Tuesday, April 15, 2014
Most Overseas Filipino Workers (OFWs) work abroad as a means of supporting their families and relatives back home. While many have good paying jobs, most OFWs still want to come back home to retire, hence the growing OFW real estate market in the country. For some, it is also simply less expensive to buy property in the Philippines, while others are looking for investment opportunities.
The most difficult challenge for OFWs who plan to buy property is the fact that they’re handling matters from far away. Buying a property is a serious commitment and financial investment. To avoid buying a property you might regret later, it’s always best to see it personally before you commit to buying it. Perhaps you could schedule visits to several properties when you’re in the Philippines on vacation. However, if seeing the property firsthand is impossible, your next best solution is to have a friend take photos of the site and email them to you.
It’s almost impossible to deal with all the aspects of the property transaction yourself. Enlist the help of someone you trust to be your official representative, also called attorney-in-fact, in the transaction. Authorize your representative by signing a Special Power of Attorney (SPA), which is a legal document that renders your representative capable of acting on your behalf. He or she will sign documents on your behalf and may even apply for a housing loan.
Prepare the necessary documents for the property transaction. Aside from the SPA authenticated by the Philippine consulate, there are other standard requirements. These include your proof of income for three months, proof of billing in the Philippines, TIN, Certificate of Employment and Compensation (CEC), employment contract and post-dated checks for the down payment. These requirements should be accomplished within 30 days of reserving the property.