Pamela Sue seems very forthright and honest. Thank you for introducing her Grandpa, I suspect she will get a lot of new business as a result of this video.
other differences are that in the Phils: 1. they dont use escrow agreement so they can change their mind up to the last minute 2. there are no exclusive agreement with the agent so you can switch agent anytime or you can use even unlicensed agent...this is the reason why they don't publish prices dahil nagsusulutan...3. there is no standard on to who is paying what...so this has to be negotiated...4. there is no mortgage insurance 5. there is no requirement that you use title insurance 6. no requirement that you use a lawyer 7. it takes forever to transfer the title unless you bribe someone...
Thankyou for the information,my wife and I who is Filipino bought some land in the Philippines in 2015, with only rights, and title pending, we are still waiting, we need someone like Sue.Thanks again
Unless you are very familiar with the goings on in terms of land purchase my advice is do not wait as more than likely you’ll be screwed. That’s how the Philippines is. Hard to trust. And who knows if your land has been sold many times over as it only takes 3 to 4 months to transfer land from owner to buyer.
Thank you for the great video, we bought a condo from a developer and a small apartment building in a private transaction. I think Sue did a good job explaining the differences between the transactions.
Thanks for the informative video, for me the best part is hearing that apparently there IS something similar to a title search, it's just referred to as something else.
The big difference is that whoever you hire will do what a title insurance would do in the US except INSURE it in case someone later files a claim against your property.
the issue with a dual broker or realtor working with buyer and seller (developer) the realtor tends to be pro-seller/biased since the buyer is only dealt once with the seller be working with again and again to sell their property. Yes, I'm always weary of dealing with a Filipino salesperson, thinking since we are the same nationality we would treat each better and maybe with the best deal. It just happens the opposite and also both ways seller or buyer. Not speaking all Filipino sale person but still, a large portion is a little greedy.
Pam Sue is a very good agent & always do extra mile to help her clients. She is a trusted and reliable agent. She is our agent for almost 5yrs & became friends eventually. She has a good team working together with her esp Princess who is also hard working and reliable.
We don't really call it that way.... LOL Bribery= Tips Sue is so sweet and helpful My question is, is it better to buy from the developer and you get a better deal with the owner of the property?
American real estate transactions Real estate Practice , Real estate Transfers are so different than Philippines. American Buyers Investors, Filipino Americans “ Beware” if you deal in Real Estate In the Philippines “ you are at your Own Risk” vacations in the Philippines .. you are at your own Risk!
Oja lang okay din. Maraming ganyan sa pinas. Term is a solid form of pinoy discrimination. Madiskarte yang BIR, all the hardtime they know how to implement.
my wife lot in Valencia close to dumaguete, someone built a house on it and sold it to a forenger and his Filippina wife,, on her 1,148 square meters lot..
Just need to clarify what the threshold amount is for the property/condo unit is assessed VAT. When I bought my unit in San Juan off N Domingo . I was told that any unit purchased at Php 3 Million or higher, then we have to pay VAT. I was surprised that I ended paying around 420,000 for VAT. I just can't understand why we have to pay that tax which is I think is outrageous, plus the title processing which came out to 250,000 pesos and I cannot believe how long it takes to process the title. Also, we need to inform any investor, that, they need a TIN and the BIR will not take your application for TIN unless your have the Deed of Absolute sale which I believe is excess red tape
I'm 73 and I started looking about 7 years ago. Bought one about 6 years ago. Turnover was about 4 years ago. After staying in condo for one month, pandemic kept us away for 3 years, and this is the first time we're really enjoying it.
The seller or broker discusses about new condo selling from a developer. How about a condo or property on resale meaning a used property. Is there an escrow in which the property is free of any claim of lien or title in the future and the transfer of payment be handled by escrow company
It would be good to know about the risks of buying a Bank Foreclosed Property. For example, I've read that the previous owner has 1 year in which they can reclaim the property, provided they pay the money they owe to the bank. Fact or fiction?
Hello Vlogger Grandpa- I might be receiving some money soon on the sale of my share of property in the Phils. How can I transfer/wire the Philippine currency to the us? I don't have a bank account in the Phil's. I hope some here on this forum can also chime in. Thanks in advance!
Check with a local bank in the Philippines where you live and see if you can wire the money without opening an account. I assume it is a large sum, and foreign currency remittance company's usually have $ limitation.
The condo itself carries insurance for the structure. That is part of the monthly dues you're paying. Separately, you have to buy your own policy for the content inside the unit. BTW, it includes coverage for earthquake.
Sorry. I meant to ask this question during interview. But here is my answer. The reason for this misconception is Like all corporations in the country, the lifespan of your condo is limited to 50 years only. What people don’t realize is that this law only applies to condemned buildings because the law also states that you can vote if the project should be restored, modernized, or remodeled before it is considered obsolete. And although the corporation expires in 50 years, your ownership does not. As a shareholder, you still get a share of the profit from the condo unit. Also, materials used in buildings today are improved than in 1966 when the law was ratified. Thus, as long as the condo is properly maintained, it will last as long as a single home. Therefore, this will depend on how well condo management manages the building.
The Philippines allow all types of discrimination, look at their job description posting, many times they will list sex, height, weight, age as prerequisites for a job.
It depends on the condominium you select. I only pay one fixed fee plus my actual utility usage. Up until last year, I was also being charged for insurance and taxes for common areas. It is now made part of the condo fee which, obviously, went up a little. They made it simpler. Again, it depends on the condo management which is not necessarily the builder or developer.
Why can’t you and your partner go to a lawyer and have document drawn up that if you divorce the property has to be sold within 6 months for fair market price and the money is divided 50/50 if they are married. Also if the Filipina should die before the foreigner have it written that the property has to be sold within 6-12 months at fair market price and the money goes to the foreigner
@@vloggergrandpa2707 Of course, there are requirements and conditions that affect the "legality" of a divorce in the Philippines. You cannot divorce in the Philippines the way you can in the U.S. or many other countries. I've been married to a Filipina for more than four decades and we would never think of actually buying a "house and lot" in the Philippines. About condominium properties, there also are restrictions about the percentage of ownership by foreigners in any particular condo project (which Sue mentioned), unless enough money is put under the table, of course. As for my wife and me, we would rent, never own. And we'd stay away from condos -- who wants to be crammed into a tiny shoebox of a condo with scores -- maybe hundreds -- of others who are strangers, and who may be mostly Chinese from the mainland of China. About title, title transfer and contract obligations are not handled in an escrow/title insurance process as is found in the U.S. and many other western countries. My wife and I have heard enough horror stories about other "owners" popping up who have a "legal" interest in the property you thought you owned. My wife has also been hearing horror stories about property owners in her hometown in the Philippines being evicted from their properties (which they have "legal title" to) because of political corruption: someone pays of the local authorities who then use strong-arm tactics to force property owners to the street. If you are a "foreigner," you have even less leverage. Bottom line, the caveats and pitfalls outweigh the "benefits" of ownership, whether it be a condo or a "house and lot." As Sue pointed out, the Philippines is "a developing country," whatever that means (poor excuse, actually, used to waive off processes that should be in place, especially by now, in 2023). Actually, all countries in the world are still "developing," whether for the better or not. Stop with the "developing country" excuse, please.
@@ph2technologies649 if you are a US citizen you can fly back to the US and divorce her and the Philippine government will recognize that divorce as legal
Good Morning Sir, do you recommend any realtor in the philippines. I am trying to sell my brand new condo at Alveo Veranda, 2bd 2bth in Arca South. I need reliable, trusted realtor who can deal with someone in the US. Renato M
My realtor in the Philippines is Pam Sue Openano. You can reach her at pamsue2009@yahoo.com and just let her know that I referred you to her. She is very reliable.
Foreigners are not allowed to buy land in the philippines. It would take change in there constitution to be amended for you to buy land. Period end of story, do not waste your money. Only philippinos, naturally born there or dual citizens of philippinos heritage can buy land. If your spouse is philippinos , then he or she can have land in there name only. Buyer beware there are a lot of scammers selling land in Philippines.
I always say that it is better to rent and move around if you don't like the property or location. Once you buy, it is really hard to sell and get your money back.
That is always true in any situation, not only in real estate. If you are not sure you like the property or its location, rent first and learn the area. This is true also for cars, or anything. Once you are sure you like the area, then think again before you buy because renting, in fact, gives you the flexibility of moving out...but that is where the benefit ends under the right conditions.
in philippines, foreigners are not allowed to own 100% of the property for fear of the government that foreigners might take the property with them when they move back to their country of origin, that sounds like a dumb law?
Physically taking the property away is not the reason. One can obviously not do that. I think the reason is for the Filipinos to maintain ownership of the land and not be exploited by foreigners. I would imagine that if foreign ownership were allowed, Philippines would have been owned by another country by now.
@@vloggergrandpa2707 majority of people in philippines are poor and can't afford to own real estate properties so they can't maintain ownership of their own country anyway, why not allow more foreigners to acquire and own 100% of what they paid for as they practice in civilized western countries, wouldn't that bring more revenues to their local economy? in united states, foreigners can own real estate properties without a limit and that has been going on for a long time, and yet, america is still owned by the americans, whatever reason the philippine law may have, it simply doesn't make any sense at all.
@@igorivanov7232 You live in fantasyland. You think that money is going to benefit the Filipino people? That money goes straight into the pockets of corrupt government officials.
![Lp. Сердце Вселенной #1 НАЧАЛО ПУТЕШЕСТВИЯ [Новый сезон] • Майнкрафт](http://i.ytimg.com/vi/380Q7gLWGvk/mqdefault.jpg)
Pamela Sue seems very forthright and honest. Thank you for introducing her Grandpa, I suspect she will get a lot of new business as a result of this video.
Great video sir! I’m interested in potentially retiring there at least part time. So this was very informative. Mahalo!
other differences are that in the Phils: 1. they dont use escrow agreement so they can change their mind up to the last minute 2. there are no exclusive agreement with the agent so you can switch agent anytime or you can use even unlicensed agent...this is the reason why they don't publish prices dahil nagsusulutan...3. there is no standard on to who is paying what...so this has to be negotiated...4. there is no mortgage insurance 5. there is no requirement that you use title insurance 6. no requirement that you use a lawyer 7. it takes forever to transfer the title unless you bribe someone...
Mr. Grandpa Vlogger, one of your best vlogs. Extremely useful information. Thanks.
Thanks sir for such good info. Yes its true rarely we can find a sincere person. Good luck
Thankyou for the information,my wife and I who is Filipino bought some land in the Philippines in 2015, with only rights, and title pending, we are still waiting, we need someone like Sue.Thanks again
Unless you are very familiar with the goings on in terms of land purchase my advice is do not wait as more than likely you’ll be screwed. That’s how the Philippines is. Hard to trust. And who knows if your land has been sold many times over as it only takes 3 to 4 months to transfer land from owner to buyer.
Great interview and educational. However, it's critical (4:30), especially foreigners to be aware of the "asymmetry of information."
Thank you for the great video, we bought a condo from a developer and a small apartment building in a private transaction. I think Sue did a good job explaining the differences between the transactions.
Very informative! Thanks Vlogger Grandpa and Pamela!
@Vlogger Grandpa This was an informative video regarding purchasing property in the Philippine. Thanks
Thanks for the informative video, for me the best part is hearing that apparently there IS something similar to a title search, it's just referred to as something else.
The big difference is that whoever you hire will do what a title insurance would do in the US except INSURE it in case someone later files a claim against your property.
Awesome video thanks for having her.. So much good information but more is needed, to many more questions for her.
the issue with a dual broker or realtor working with buyer and seller (developer) the realtor tends to be pro-seller/biased since the buyer is only dealt once with the seller be working with again and again to sell their property. Yes, I'm always weary of dealing with a Filipino salesperson, thinking since we are the same nationality we would treat each better and maybe with the best deal. It just happens the opposite and also both ways seller or buyer. Not speaking all Filipino sale person but still, a large portion is a little greedy.
Pam Sue is a very good agent & always do extra mile to help her clients. She is a trusted and reliable agent. She is our agent for almost 5yrs & became friends eventually. She has a good team working together with her esp Princess who is also hard working and reliable.
How to contact her? Thanks
It's at the end of the video.
Thank you sir for sharing how you made you purchase of your condo in the Philippines.
We don't really call it that way.... LOL Bribery= Tips
Sue is so sweet and helpful
My question is, is it better to buy from the developer and you get a better deal with the owner of the property?
Sure, if you can find the owner who is looking to sell.
Nice
American real estate transactions
Real estate Practice , Real estate
Transfers are so different than
Philippines. American Buyers
Investors, Filipino Americans
“ Beware” if you deal in Real Estate
In the Philippines “ you are at your
Own Risk” vacations in the Philippines .. you are at your own Risk!
Oja lang okay din. Maraming ganyan sa pinas. Term is a solid form of pinoy discrimination. Madiskarte yang BIR, all the hardtime they know how to implement.
my wife lot in Valencia close to dumaguete, someone built a house on it and sold it to a forenger and his Filippina wife,, on her 1,148 square meters lot..
You mean someone claimed ownership??? What are you doing now?
@@vloggergrandpa2707 we got a lawyer right away.
Just need to clarify what the threshold amount is for the property/condo unit is assessed VAT. When I bought my unit in San Juan off N Domingo . I was told that any unit purchased at Php 3 Million or higher, then we have to pay VAT. I was surprised that I ended paying around 420,000 for VAT. I just can't understand why we have to pay that tax which is I think is outrageous, plus the title processing which came out to 250,000 pesos and I cannot believe how long it takes to process the title. Also, we need to inform any investor, that, they need a TIN and the BIR will not take your application for TIN unless your have the Deed of Absolute sale which I believe is excess red tape
I'm not surprised. Red tape in the Philippines is all so common.
usually the big company developers like Ayala SMDC goes smoothly they have the resources to make it an easy dealings.
Grandpa, when you’re 65 yo, have a co-borrower or pay cash. If you don’t have cash by the age of 65, or cannot afford the unit, just rent.
Simple logic, separate reality from dreams. A tough call for the dreamer, one who lives life best. But reality is the basis for making decisions.
Magandang umaga po Danny, may i please ask what was your age when you first began looking for a property?
I'm 73 and I started looking about 7 years ago. Bought one about 6 years ago. Turnover was about 4 years ago. After staying in condo for one month, pandemic kept us away for 3 years, and this is the first time we're really enjoying it.
The seller or broker discusses about new condo selling from a developer. How about a condo or property on resale meaning a used property. Is there an escrow in which the property is free of any claim of lien or title in the future and the transfer of payment be handled by escrow company
Unfortunately, I'm not aware of any escort company in the Philippines.
@@vloggergrandpa2707 im asking about escrow company not escort
Foreigners can still “own” land in the Philippines by way of inheritance from a deceased spouse who owned land in their name.
Who said that? 😅
It would be good to know about the risks of buying a Bank Foreclosed Property. For example, I've read that the previous owner has 1 year in which they can reclaim the property, provided they pay the money they owe to the bank. Fact or fiction?
Hello Vlogger Grandpa- I might be receiving some money soon on the sale of my share of property in the Phils. How can I transfer/wire the Philippine currency to the us? I don't have a bank account in the Phil's.
I hope some here on this forum can also chime in. Thanks in advance!
Check with a local bank in the Philippines where you live and see if you can wire the money without opening an account. I assume it is a large sum, and foreign currency remittance company's usually have $ limitation.
@@vloggergrandpa2707 Thank you vloggergrandpa for your input. Truly appreciate it and I cant wait for your next video!!
What happens to ownership of yur condo unit if the building itself gets destroyed by fire or earthquake?
Insurance claims. If totally destroyed, good luck with getting the full value of your unit, which never happens.
The condo itself carries insurance for the structure. That is part of the monthly dues you're paying. Separately, you have to buy your own policy for the content inside the unit. BTW, it includes coverage for earthquake.
The owner gets certain amount of money but will never be able to reconstruct the unit if the building itself is totally destroyed or condemned?
What happens to your condo after 50 years ?
It becomes 50 years older.
Sorry. I meant to ask this question during interview. But here is my answer.
The reason for this misconception is Like all corporations in the country, the lifespan of your condo is limited to 50 years only. What people don’t realize is that this law only applies to condemned buildings because the law also states that you can vote if the project should be restored, modernized, or remodeled before it is considered obsolete. And although the corporation expires in 50 years, your ownership does not. As a shareholder, you still get a share of the profit from the condo unit. Also, materials used in buildings today are improved than in 1966 when the law was ratified. Thus, as long as the condo is properly maintained, it will last as long as a single home. Therefore, this will depend on how well condo management manages the building.
Thank you for replying ❤️
In other words the Philippine government allows the banks to discriminate on the basis of age.
Exactly!
The Philippines allow all types of discrimination, look at their job description posting, many times they will list sex, height, weight, age as prerequisites for a job.
I bought a 3 bedroom condo in Pasig. I cannot wait for it to get done, and see it in person.
I heard condo have so many hiding pays
It depends on the condominium you select. I only pay one fixed fee plus my actual utility usage. Up until last year, I was also being charged for insurance and taxes for common areas. It is now made part of the condo fee which, obviously, went up a little. They made it simpler. Again, it depends on the condo management which is not necessarily the builder or developer.
Why can’t you and your partner go to a lawyer and have document drawn up that if you divorce the property has to be sold within 6 months for fair market price and the money is divided 50/50 if they are married. Also if the Filipina should die before the foreigner have it written that the property has to be sold within 6-12 months at fair market price and the money goes to the foreigner
That could definitely be a viable option. But, as you said, you should go and see a lawyer.
@@vloggergrandpa2707 Of course, there are requirements and conditions that affect the "legality" of a divorce in the Philippines. You cannot divorce in the Philippines the way you can in the U.S. or many other countries. I've been married to a Filipina for more than four decades and we would never think of actually buying a "house and lot" in the Philippines. About condominium properties, there also are restrictions about the percentage of ownership by foreigners in any particular condo project (which Sue mentioned), unless enough money is put under the table, of course. As for my wife and me, we would rent, never own. And we'd stay away from condos -- who wants to be crammed into a tiny shoebox of a condo with scores -- maybe hundreds -- of others who are strangers, and who may be mostly Chinese from the mainland of China. About title, title transfer and contract obligations are not handled in an escrow/title insurance process as is found in the U.S. and many other western countries. My wife and I have heard enough horror stories about other "owners" popping up who have a "legal" interest in the property you thought you owned. My wife has also been hearing horror stories about property owners in her hometown in the Philippines being evicted from their properties (which they have "legal title" to) because of political corruption: someone pays of the local authorities who then use strong-arm tactics to force property owners to the street. If you are a "foreigner," you have even less leverage. Bottom line, the caveats and pitfalls outweigh the "benefits" of ownership, whether it be a condo or a "house and lot." As Sue pointed out, the Philippines is "a developing country," whatever that means (poor excuse, actually, used to waive off processes that should be in place, especially by now, in 2023). Actually, all countries in the world are still "developing," whether for the better or not. Stop with the "developing country" excuse, please.
Because you can’t get divorced in the philippines
@@johnc2438 it seems like you’re in a province and not in a major metro to have to address the kinds of problems you encounter.
@@ph2technologies649 if you are a US citizen you can fly back to the US and divorce her and the Philippine government will recognize that divorce as legal
rent don't buy condo
Good Morning Sir, do you recommend any realtor in the philippines. I am trying to sell my brand new condo at Alveo Veranda, 2bd 2bth in Arca South. I need reliable, trusted realtor who can deal with someone in the US. Renato M
My realtor in the Philippines is Pam Sue Openano. You can reach her at pamsue2009@yahoo.com and just let her know that I referred you to her. She is very reliable.
🙀😜😳
Vlogger Grandpa..what is the e-mail address of Sue the realtor? And her viber to call? Appreciate the reply. My name is Marlyn Im in the US right now.
It is pamsue2009@yahoo.com. Email her and ask how to reach her through Viber.
Thanks , pls give me the email of Pamela Sue, cuz we’re planning to buy condo in Cebu, this July.
It is at the end of the video.
Foreigners are not allowed to buy land in the philippines. It would take change in there constitution to be amended for you to buy land. Period end of story, do not waste your money. Only philippinos, naturally born there or dual citizens of philippinos heritage can buy land. If your spouse is philippinos , then he or she can have land in there name only. Buyer beware there are a lot of scammers selling land in Philippines.
****** Basag yung audio, po! It hurts my ears. ********
Sorry. I'll do better next time.
The best guide is not to buy property in Philippines, rent!
I always say that it is better to rent and move around if you don't like the property or location. Once you buy, it is really hard to sell and get your money back.
That is always true in any situation, not only in real estate. If you are not sure you like the property or its location, rent first and learn the area. This is true also for cars, or anything. Once you are sure you like the area, then think again before you buy because renting, in fact, gives you the flexibility of moving out...but that is where the benefit ends under the right conditions.
Exactly! That's what I say to all my tenants in Manila. Keep renting so you can pay off my condos
in philippines, foreigners are not allowed to own 100% of the property for fear of the government that foreigners might take the property with them when they move back to their country of origin, that sounds like a dumb law?
Physically taking the property away is not the reason. One can obviously not do that. I think the reason is for the Filipinos to maintain ownership of the land and not be exploited by foreigners. I would imagine that if foreign ownership were allowed, Philippines would have been owned by another country by now.
@@vloggergrandpa2707 majority of people in philippines are poor and can't afford to own real estate properties so they can't maintain ownership of their own country anyway, why not allow more foreigners to acquire and own 100% of what they paid for as they practice in civilized western countries, wouldn't that bring more revenues to their local economy? in united states, foreigners can own real estate properties without a limit and that has been going on for a long time, and yet, america is still owned by the americans, whatever reason the philippine law may have, it simply doesn't make any sense at all.
Dumb law…. I disagree. Only pure bloods ❤️🇵🇭
@@igorivanov7232 You live in fantasyland. You think that money is going to benefit the Filipino people? That money goes straight into the pockets of corrupt government officials.
Figure about 8-10% for all closing costs including taxes.