How OFWs Can Avoid Scams When Buying Properties in the Philippines

Things to Do for OFWs Investing in Philippine Real Estate: How to Avoid Scams

For many OFWs in different parts of the world, the ultimate dream is to buy a house for their loved ones. But this could turn into a nightmare if you don’t do your own diligence in finding the right property with clean title. Don’t worry because if this is the first time you’re planning to invest in real estate, we’ll tell you the red flags to watch out for. This guide will also give you practical tips to ensure you are putting your hard-earned money in the best investment.

Guide to Avoid Scams in Property Investments

One of the biggest milestones you can have is buying your dream home in the Philippines. This can be overwhelming, so you need to be cautious and aware of the options you have. Now, let this serve as a guide to avoid getting scammed by property sellers when planning to get your own condo or house as an OFW:

1. First things first, verify everything before agreeing to payment. You might have found the perfect property you want to buy, but do your diligence first. Make sure the seller or developer can provide you with the transfer certificate title, developer’s license, or tax declaration. The goal is to make sure the seller really owns or have legal rights to the property. For OFWs abroad, they can hire a     licensed real estate broker or lawyer to check legal documents.
       
   
2. Understand your rights and limits to Philippine property ownership. OFWs who are still Filipino citizens can own land properties in the country. However, those with dual citizenship are limited to owning properties here, but they can still own condominiums through long-term lease. Knowing what you can legally buy is important, so ask the experts and don’t just rely on what you’ve read online.
       
   
3. Send money to official bank accounts. For instance, pay the seller or developer through their official account, lawyer manage transaction, or bank escrow. Never send payments to a personal account and don’t fall for “last slots today” pressure or rush transfers.
       
   
4. Put everything in writing, including reservation, contracts, receipts, and payment terms. Make sure everything is properly documented, signed, and can easily be retrieved when you need them.
       
   
5. If you can’t visit the property personally, have someone you trust do it for you. Your trusted representative should do progress checks until the turnover day to ensure everything is fine.
   

Final Thoughts

It’s possible to purchase a house-and-lot development or condo unit even if you’re abroad, but with proper measures. Remember to check all legal requirements, send payment to official bank accounts, and have your trusted relative check the unit to avoid getting scammed. If you’re an OFW planning to buy a new house back in the Philippines, check out REALS.PH for the best real estate developments, including house-and-lot in Baguio City and other cities nationwide.