When buying a property in the Philippines, it is safe to know what to prepare in advance so that you will not be confused by the important documents needed. Today, we will explain the necessary documents for purchasing pre-sale properties from developers and for purchasing pre-sale properties for resale.
Please note that the required documents differ between pre-sale and properties for which a title has already been issued.
Documents required for presale:
1. When purchasing from a developer:
What the buyer prepares:
· Buyer information sheet
· Passport
· Reservation deposit (25,000-50,000 pesos)
After that, the following documents will be prepared by the developer:
· Sales contract CONTRACT TO SELL (CTS OR CTBS), DEED OF ABSOLUTE SALE (DOAS)
· Condominium Certificate of Title
2. When purchasing a resale property:
What to ask the seller:
· Sales contract CONTRACT TO SELL (CTS OR CTBS)
What the buyer prepares:
· Passport
· Reservation fee (for the seller)
· ASSIGNMENT FEE (for developers)
After which, the following documents will be prepared by the developer:
· DEED OF ASSIGNMENT (DOA)
· DEED OF ABSOLUTE SALE (DOAS)
· Certificate of Condominium Certificate of Title (CCT)
If you have any questions, please feel free to contact us. In the next blog, I will introduce the documents necessary for buying and selling properties whose title has already been issued.