging "Loan Agreement with REM" ang contract between buyer and the bank or financial institution.

Thanks!

Kayo po ba ang buyer?
Magkasundo muna kayo ni seller sa presyo. Magkasundo din kayo kung cash payment o thru bank o Pag-big loan. Dapat sa umpisa pa lang amenable si seller kung thru bank o Pag-big loan kasi marami siyang pagdadaanan, pirma pirma, atbp.
Kapag nagkasundo na kayo, si seller manghihingi ng Earnest Money, may time limit ‘to kaya pag-usapan niyo ang timeline na achievable.
After that, si buyer, pupunta sa bangko para mag-apply ng loan. Si bangko hingi ng docs, info, etc from buyer at seller. Bank will conduct background check, credit investigation on buyer, appraisal on the subject property, atbp. Loanable amount for vacant lot is usually 60% of appraised value. Halimbawa:
Selling price: P8.0M;
Earnest money: P100K (2 months);
Appraised value: P7.0M;
Loanable amount: 60%

Bago i-process ni bank ang loan, buyer will pay seller: P3.7M
Loan amount: P4.2M

After processing, bank will issue a “Bank Guarantee”. Nakasulat diyan sa BG ang terms and timelines ni bank with regard to the transfer of ownership ng property from seller to buyer. Kapag na-fulfill ang BG, bank will pay the seller of the loan amount. Mahabang proseso ito..expects delays, inip/inis na si seller atat na sa cash..hence, Dapat sa umpisa pa lang amenable si seller kung thru bank o Pag-big loan.

Deed of absolute sale

Ung Contract to Sell common sa mga land developers, condo

After 2 months kung hindi nasunod ung terms na nasa Earnest Money Agreement, pwe i-enforce ni seller at maaring ma-forfeit ang Earnest Money.

salamat!

I'm the seller. Combined loan daw ang gagawin - lot purchase and home construction in 1 loan kaya medyo bago sa akin.

[xwangbu]

anyone here has dealt w/ memorial park developers?

Lot purchases only - few timea with Manila Memorial park.

[baludoy]

Lot purchases only - few timea with Manila Memorial park.

Ah ok bro. Done those myself too.

Curious Lang ako bro how those developers develop memorial parks. Ano kayang dynamics? Do they partner up w/ land owners, long lease, etc

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[dr. d]

anyone here has dealt w/ memorial park developers?

what are your concerns, po?

we acquired and developed our lot, many years ago. no issues.

but come time to repair them,
either they had rules but were not aware of them and therefore they did not inform us of them until much later,
or they had no rules and were making them up as they went along.
yung tipong, no sooner had we settled one issue, that another new issue not previously mentioned, rears itself up.

[baludoy]

what are your concerns, po?

may idle land kasi sa probinsya and exploring the possibilities lang.