On the other hand, we see the growing trend of Filipinos being proactive in understanding real estate to ensure that the acquisition process goes smoothly.They start asking legal questions directly to their real estate agents or conduct their own research on the Web.No, but the law states that the benefits and entitlement only accorded to members of the homeowners’ association is not awarded with prejudice.Homeowners’ association fees cover security and maintenance of common facilities like pool, reception area, function rooms and more.But unforeseen circumstances do sometimes happen, which lead to loan defaults and, worst of all, mortgages being foreclosed.
There is no recourse except filing fraud-related charges against the posing agent or broker with the authorities the same way you would when filing a crime report.
If you are unable to fulfill your financial obligation within the given grace period, your developer may cancel the sales contract after 30 days from the time you receive the notice or demand of cancellation of the contract. This way, the life insurance covers the buyer’s mortgage in terms of the insured’s death.
If the buyer has an existing life insurance, the financing provider could opt to assign that insurance as the MRI.
When buying property in the Philippines, Filipinos are mostly unaware of their legal rights as a real estate buyer.
Contrary to public belief, the Philippines has a good number of laws that protects the homebuyer against unscrupulous people like unlicensed agents or outright scammers.