Philosophical 11

Greetings,

As most of us know, a foreigner cannot buy a house and lot in the Philippines except if the house is self built. Different rules apply to Condo's.

I have heard of a "form of words" on the contract that can be applied to protect the buyer, but I am also aware that an even clever lawyer can get around the terms of the contract if need be.

The house I am looking to buy is for sale complete with lot and both apparently have a clean title which I will verify.

Any thoughts please. Yes I know the best advice is probably don't!

As most of you know, I am currently single with a lovely lady.

Regards

Pete

mikemike

You may pay for both lot and house, just that you will not own them. I suspect that they will be owned in your partners name with you second named.

I accepted that and so far after near 18 years it has worked out. even more so as at the mid point two youngsters arrived so the house is now part theirs.

I have no concerns re this arrangement. for others whose personal situation differs, this may not be acceptable.

Raffin

From what I can glean from your many posts, think you should go ahead if you are happy with the house, price etc.

Lots of long term advantages to having a property owned rather than rented.

Nothing much is legally watertight here, so I wouldn't waste your time and money on looking into that. And it might rankle with your gf/prospective wife.

With the standard title you would have a reasonable expectation that the property cannot be sold without your signature. Hopefully that would be you signing!

When my wife and I recently sold a property my hand nearly dropped off signing the contract to sell in many places on the papers.

quiltman

Pete,I read somewhere that If you are married and she dies before you, then you can inherit the lot and property - it's about the only way - but then when you die, unless you've remarried then your kids will inherit. Worth checking with a good lawyer. Here's something HMG sent yesterday https://www.gov.uk/government/public...ist-of-lawyers which may be of interest.

Philosophical 11

Greetings!

At the top of this resurrected subject, I have stated that a foreigner cannot own a house in the Phils unless self-built. I understand that condo's are subject to different rules. I also understand that a foreigner cannot own land. I am currently in discussion with someone who states that a foreigner can own a house if he leases the land.

Can anyone verify this?

Regards

Gazza-d

Yes you can own the house if a new build but as you can not own the land it stands on it can be thrawt with danger. It has been known for someone to build a nice house then the land owner drive them off/break the lease. Yes you would probably win in court but the next plot you move into will be the size of a box.

Stokkevn

You can buy a completed house on leased land if it is already set up that way, but you would only get the remaining lease.

MikeNZ

Hi 11, before you buy check out all the taxes etc and who is going to pay. There is stamp duty, transfer payments as well as whatever your lawyer is going to cost you. Can't remember but works out about 8% altogether without your legal costs. If I remember correctly the vendor has to pay the "capital gains tax" when he sells but this can be changed so make sure you know. Usually the house has been in the family for so long that the original price will be about 20000 peso and they will all say that if they write up the price lower than what you are actually paying they will pay less and you will pay less for stamp duty etc. May have worked in the past but if you can no longer pay off people this would be fraught with danger. Don't waste your time until you have seen the title and I would pay for a surveyor to check the boundaries. When I bought in Binloc the cunning old eye doctor had been using parts of the family properties each side, had to get it surveyed before I had the walls built and was miles out from what it appeared. Also realize that the whole carry on may take a couple of years to complete. Took about two years for our clear title and transfer to come through. Good luck

Philosophical 11

MikeNZ

Thanks for the valuable advice which will be of help to others who wish to dip their toes into the quagmire that goes with a purchase of a house.

Although it is unlikely to apply to me, I have yet to see definitive proof of whether a foreigner can or cannot own a house. Yes I know that a clever lawyer can write something into the contract that the house is owned by the foreigner, but by the same token, a more clever lawyer can probably unravel that.

I suspect that there is an RA somewhere on this. I will research further.

Regards

David Mashael

Hi 11. As you probably remember, in our case, we bought a lot, the title of which is in my wife's name, with a note that she is married to Mr...........I built a house on the lot, fully financed by me. We had a contract written up between myself and the builder, with all references to the house is in my name. Upon completion, the house was registered in my name, the electrical connection is in my name, and the tax declaration is in my name. My wifes name does not appear on any documents related to the house. It's about as close to saying that I own the house as I think it can ever be here in Fils.

Philosophical 11

David M:

Yes, I can understand that. It appears to be a well established fact that a foreigner can own a self built home.

Regards

Gazza-d

What I'm failing to see is what is the point, you can't take it with you if you leave, you can't sell it because no one will want to buy a house without the lot. The best it will do is give you a nice warm feeling.

Philosophical 11

Gazza:

Guess the point is that if you are in an established relationship, you will leave the partner with some sort of security for the future. A nice warm feeling!

Regards

Gazza-d

Not to you 11. So why not just accect that you can't own a property in the Philippines and just put it all in her name from the beginning. If you are really paranoid buy a condo.

mikemike

Correct

also some think that their spouse can lease the land to them for a house in their own name......they are very wrong