Researching Purchase or Rental of Houses and Lots in Cebu City

Although it can be difficult, it is possible for a foreign national to buy or rent property in the desirable Cebu City area of the Philippines. Extensive research and legal assistance are a must for success.

Cebu City is the capital city of the province of Cebu in the Philippines, and is a first income class, highly urbanized city where, according to the year 2015 census, it has a population of 922,611 people, making it the fifth most populated city in the country. It can be difficult to purchase property in the Philippines, since foreigners cannot own a land, but can own condominium units or apartments in high-rise buildings as long as the foreign occupancy proportion does not exceed forty percent.

They can also buy a house but not the land on which it is built. But leases on land up to fifty years, renewable for another twenty-five years, are available. Regarding Philippines luxury houses, if a foreigner is keen on acquiring land, there are several options. One, if they are married to a Filipino citizen, is to have the ownership of the land under the Filipino’s name. Even though a foreigner cannot buy land, he may acquire the land through inheritance.

Another option is to acquire land through a corporation. Corporations can only be, at the maximum, forty percent foreign-owned. The maximum area that may be acquired for residential purposes is one thousand square meters of urban land or one hectare of rural land. When buying a new property, it is important to look for properties backed by established developers and licensed real estate agents and brokers, especially in cases of off-plan or pre-selling the property at the planning stages and non-existent during the time of the sale.

In general, a property can be acquired by entering into a simple agreement. After deciding what property to buy as well as inspecting the premises and documents, the buyer usually signs a binding notarized deed of sale. Employing the services of a reputable sales agent is convenient because they not only provide vital information regarding the transaction and property, but also assist the buyer in getting mortgage loans. When buying condominiums, a down payment of ten to thirty percent is usually required. The condominium certificate of title evidences ownership of condominium units, but the transfer of title is usually not executed until the property is fully paid.

Foreigners can only own up to forty percent of a condominium project. Holders of special resident retiree’s visa, a non-immigrant resident visa, can get additional benefits aside from being allowed to buy a condo unit or lease a parcel of land or a house and lot. The visa’s holders can reside in the Philippines permanently, with multiple-entry privileges and zero travel taxes. Other benefits and information about the visa is available on the Philippine Retirement Authority website. The process of buying land in the Philippines or any House And Lot in Cebu City is complicated and tedious. Aside from the fact that foreigners are not allowed to buy land, the system of land registration and classification should make any investor think twice. There are eleven laws directly related to land registration and nine others indirectly related to land disposition and administration. Aside from the Department of Environment and Natural Resources and the Bureau of Lands, there are several agencies that have direct and indirect control over land.

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If you are looking for House for Sale in Cebu City, then the author of this article recommends ListingSearch.ph.