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Real Estate Information for Foreigners

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rainymike:
Useful information for anyone considering real estate in the Philippines. Covers a lot of laws and regulations and costs for buying property. And for investors, information on taxes, landlord-tenant rules, etc.

http://www.globalpropertyguide.com/Asia/Philippines

Manila Cockney:
The Section on Inheritance Tax and Laws is the best write up I have seen on this complicated subject.   I had to read it a few times to understand it. It does confirm a recent discussion I had with a lawyer friend of mine. 

http://www.globalpropertyguide.com/Asia/Philippines/Inheritance

Ted:
Looks like a good site that covers a lot of laws and regulations.  Bear in mind nobody follows them.

I signed a lease with my landlord for a decent 4 bedroom 2.5 bath in the suburbs.  She was very nice old lady that rented the place for her daughter while she rented out her own boarding house. 

She gave the lease to her friend for notarizing and that was the last I ever saw of the lost lease. The next week the owner called from Singapore to tell me to move out. “You didn’t put enough damage deposit, get out, get out!” “Read the lease” I said “read the lease… hello? Hello? She was still fuming when I hung up.

Mom cooled her down. Mom needed the rent money. It was always on time and mom hovered around the neighborhood prior to rent time.
Mom never paid any tax. There was never a building permit for the houses. She operated a secret sair-sari store across the street because she didn’t want to get a permit for a store. She tapped the streetlight power. She tried to rent me her boarding house so I could collect from the college kids. Geez.

I moved out a month earlier than my lease.  She suddenly found the lost lease and wanted to hold me to it.  I brought up the tax issue and another house that she built with no permit. She let me slide.

No one declares the true value of land.  Lying about land worth and falsifying documents is a national pastime.

Ted

rainymike:
Ted,

Having dealt with a number of landlords here in the US, I\'d say it\'s not uncommon for landlord types to \'skirt\' the law. But since I\'m giving some thought to being a landlord in the RP, I\'d assume that the system would apply the laws a little more rigorously toward me if any problems ever arose. So whether it\'s common practice or not, I\'ll play it very conservatively and try to follow the rules - no matter how convoluted they may be. In life, I\'ve learned that the law treats some people more \'equally\' than others. In my case ... the law seems to treat me less \'equally\' more often than not since I wasn\'t born with a silver spoon in my mouth...hehehe.

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