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Safety Tips on How to Avoid Fraud in Philippine Real Estate

Safety Tips on How to Avoid Fraud in Philippine Real Estate

Safety Tips on How to Avoid Fraud in Philippine Real Estate

Avoid problems and follow these safety tips so you can have a pleasurable experience when purchasing your dream home.

  1. Deal only with a reputable company. Do your research and ask other people for their opinion on that company. Make sure that company has an office and other contact information.
  2. Check the agent’s ID. Check his/her name and picture. Make sure he/she is who he/she says he/she is. Check his/her division in the company. Ask who his/her supervisor is. Check the validity date to make sure it is not expired. Sometimes, he/she might have left the company but is still using his/her ID. In that case, call the agent’s company to check if he/she is still working there and is authorized to sell the property you are interested in.
  3. Inspect the lot, house, condominium or townhouse unit for yourself. Confirm that all the features of that property that your agent tells you are indeed there. If you are abroad, contact a relative or friend to see the property for you.
  4. Make your checks payable to the landowner, not to the agent. If you are transferring money, make sure the recipient account belongs to the company or landowner, not the agent.
  5. Ask for the availability of the title and make sure the title is clean.
  6. Read and make sure you understand all documentation before signing anything. If needed, ask a lawyer to review the documentation when purchasing a property. Your lawyer may see some important information that you might have missed.
  7. When filling out forms, provide only needed information. Do not give out bank or credit card information unless it is necessary. Never give your ATM or credit card PIN.
  8. Ask for an official receipt whenever you give any form of payment.

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