How to Buy Property in Binangonan, Rizal for OFWs
OFWs, or Overseas Filipino Workers, work so hard to provide the best for their families. This includes having to provide them with the basic neccessities, such as food, clothing, and shelter. Now, buying property in the Philippines would be hard if you don’t actually live in the area. To make things easier, here are a few steps on how to buy property in the Philippines, specifically in Binangonan, Rizal, if you’re an OFW.
- Assign an attorney-in-fact. Which is actually just a fancy term for your legal representative, who will be in charge of your transactions in the Philippines. Your attorney-in-fact will have the power to reserve the unit you are interested in for you and to sign all the forms related to it.
To legally assign an attorney-in-fact, you will need to sign a Special Power of Attorney (SPA) and consularize it.
Get needed requirements ready. The following requirements will need to be submitted within 30 days:
- Consularized SPA
- Income proof for the last 3 months
- Proof of billing in the Philippines
- TIN Number (a property specialist can get this for you if you don’t have any existing)
- Consularized Certificate of Employment and Compensation
- Employment Contract with seal of employer and signature of HR manager
- Post dated checks (PDCs) for down payment
- Photocopies of your passport and valid IDs
Apply for housing loan. The most popular way of paying for property is through loans. Your attorney-in-fact can apply loans for you with a bank, your developer, or with Pag-IBIG, depending on your preference.
Submit documents. Forward all your documents in Step 2 to your property specialist so that he can submit it to the developer. Make sure to fund the PDCs as needed, and you’re all set.
Before deciding on what property in Binangonan, Rizal you want to buy, it is very important to visit and inspect it first. If you are not able to visit it yourself, ask a trusted person to do it for you and send you pictures if necessary. It is also important to inspect the title of the property and make sure there are no liens associated with it.
