Where to live? - Page 2

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Where to live? - Page 2


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  #11 (permalink)  
Old 5th January 2014, 10:12 PM
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"The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation."
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  #12 (permalink)  
Old 6th January 2014, 12:49 AM
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Quote:
Originally Posted by SRM69 View Post
I work over there 6 months of the year anyway.
I once had a large budget for housing and worked out a deal with the rental company to also include free phone, cable, laundry, maid service and here you could probably get a driver and ? the extra's could be many.
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  #13 (permalink)  
Old 10th January 2014, 04:39 AM
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So far as I know, you as the foreign resident CAN own the condo unit outright 100%. Now if you are talking about owing a building full of condos I would have no idea on legalities..
as I understand it a foreigner can own a Condo as long as the Condo complex has no more than 40% of the Condo's owned by foreigners. If there are 100 Condo's in the Building no more 40 can be owned by foreigners for you to be a "legal" owner.

I'm just going through the process of possibly buying a property in B Global City now. Any input would be greatly appreciated as to - legal issues, contracts, titles, ROI etc.

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  #14 (permalink)  
Old 10th January 2014, 05:00 PM
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As stated in an above post, any and all land has to be 100% Filipino owned. The building which sits on that land, if it is a condo building, that building could be 100% owned by a foreigner but the land itself cannot. A condo inside a condo building can be 100% owned by a foreigner. If a foreigner is married to a Filipino and he or she owns the land, the building, house, apartment, farmhouse can be owned by the foreigner AND the landowner but should the foreigner pass away, the building goes back into the family name of his or her spouse.

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Old 10th January 2014, 11:02 PM
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Originally Posted by Aussie Pete View Post
as I understand it a foreigner can own a Condo as long as the Condo complex has no more than 40% of the Condo's owned by foreigners. If there are 100 Condo's in the Building no more 40 can be owned by foreigners for you to be a "legal" owner.

I'm just going through the process of possibly buying a property in B Global City now. Any input would be greatly appreciated as to - legal issues, contracts, titles, ROI etc.
Consult a lawyer or professional (licensed) on this. When you purchase your condo I would make sure you have it filmed signing the documents, pictures. Also there could be all sorts of fee's unpaid real estate tax, condo fee's way behind, who knows? Best to hire someone who will check all aspects of the purchase, especially if your buying from a private owner "Buyer beware".
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Last edited by M.C.A.; 10th January 2014 at 11:09 PM.
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