Documents Needed For Buying Real Estate in Balanga City
Buying real estate in Balanga City can be a long and arduous process because of the disunified systems in the government, along with many other external factors. Some of the steps in buying real estate in the city are similar to the steps in other countries while other steps are independent to the Philippines. To avoid having problems with buying real estate in Balanga City, it is important for you to know and understand the rules, procedures, and documents associated with it.
Generally, buying real estate in Balanga City should only be a four-step process. It should start with a Reservation Agreement, then the procuration of the Contract to Sell, the Deed of Absolute Sale, and the transfer of the Certificate of Title.
The Reservation Agreement, as its name implies, is simply an option to buy. It is an agreement that includes all the terms and conditions regarding the purchase of the property. It is usually only given to buyers who are still unsure of buying the property so that they have preferential right over the property while still studying it. Buyers who are already sure of buying may skip this step.
The Contract to Sell is the actual document stating the intention of the seller to sell and the buyer to buy. It includes the price of the property, the description of the property, and the terms and conditions of payment. It is also the basis for the Deed of Absolute Sale, which shows the transfer of ownership. The Deed should be filed with the Register of Deeds and is the basis for the Certificate of Title.
The Certificate of Title, then, is the final and most important document in the purchase of real estate. It is the only legal document that proves the ownership of property, so it should be securely kept. This document should be duplicated, one to be filed with the Register of Deeds and one for the owner himself.
Most real estate problems occur after the filing of the Deed of Absolute Sale because buyers incorrectly believe that this is the final step. It is important to understand that it’s not. Without the Certificate of Title, you cannot say that you are the new owner of the property. Keeping this in mind when buying real estate in Balanga City will definitely help you have a better buying experience.