Documents Required #
When buying a condo, there are several legal and financial documents that are essential to complete the transaction. These documents vary from country to country, but for the purpose of buying a condo in the Philippines, the following documents are required:
Contract to Sell (CTS): This document serves as a preliminary agreement between the buyer and the developer. It outlines the terms and conditions of the sale including the payment terms, penalties for default, and the delivery date of the unit.
Process for obtaining: The developer or their authorized agent will provide the CTS for review and signing by the buyer. It is advisable to seek legal counsel to review the contract before signing.
Deed of Sale: This document is the legal instrument that evidences the transfer of ownership of the condo unit from the seller to the buyer.
Process for obtaining: The deed of sale is prepared by the seller and is notarized before a notary public. It is essential to ensure that all details regarding the property, parties involved, and the agreed-upon terms are accurately reflected in the deed.
Certificate of Title (Transfer Certificate of Title or Condominium Certificate of Title): This is the document that proves ownership of the property and includes a detailed description of the property, the owner’s name, and any encumbrances or liens.
Process for obtaining: The developer or seller should provide a copy of the certificate of title for review by the buyer and their legal counsel. The transfer of title will be processed with the Registry of Deeds once the sale is finalized.
Tax Declaration: This document declares the value of the property for taxation purposes and is necessary for the transfer of ownership.
Process for obtaining: The seller will provide a copy of the tax declaration, and the buyer should verify that it accurately reflects the property’s value and details.
Official Receipts and Acknowledgments: These receipts are proof of payment for the condo unit and any associated fees.
Process for obtaining: The buyer should collect official receipts for all payments made in relation to the purchase of the condo, including reservation fees, down payment, and other charges.
Bank Financing Documents (if applicable): If the purchase is being financed through a bank loan, additional documents such as loan agreements, mortgage documents, and bank approvals will be necessary.
Process for obtaining: The buyer should coordinate with the chosen bank to fulfill the requirements for loan approval and ensure that all necessary documents are prepared and signed.
It’s crucial for potential condo buyers to engage the services of a trusted real estate lawyer or legal professional to ensure that all required documents are in order and to provide guidance throughout the purchasing process.
