Overseas Filipino Workers are no exception to most people who work hard to make a living dream of buying their own home. Investing their earnings on local property/ies is one of the many intentions that Overseas Filipino Workers want not only for their own but to their families.
While working abroad you might think of buying a property for your loved once but might wary on how difficult it seems to get the process started since you are far away from home. But I to tell the truth, having a basic understanding of what it required is not as difficult as you think.
Special Power of Attorney
The critical part of investing a land is finding a person you can trust to represent you here in the Philippines. They call this person attorney-in-fact. They will provide him or her with a Special Power of Attorney or SPA document by the seller or developer which you are gaining a property from.
You can process your SPA while you are still or you’re visiting the Philippines by signing the documents and get it notarized. But, if you are already in a different country, you can go to the nearest Philippine Consulate to consularized your signed SPA documents. After completion, you can now send the original and consularized SPA documents you signed to the seller or developer.
A number of documents are needed to purchase a property. It may require additional documents for mortgage application depending on your financing.
The most common requirements are as follows:
- Passport – A photocopy of your passport with stamps before and after the consularized or notarized date. If you notarized your SPA form today, January 5, 2019, you must produce a passport copy of your arrival and departure stamps before and after January 5th of this year. It is a proof to verify if you are in the Philippines during the notarization date or not.
- Certificate of Employment and Compensation, or COEC – Like the SPA, it is required that this be consularized or notarized as well. You need to submit the original and consularized/notarized copy.
- Employment Contract/Work Contract – A photocopy will do as long as it is a certified true copy. The text must be in English or have an English translation. The seal of the employer and a signature/s of authorized personnel such as an HR manager or direct superior will do.
- Tax Identification Number – In the absence of a TIN in the Philippines, your property specialist may have it done for you.
- Proof of Income – Latest 3 months payslip. If you choose Pag-IBIG as your financing. You also need to provide details such as the in charge of your payslip or direct superior, his/her contact number, position and email address
- NSO/PSA copy of Birth Certificate, Marriage Certificate and or Death Certificate — If you are single you only need to provide a NSO/PSA copy of your birth certificate. If you are married, you’ll be ask to provide a copy of NSO/PSA birth certificate of you and your spouses. In addition to that is your NSO/PSA marriage certificate as well. For widow, a copy of NSO/PSA birth certificate and NSO/PSA Death certificate is required. For legally separated, you need to provide certificate of finality of annulment with your NSO/PSA birth certificate.
- Bank Statements – These may be required by some banks or loan institutions.
What Property Do You Intend to Buy?
You would be within your right to invest in any property in the Philippines if you have maintained your Filipino citizenship despite working abroad or if you are a dual citizen of the country.
Your real estate options are limited to that of owning condominiums if you have changed your stature to that of a foreign citizen and have renounced your Philippine citizenship.
If you intend to buy a home for family use then the requirements are more or less covered by what were discussed here. If you intend to make an income-generating asset out, then many other requirements and considerations would need to be addressed. It includes business and zoning permits, the person that will manage your property and soon.
Choosing a Developer
Purchasing properties during the pre-selling stage is ideal because these properties are most affordable during pre-selling. The period before the project’s completion allows buyers and or investors to better establish their finances abroad.
The continued increase demand in real estate that our country experienced, Philippines also seen its fair share of unreliable developers who do not deliver their projects and made our OFW investors/buyers lose their money.
Choose a developer you trust. A great track record in delivering a timely and quality output. A particular mortgage options and how does the developer coordinates with their clients.
Choose the one that makes it easy on you and your attorney-in-fact to monitor the status of your property, gives you update, and comprehensive answers to your queries before and during its completion.