Is the Property You’re Buying Legit?
If you’re planning to buy a new home from an individual you’ve met online, be a smart property buyer. Here are some practical tips to remember before closing the deal.
- Make sure the “Transfer Title of Certificate” is legit
The surest way to double check if the title to the property you’re buying is legit is to acquire a “certified true copy” of the title from the Registry of Deeds via the Land Registration Authority (LRA). Also, ask the individual selling the property to provide a photocopy of the title. Take note of the title number and registered name of the owner stated in the title.
- Find out if the title is “clean” and taxes are paid
Make sure that the property you’re buying is debt free. The back page of the title should be clean, with no notes stated as “encumbrances.” Also, ask for a copy of the latest Tax Declarations and Tax Receipts.
- Make sure the title’s details are the exact details of what you’re buying
Validate these details with the Registry of Deeds or a geodetic engineer. The property you’re buying should match the technical specifications stated in the title.
- Only transact with the registered owner of the property
Require ID cards and other documents that will verify the identity of the individual who is selling the property.
- File a “Deed of Absolute Sale”; Get a “Transfer Title of Certificate”
Make sure to file a “Deed of Absolute Sale” with the Registry of Deeds to finalize the transfer of ownership. The “Transfer Title of Certificate” is the document that proves that you’re the new owner of the property. Besides the Registry of Deeds, the new homeowner should also keep a copy of the title.