Purchasing real estate is an important venture that naturally, leads to many questions and inquiries. Robinsons Land values your trust and understands your need for information. To ease your home buying experience, we have provided a series of Frequently Asked Questions with their corresponding answers.
What is an LOG (Letter of Guarantee)?
A Letter of Guarantee (LOG) is a written guarantee from the bank that the buyer/s has complied with the bank requirements for the release of loan to cover payment for any portion of the purchase price.
When can I get the notarized copy of CTS? Addendum for the purchase of Parking Slot?
The CTS and/or Addendum (for the purchase of Parking Slot) for the buyer’s signature shall be available five (5) working days from the date sale was accepted by RLC while the notarized CTS and/or Addendum shall be available *forty-five (45) working days from receipt of the signed CTS by RLC office.
The notarized CTS and/or Addendum shall be given to your Account Manager for subsequent transmittal to you.
*Note: Turn-around time may vary depending on the circumstance that may arise.
Can I authorize a representative to sign the Contract to Sell (CTS) on my behalf? What are the requirements?
Yes. Should the buyer wish to authorize a representative to sign the Contract to Sell on his/her behalf, the authorized representative should present and submit an original copy of a duly notarized (or consularized, if executed outside the Philippines) Special Power of Attorney (SPA), together with the buyer/s’ valid government-issued ID as well as his/her own for validation.
Why do I have to sign the original Contract to Sell (CTS) issued to me even if I want changes from my original purchase?
For proper documentation, the initial document should be processed and completed prior to processing of any amendment.
What is a Contract to Sell?
A Contract to Sell (CTS) is a contract governing a purchase of a specific Unit/House and lot whereby the terms and conditions of the sale, such as but not limited to the payment terms and transfer of ownership, are stated.
What is a Reservation Agreement?
A Reservation Application/ Agreement (RA) is a document executed by the buyer, declaring his intent to purchase a specific Unit/House and Lot, together with his payment of the Reservation Fee, and subject to the approval by RLC.
Can I restructure my payment terms? What are the requirements?
Restructuring of payment terms may be allowed prior to the turnover of unit subject to compliance with the following requirements:Request letter signed by the buyer/s on record
New Reservation Application signed by the buyer/s on record
Latest Statement of Account (SOA)
Copy of the notarized CTS covering purchase of the existing unit
Complete Post-Dated Checks for the total monthly amortization including the balance.
Photocopy of Unit Acceptance Form of the new buyer (if applicable).
Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
Processing fee payable to RLC (see Index A).
*Note: The approval of any request for the restructure of payment terms is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Can I transfer the ownership of my account? What are the requirements?
The transfer of ownership may be allowed prior to signing of the Deed of Absolute Sale (DAS) subject to compliance with the following requirements:
Corporation to Individual:Request letter from the corporations authorized signatory/ies (even if with SPA).
Copy of the notarized Contract to Sell covering purchase of the existing unit.
Photocopy of ID with picture and signature of the corporation’s authorized signatory/ies and new buyer/s.
Photocopy of Community Tax Certificate for the current year or passport of the corporation/s authorized signatory/ies and new buyer/s.
Photocopy of Proof of Billing of the corporation’s authorized signatories and new buyer/s.
Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the new buyer/s in every page.
Fully filled-out Buyer’s Information Sheet by the new buyer/s.
Photocopy of the corporation’s:
- Board Resolution
- Articles of Incorporation, Constitution and By-Laws.
- SEC Registration
- Secretary’s Certificate
- Community Tax Certificate for the current year
Photocopy of Unit Acceptance Form of the new buyer (if applicable).
Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
Processing fee payable to RLC (see Index A).
Corporation to Corporation:
- Request letter from the corporations authorized signatory/ies (even if with SPA).
- Copy of the notarized Contract to Sell covering purchase of the existing unit.
- Photocopy of ID with picture and signature of both corporations’ authorized signatory/ies.
- Photocopy of Community Tax Certificate for the current year or passport of both corporations’ authorized signatory/ies and new buyer/s.
- Photocopy of Proof of Billing of both corporations’ authorized signatories and new buyer/s.
- Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the new corporation’s authorized signatories.
- Fully filled-out Corporate Information Sheet by the authorized signatory/ies.
- Photocopy of both corporations’:
- Board Resolution
- Articles of Incorporation, Constitution and By-Laws.
- SEC Registration
- Secretary’s Certificate
- Community Tax Certificate for the current year
- Photocopy of Unit Acceptance Form of the corporation’s authorized signatory/ies (if applicable).
- Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
- Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
- Processing fee payable to RLC (see Index A).
Individual to Corporation:
- Request letter from the registered buyer/s (even if with SPA).
- Copy of the notarized Contract to Sell covering purchase of the existing unit.
- Photocopy of ID with picture and signature of the corporation’s authorized signatory/ies and registered buyer/s.
- Photocopy of Community Tax Certificate for the current year or passport of the corporation’s authorized signatory/ies and registered buyer/s.
- Photocopy of Proof of Billing of the registered buyer and the corporation’s authorized signatory/ies.
- Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the new corporation’s authorized signatories.
- Fully filled-out Corporate Information Sheet by the authorized signatory/ies.
- Photocopy of both corporations’:
-
- Board Resolution
- Articles of Incorporation, Constitution and By-Laws.
- SEC Registration
- Secretary’s Certificate
- Community Tax Certificate for the current year
- Photocopy of Unit Acceptance Form of the new buyer (if applicable).
- Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
- Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
- Processing fee payable to RLC (see Index A).
Individual to Corporation:
- Request letter from the registered buyer/s (even if with SPA).
- Copy of the notarized Contract to Sell covering purchase of the existing unit.
- Photocopy of ID with picture and signature of the corporation’s authorized signatory/ies and registered buyer/s.
- Photocopy of Community Tax Certificate for the current year or passport of the corporation’s authorized signatory/ies and registered buyer/s.
- Photocopy of Proof of Billing of the registered buyer and the corporation’s authorized signatory/ies.
- Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the new corporation’s authorized signatories.
- Fully filled-out Corporate Information Sheet by the authorized signatory/ies.
- Photocopy of both corporations’:
-
- Board Resolution
- Articles of Incorporation, Constitution and By-Laws.
- SEC Registration
- Secretary’s Certificate
- Community Tax Certificate for the current year
- Photocopy of Unit Acceptance Form of the new buyer (if applicable).
- Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
- Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
- Processing fee payable to RLC (see Index A).
Individual to Individual:
- Request letter from the registered buyer/s (even if with SPA).
- Copy of the notarized Contract to Sell covering purchase of the existing unit.
- Photocopy of ID with picture and signature of the new and registered buyer/s .
- Photocopy of Community Tax Certificate for the current year or passport of the new and registered buyer/s.
- Photocopy of Proof of Billing of the new and registered buyer/s.
- Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the new buyer/s in every page.
- Fully filled-out Buyer’s Information Sheet by the new buyer/s.
- Photocopy of Unit Acceptance Form of the new buyer (if applicable).
- Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
- Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
- Processing fee payable to RLC (see Index A).
Additional requirements (for special cases):
- Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
- Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
- Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for transfer of ownership is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
In the middle of my amortization, can I transfer my account from one unit/project to another? What are the requirements?
The transfer of account from one unit/ project may be allowed prior to signing of the Deed of Absolute Sale (DAS), subject to compliance with the following requirements:Request letter signed by the buyer/s on record
New Reservation Application signed by the buyer/s on record
Signed unit floor plan/ layout
Copy of the notarized CTS covering purchase of the existing unit
Photocopy of Unit Acceptance Form of the registered buyer/s (if applicable).
Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
Processing fee payable to RLC (see Index A).
Additional requirements (for special cases):
- Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
- Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
- Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for change in civil status is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Can I exclude/ include a co-buyer from the ownership of the property? What are the requirements?
Name exclusion/ inclusion of co-buyer/s may be allowed prior to signing of the Deed of Absolute Sale (DAS) subject to compliance with the following requirements:
Name Exclusion:Request letter from the registered buyer/s (even if with SPA).
Copy of the notarized Contract to Sell covering purchase of the existing unit.
Photocopy of ID with picture and signature of the registered buyer/s (including the buyer/s to be excluded).
Photocopy of Community Tax Certificate for the current year or passport of the registered buyer/s (including the buyer/s to be excluded).
Photocopy of Proof of Billing of the excluded and remaining buyer/s.
Duly Notarized Affidavit of Quitclaim or Affidavit of Paraphernal/Separate Property (if legally married) by the party waiving his/her rights.
Original NSO copy of the death certificate (if deceased)
Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
Processing fee payable to RLC (see Index A).
Name Inclusion:
- Request letter from the registered buyer/s (even if with SPA).
- Copy of the notarized Contract to Sell covering purchase of the existing unit.
- Photocopy of ID with picture and signature of the new and registered buyer/s.
- Photocopy of Community Tax Certificate for the current year or passport of the new and registered buyer/s.
- Photocopy of Proof of Billing of the new and registered buyers/s.
- Photocopy of Notarized Contract to Sell or Addendum (if with parking) signed by the buyer/s to be included in every page.
- Fully filled-out Buyer’s Information Sheet by the buyer’s to be included.
- Photocopy of Unit Acceptance Form of the new buyer (if applicable).
- Cleared Association Dues (Clearance must be certified by the Building Administration) if applicable.
- Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
- Processing fee payable to RLC (see Index A).
Additional requirements (for special cases):
- Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
- Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
- Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for change in civil status is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Can I change my civil status? What are the requirements?
Change in citizenship may be allowed prior to signing of the Deed of Absolute Sale (DAS) subject to compliance with the following requirements:Request letter from the registered buyer/s (even if with SPA).
Copy of the notarized Contract to Sell covering purchase of the existing unit.
Photocopy of ID with picture and signature of the registered buyer/s.
Photocopy of Community Tax Certificate for the current year or passport of the registered buyer/s.
Photocopy of birth certificate and/or other documents reflecting correct citizenship.
Photocopy of Proof of Billing of the registered buyers/s.
Fully filled-out Buyer’s Information Sheet by the registered buyer/s reflecting the correct citizenship.
Additional requirements (for special cases):
- Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
- Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
- Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for change in civil status is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Can I change my citizenship? What are the requirements?
Change in citizenship may be allowed prior to signing of the Deed of Absolute Sale (DAS) subject to compliance with the following requirements:Request letter from the registered buyer/s (even if with SPA).
Copy of the notarized Contract to Sell covering purchase of the existing unit.
Photocopy of ID with picture and signature of the registered buyer/s.
Photocopy of Community Tax Certificate for the current year or passport of the registered buyer/s.
Photocopy of birth certificate and/or other documents reflecting correct citizenship.
Photocopy of Proof of Billing of the registered buyers/s.
Fully filled-out Buyer’s Information Sheet by the registered buyer/s reflecting the correct citizenship.
Additional requirements (for special cases):
- Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
- Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
- Photocopy of ID with picture and signature of the registered buyer/s.
- Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for change in citizenship is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Can I make corrections to my name? What are the requirements?
Change in name may be allowed prior to signing of the Deed of Absolute Sale (DAS), subject to compliance with the following requirements:Request letter from the registered buyer/s (even if with SPA).
Copy of the notarized Contract to Sell covering purchase of the existing unit.
Photocopy of ID with picture and signature of the registered buyer/s reflecting the correct name.
Photocopy of Community Tax Certificate for the current year or passport of the registered buyer/s reflecting the correct name.
Photocopy of Proof of Billing of the registered buyers/s.
Duly Notarized Affidavit of One and the Same Person.
Fully filled-out Buyer’s Information Sheet by the registered buyer/s reflecting the correct name.
Additional requirements (for special cases):Original and Notarized Special Power of Attorney (if registered buyer/s would not be able to transact, execute, and sign documents related to the request).
Original and Notarized Affidavit of Parents if the registered buyer/s is/are of minor age.
Documents executed outside the Philippines will have to be consularized.
*Note: The approval of any request for change in name is subject to the sole discretion of RLC. As such, not all requests may be allowed and requirements may change depending on the circumstance.
Are minors allowed to purchase a property? What are the requirements?
Yes, but the minor must be represented by his/her parents or his/her legal guardian, if his/her parents are already deceased. For purposes of registration of the property purchased by the minor/s as represented by his/her parents, an original and duly notarized (or consularized, if executed outside the Philippines) Affidavit of Parents (minor buyer) must be submitted.
Account Adjustments or Changes after Purchase
*Note: Complete and updated information is essential for mailing of documents and/or correspondences related to your purchased unit, in bank documentation, and in the title transfer process. Should there be any information you wish to amend or change, please fill out the Buyer’s Information Sheet and send it back to us together with your request letter and other required documents.
If my husband/wife is a foreigner, are we allowed to purchase a property? What are the requirements?
If one of the spouses is a foreign national, the following rules shall apply:
Purchase of Condominium Unit:
Both spouses can acquire condominium units.
Purchase of House and Lot/Townhouse Unit:
Only the Filipino spouse can acquire the house and lot or townhouse unit, but the Filipino spouse must indicate in all the documents related to this transaction the name of the foreign spouse.
Are foreigners allowed to purchase a property? What are the requirements?
Foreign nationals are allowed to purchase condominium units provided that at least 60% of the Project is owned by Filipinos and foreign nationals ownership shall not exceed 40%
Foreign nationals are prohibited from acquiring and owning land in the Philippines.
Why is my spouse required to sign all the documents?
Under the Family Code, it is presumed that the property purchased by a married individual shall form part of the absolute community (or conjugal partnership if the spouses were married before August 3, 1987), unless the spouses have agreed to a separation of property before their marriage or if one of the spouses executes a sworn statement (Affidavit of Paraphernal/ Separate Property) stating that the funds used to purchase the property do not form part of their absolute community of property or conjugal partnership but were taken from the personal/paraphernal/separate funds of his/her spouse. Note that the Affidavit of Paraphernal/Separate Property must be duly notarized or consularized (if executed outside the Philippines).
What are the requirements to reserve a unit?
For Individual Account:Filled up Reservation Application (form to be given by your Account Manager);
Filled up Individual Buyer Information Sheet (BIS) – (for all buyers, spouse included, if married)
Payment of Reservation Fee (either thru cash, check, remittance or auto-debit);
*Note: If payment is made thru check, check should be made payable only to Robinsons Land Corporation. If payment is made thru cash, this should be made directly at the Robinsons Land Corporation’s cashier.
Submission of valid government-issued ID with picture and signature (for all buyers, spouse included, if married);
Submission of Tax Identification Number (TIN) ID (for all buyers, spouse included, if married);
Submission of Community Tax Certificate (CTC) for the current calendar year or Valid Passport (for all buyers, spouse included, if married)
Proof of Billing Address (should be the same address as indicated in the BIS).
Signed Floor Plan/ Layout of the reserved Unit.
For Corporate Account:
- Filled up and signed Reservation Application by the duly authorized signatory/ies of the corporation;
- Filled up Corporate Buyer Information Sheet (BIS)
- Submission of the following corporate documents:
- Secretary’s Certificate/Board Resolution adopted by the members of the Board of Directors of the company allowing the company to purchase a property with RLC and designating the authorized signatories for and on behalf of the company (original copy);
- Articles of Incorporation and By-Laws (certified true copy);
- SEC Registration (certified true copy)
- Valid government-issued ID with picture and signature of the members of the Board of Directors, Corporate Secretary and authorized representatives/designated signatories;
- Tax Identification Number (TIN) ID of both the company and its authorized representative/designated signatories;
- Community Tax Certificate (CTC) for the current calendar year or Valid Passport of the authorized representatives/designated signatories;
- Proof of Billing Address (should be the same address as indicated in the BIS);
- Signed Floor Plan/ Layout of the reserved Unit.
What is the difference between a real estate agent and a real estate broker?
Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.
The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.
The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker’s name, not the salesperson’s.
A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.
Why should I use a real estate salesperson?
A real estate salesperson is more than just a “sales person.” They act on your behalf as your agent, providing you with advice and guidance and doing a job – helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell –such as Certified Public Accountants and Attorneys
The Internet has opened up a world of information that wasn’t previously available to homebuyers and seller. The data on listings available for sale is almost current – but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.
If you’re selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there – which then gets you automatically listed on some of the major real estate web sites. If you’re buying or selling a home, the MLS is your agent’s best tool.
However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today’s home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.
The real estate agent is becoming more of a “guide” than a “salesperson” — your personal representative in buying or selling a home.
I have a family friend who is a Realtor. I like her and she is a help but she gives me one price to sell my home for and I think it is too low. So I called another agent who suggested a price more in line with my expectations. Who do I choose?
You might want to consult a couple more Realtors on the market value of your home. Most of the estimates should be in the same ballpark.
It could be that your friend is being more honest with you about the value of your home and the other Realtor gave you a higher number because he already knew you expected it. This is called “Buying a Listing” and is the subject of an article on our web site.
Or it could simply be that your friend is a good friend, but not that great of a real estate agent.
Mixing business and friendships is always risky to the friendship. On the other hand, if your friend is truly competent and was providing wise advice, she may be offended if you ignore the advice and choose another agent.
I have to make a choice between an updated home in an older neighborhood or a newer home in a more modern neighborhood. The home in the older neighborhood has almost everything I want and is much larger, but which makes the most sense as an investment?
If your goal is to buy a home for it’s resale value and the one you are thinking of buying in the older neighborhood is at the upper end of values for that neighborhood, then it may not be the wisest choice. If it is similar or lower in price to the others, then there should be no problem, because pricing should be considered in relation to the local neighborhood and not compared to homes in other neighborhoods (for the most part)
Plus, is it a neighborhood on the decline, or are others going to be fixing things up, too, so that it is a neighborhood that is improving? It could turn out to be a very good deal as long as you don’t “overpay” because of the recent improvements.
Remember that you also buy a home for it’s value to you as a “home,” and that is something else you should consider. Which neighborhood would you AND your family feel most comfortable in?
When buying a new home, what upgrades should we go for? What holds the most value? Do we upgrade the lot? Pick more square footage in the house? Add an extra bedroom?, etc.
A lot depends on why you are buying the house. Are you buying it mostly as a home or mostly as an investment? There is a difference.
For the most part, upgrades are high-profit items for builders. They aren’t designed to enhance the value of the house, but make you happier with the house you do buy.
If you are looking at your home as an investment, then you buy from the smaller to medium size in the tract and spend only a minimal amount on upgrades. If you are looking at your purchase as a home, then you select upgrades that will enhance your quality of living.
One rule of thumb is to always upgrade the carpet and padding.