Frequently Asked Questions
WHY SHOULD I CONSIDER BUYING OR INVESTING IN A PROPERTY IN THE PHILLIPINES?
- Investing in a property or real estate in the long term is a good way of balancing your portfolio of investments. A typical investment in property or real estate usually gives you long-term capital appreciation. An additional benefit is the rental income which you can derive from investments in a house and lot or condominium unit.
WHAT ARE MY OPTIONS IF I WOULD LIKE TO RETIRE IN THE PHILIPPINES OR BUY A VACATION HOME?
- Depending on your needs and lifestyle preference, ATLAS PINOY PROPERTIES MARKETING INC. offers a variety of property options. You may choose a condominium unit in a commercial business district that will provide you with quick access to urban conveniences, or a residential lot or house and lot in the suburbs of Metro Manila, Where you can enjoy cool air and beautiful scenery in a well-planned community with complete amenities. Whether you enjoy a cosmopolitan lifestyles, the cool breeze of the sea, daily rounds of golf, or the charming suburban lifestyle, Atlasppmi has a property that will suit your needs.
I'AM INTERESTED IN BUYING PROPERTY IN THE PHILIPPINES. WHAT IS THE FIRST THING I NEED TO DO?
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You can click on www.atlasppmi.com to look for properties. We are a marketing arm of the most prestigious and most respected real estate developers in the Philippines, with a solid track record of building homes and communities that can stand the test of time. It also has the widest range of real estate products in a variety of locations.
We could guide you step by step on how to acquire the best property for your hard earned money.
WHAT FACTORS SHOULD I CONSIDER WHEN SELECTING A HOME?
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Among the factors that you should consider are your preferences in terms of location and the type of property that you would like to purchase. An added dimension is the over-all quality of the project or community where the property is located.
External factors include proximity to schools, places of worship, central business districts, shopping and dining destinations and other forms of entertainment and recreation.
APPMI offers a wide range of properties in prime locations. The combination of good location, high-quality construction and long-term commitment to service and maintenance will provide you with the ideal living experienced.
WHAT ARE THE DIFFERENT TYPES OF PROPERTIES AVAILABLE? WHAT IS THE DIFFERENCE BETWEEN A SUBDIVISION LOT, CONDOMINIUM, AND CLUB SHARE?
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APPMI offers subdivision lots in tagaytay, house and lot units, condominium units and membership club shares.
Subdivision lots are parcels of land within a subdivision project that are each covered by an individual title (i.e., transfer certificates of title or TCT’s) from the register of deeds. A Subdivision lot may be sold with a particular type of dwelling unit constructed on it, Which may be a single- detached house or a townhouse.
The use and occupancy of subdivision lot and common areas, such as open spaces and roads, in a subdivision project are governed by a deed of restrictions, which formulated by the developer.
Condominium units are also covered by individual titles (i.e., condominium certificates of title or CCT's) from the register of deeds. A condominium project is covered by the master deed with declaration of restrictions, Which constitutes, among others, the description of the land, building, common areas, facilities, intended purpose of the building, and the statement of the nature of the interest and obligation acquired by the buyer. The declaration of restrictions is a part of the master deed which states, among others, the limitation of ownership of each unit in the condominium, the manner of sharing of the common area expenses, and provides for the management of the project by the condominium corporation through a board of directors.
HOW CAN I SCHEDULE A VISIT TO THE PROPERTIES I’M INTERESTED IN?
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THERE ARE TWO WAYS TO SCHEDULE A VISIT:
EMAIL US: inquiries@atlasppmi.com
OR CALL : Please reffer to the CONTACT PAGE:
We have property consultants who can assist you with your inquiries and concerns.
HOW DO I KNOW WHAT UNIT FEATURES, AMENITIES AND FCAILITIES ARE INCLUDED IN THE HOUSE AND LOT OR CONDOMINIUM UNIT THAT I WANT TO PURCHASE?
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Depending on the project the following utilities are typically provided: water, power, sewage, telecom connection. Please check with your agent for the actual specification of the utilities for the project you are interested in.
WHAT IS A CONSULAR NOTARIZATION (CONSULARIZATION)? WHAT DOES “EXECUTION OF DOCUMENTS” MEAN?
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Under Philippine law, the purchase of real property must be in a public instrument in order for the purchase to be registered with the register of deeds. Thus, the contract to sell and deed of sale shall only be considered public instruments in the Philippines if attested by a notary public and if executed outside the Philippines authenticated by the Philippine consul as to the due execution of the relevant document or instrument in the country where such document or instrument was executed.
Notarization is the process by which the person executing the document personally appears in person before a Philippine notary public that the signature on the instrument or documents as his free and voluntary act and deed and if he acts in a particular representative capacity, that he has the authority to sign in that capacity.
Consularization is the process by which the consular agent or officer in the foreign service of the Philippines stationed in the country where the record is kept authenticates a document by the seal of its office. A document is deemed consularized when executed before and notarized by the Philippine consular agent or officer, in either case, sealed by the seal of the office of the Philippine consul.
DEPARTMENT OF FOREIGN AFFAIRS (DFA):
WWW.DFA.GOV.PH
Execution of documents means the signing and accomplishment of documents under the proper, legally prescribed conditions such as before witnesses if required.
WHAT IS CONTRACT TO SELL, DEED OF SALE, TRANSFER CERTIFICATE OF TITLE (TCT), CONDOMINIUM CERTIFUCATE OF TITLE (CCT), AND TAX DECLARATION (TAX DEC)?
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A Contract to sell or CTS is a document where developer promises to transfer to the buyer the ownership and physical possession of the property upon the buyer’s fulfillment of the terms of the sale and the buyer obliges himself to pay the purchase price and comply with the other terms and conditions of the sale. Once the property is paid in full, a Deed of Sale (DOS) is executed by the developer and buyer. A Deed of Sale or DOS is a documents executed when buyer pay the developer in cash (Whether using his or her own funds or through funds barrowed from bank financing institutions). In the DOS, the developer transfer ownership of the property to the buyer subject to the compliance by the buyer with the Deed of Restrictions or Master Deed with declaration of restrictions governing the project and the other terms and conditions of the sale. A transfer of certificate of title (TCT) is a proof of ownership of subdivision of lot issued by the register deed of the relevant city or municipality where the subdivision projects is located. A condominium certificate of Title is a proof of ownership of a condominium unit issued by the register deeds of relevant city or municipality where the condominium project is located.
WAS BORN IN THE PHILIPPINES BUT AM NO LONGER A CITIZEN, CAN I BUY PROPERTY IN THE PHILIPPINES?
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A natural born Philippine citizen who has lost his Philippine citizenship may still own a private land in the Philippines subject to the following limitations: The maximum area that may be owned shall be up to a maximum area of 5,000 sqm of urban land or up to a maximum area of 3,000 square meters of rural land in either case to be used for business or other purposes. The lots that may be acquired shall be not more than 2 lots which should be situated in different municipalities or cities anywhere in the Philippines provided that the maximum land area shall not be exceed the area mentioned above. A transferee who has already acquired urban land shall be disqualified from acquiring rural land and vice versa. In the case of married couple the total area that they are allowed to purchase should not exceed the maximum areas mentioned above. A natural-born if he does not have to do anything to acquire Philippine citizenship. This is in contrast to a naturalized Philippine citizen who has to undergo a naturalization proceeding to acquire Philippine citizenship.
I AM A PERMANENT RESIDENT IN THE COUNTRY WHERE I CURRENTLY WORK, CAN I BUY PROPERTY IN THE PHILIPPINES?
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Yes, you can acquire a property in the Philippines as long as you are still a Philippine citizen.
I AM A FOREIGNER, CAN I BUY PROPERTY IN THE PHILIPPINES?
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Foreigners(even if they were not former natural-born Philippine citizens) may directly own land in the Philippines only by way of inheritance. The transfer should however be by way of intestate succession where the foreign national inherits the property because/she is an heir under Philippine law and not because he/she was named in a will.
Foreigners may indirectly own a land by investing in Philippine corporations registered with the sec subject to the foreign equity restrictions for ownership of private land discussed above. Such Philippine corporations may then acquire the land.
OWNERSHIP OF CONDOMINIUM UNITS
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Unlike private land, foreign nationals and foreign corporations may directly own a condominium corporation. When a person buys a condominium corporation which owns the land but only up to a maximum of 40 % of the capital stock of the condominium unit shall be valid if the concomitant transfer or conveyance of a condominium corporation to a foreigner will cause the alien interest in such corporation to exceed 40%
IF I AM A FOREIGNER ARE THERE ANY SPECIAL INCENTIVES CURRENTLY BEING OFFERED TO ME AS AN INVESTOR?
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As discussed above foreigners may indirectly own a land by investing in Philippine corporations registered with SEC.
Foreigners intending to make the foregoing investment may apply for the special resident retiree’s visa (SRRV), a special non-immigrant visa issued by the by the Philippine bureau of immigration to foreigners through the retirement program of the Philippine retirement authority (PRA). For the SRRV to be issued the PRA requires that a minimum investment shall be deposited in a PRA—accredited bank by the foreigner, withdrawable only upon withdrawal from the retirement program of PRA by the foreigner. Once issued the SRRV entitles its holder to multiple entry privileges with the option to reside permanently in the Philippines. Other benefits under the retirement program include exemption from exit clearance and re- entry permits: exemption from customs duties and taxes for the importation of personal effects up to US$7,000; exemption from travel tax if the stay in the Philippines is less than a year from the last entry date; exemption from the bureau of immigration’s annual registration requirement; assistance in obtaining an alien employment permit; tax-free remittance of annuities and pensions; and guaranteed and repatriation of the investment. The minimum amount of investment required is generally US$ 75,000, If the foreigner is 35 to 49 years old, and US$50,000, if 50 years old and above. Former Philippine citizens and former ambassadors are required a minimum investment of US$1,500 while retired employees of the Asian development bank are
Required a minimum investment of $25,000. The foregoing investment may at the option of the foreigner be covered to Philippine pesos or into an approved area of investment such as investment in shares of Philippine corporation as above-discussed.
The purchase of a condominium unit by the foreigner is also an approved area of investment for purposes of availing of the SRRV and other incentives under the retirement program of the PRA.
The PRA WEBSITE ( WWW.PRA.GOV.PH )
Provides a listing of all the documentary requirements. Procedural steps for availment by the foreigner of an SRRV.
"Materials been used pursuant to the laws of the Republic of the Philippines. However, the contents hereof have not been subjected to the review of other countries, federal or state agencies. The projects described in this website, the condition of title, project completion, annual investments (if any) or the availability of water, services, utilities, or improvements and such other terms and conditions for this offering are based solely on the representation made by the developer. It may be advisable for you to consult an attorney or other knowledgeable professional who is familiar with real estate and development law in the Philippines."
The materials, particulars, details and visuals shown herein are for information purposes only and are not to be relied upon as statement of fact. While information contained herein is based on present plans which have been prepared with utmost care and is given in good faith, these may or may not reflect the most current developments. The contents herein are subject to change without prior notice. Accordingly, readers and users of this website are invited to verify their factual and subsequent changes before acting upon any information contained herein. Atlas Pinoy Properties, Inc. makes no warranty, express or implied, or assumes any liability or responsibility for any information presented herein. The contents herein do not constitute part of an offer or contract.