Home Buyers Avenue

Features Baguio City Real Estate, from House and Lots, Condominiums, Investment Properties and everything about Baguio City.

Baguio City

Home of the famous Panagbenga or Baguio Flower Festival which is held annually and attracts thousands of spectators both local and international.

Jewel of the Highlands

Baguio City is home to many immigrants. A significant population of foreigners also contributed to the diversity of the city's colorful culture.

Summer Capital of the Philippines

Baguio City is at an altitude of approximately 1,500 metres (4,900 ft) above sea level in the Luzon tropical pine forests and is famous for its cold climate.

Contact Us

We will help you find a property investment that suits your preferences, needs and budget. Call Us @ +63917-8125791 or E-mail Us @ info@buyphilippinehomes.com

Monday, January 31, 2011

Mountain House Baguio

Mountain House Baguio
Property Details:
Address: Irisan, Baguio City
Price: 2,300,000
Category: House and Lot
Year Built: 2012
House Size: 54
Lot Size: 80
Bedrooms: 2
Bathrooms: 1
Property Description:
Baguio City, boasting great natural beauty, chilly weather, a tourist-friendly people and extraordinary vistas. The City of Pines is the culmination of your search for the idyllic escape from the tropical heat of the Philippine lowlands.

Would it be nice relaxing in a cozy house away from the bustling noise of the city? There are lots of ways to relax and enjoy like reading your favorite book at the veranda while enjoying the beauty of nature, or sharing a cup of your favorite drink with someone special by the fireplace or watching the Fog as it envelopes the mountain vista.

Now your dream of cool weather and one with nature, a realty @ Mountain House Baguio.

Project Profile:
  • situated around 6 Kms. from Baguio City Hall via Naguilian Road and 750 meters to the site thru Batawi barangay road.
  • The theme has the touch country homes, log cabins made affordable.
  • Phase 1 & 2 …. 7.2 hectares ( 464 lots )
  • Phase 3 & 4….. 4.8 hectares ( 320 lots )
Features and Amenities:
  • Grand Entrance Gate with Landscaping
  • Clubhouse with multi purpose hall
  • Basketball and tennis courts
  • Theme park
  • Outdoor swimming pool
  • Parks & playgrounds
  • Underground drainage syatem
  • Centralized water system
  • Promenade Trees along sidewalk
  • 24 hours Security Service
  • Concrete Roads, Curbs and Gutters
View Photos Here


The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. The information at this site is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the state in which the owner of the site is licensed. The owner is not making any warranties or representations concerning any of these properties including their availability. Information at this site is deemed reliable but not guaranteed and should be independently verified.

Saturday, January 29, 2011

Buyers Guide: Philippine Real Estate Laws

Home Buyers Avenue


Filipino Citizens
  • Only Filipino citizens and corporations (at least 60% Philippine-owned) are entitled to acquire land in the Philippines.

Non-Filipinos
  • Non-Filipinos can acquire a Philippine real estate property if he/she has a Filipino partner. Either both partners share the property with equal rights, or the partner owns 51% or more and the remainder is owned by the non-Filipino partner.
  • Non-Filipinos can likewise acquire Philippine real estate if he/she has a Filipino spouse who can make the purchase.
  • Special visas are available for non-Filipinos who want complete and total control of a Philippine real estate property like condominiums and townhouse units. Qualifications for this visa are as follows:
  • Applicant must be at least 35 years old.
  • Applicant should meet the bank deposit requirements which can be withdrawn at a later date for your investments.
  • Owning of houses or buildings is possible as long as the non-Filipino does not own the land on which the house is built.The land can be leased by the foreigner on a long term contract, and the house can be legally his.
  • As an exception to this rule, a foreign acquisition of a Philippine real estate is allowed in the following cases:
  • Acquisition before the implementation of the 1935 constitution.
  • Acquisition through hereditary succession if the foreign acquire is a legal or natural heir. This simply means that when the non-Filipino is married to a Filipino citizen and the spouse dies, the non-Filipino as the natural heir will become the legal owner of the property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she does not any Filipino citizenship.
  • Purchase of not more than 40% interest in a condominium project.
  • Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law.
  • Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission, they have renounced their Filipino citizenship.

Dual Citizens
  • Dual citizenship means having two citizenships and passports from two different countries. Dual citizenship allows the citizenship holder full rights of possession of Philippine real property. This is a new law and it is still unclear as to the procedures involved to implement it. Dual citizenship is now available for the following:
  • Former Filipino citizens born in the Philippines, who have immigrated to another country and obtained citizenship of that country.
  • A foreign spouse married to a Filipino citizen.

Former Filipino Citizens
  • Former natural-born Filipino citizens, a.k.a. "balikbayans," are entitled to own a maximum of 1,000 square meters of residential land and one hectare of agricultural or farm land.
  • For business purposes, a maximum of 5,000 square meters of urban land or three hectares of rural land is allowed by law. In the case of married couples, one or both of them may avail of the privilege provided that if both avail, the total area acquired shall not exceed the maximum.
  • In the case of a transferee already owning an urban or rural land for business or other purposes, he/she shall still be entitled to be a transferee provided that when added to those already owned by him/her shall not exceed the maximum.

Non-Filipino Married to a Filipino Citizen
  • If holding title as an individual, a typical situation would be that a foreigner married to a Filipino citizen would hold title in the Filipino spouse's name. The foreign spouse's name cannot be on the Title but can be on the contract to buy the property. In the event of death of the Filipino spouse, the foreign spouse is allowed a reasonable amount of time to dispose of the property and collect the proceeds or the property will pass to any Filipino heirs and or relatives.

Foreign Ownership as a Philippine Corporation
  • Foreign nationals or corporations may completely own a condominium or townhouse. To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporations should form a Philippine corporation. The corporation is to be 40% foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least five [5] incorporators. Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.

Foreign Leasing of Philippine Real Estate Property
  • A foreign national and or corporation may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years and renewable for another 25 years.

Note: This document is for information purposes only. The user assumes all risks for its use. Home Buyers Avenue assumes no responsibility for such use.

Friday, January 28, 2011

Special Resident Retiree's Visa

SRR VISA

2010-08-18


Under the Presidential Executive Order No. 1037 (also known as PRA Charter), the Philippine Retirement Authority is mandated to make available a comprehensive and attractive retirement package for potential foreign retirees who seek an easy and comfortable lifestyle. With this in mind, the PRA is committed to provide its retirees a wholistic retirement environment.

The SRRV Application Process

In order to apply for the SRR Visa, you may visit the PRA One Stop Shop center at the 29th Floor, Citibank Tower, Paseo de Roxas, Makati City, Philippines. You may secure an SRR Visa application form and also apply for the National Bureau of Investigation (NBI) clearance. You may likewise obtain a schedule for your medical exam. Our staff will then evaluate and process your application when these documents are submitted. For SRR Visa Enrollment Options.

Once these documentary requirements are met, and the necessary fees settled, the endorsement of the SRR Visa application is prepared and sent to the Bureau of Immigration for approval. The approval of the SSR Visa normally takes 5 to 7 working days. Once the SRR Visa is approved, then the PRA ID card is issued. This card will serve as the Alien Certificate of Registration (ACR) which exempts the bearer from the Annual Registration requirement, Exit Clearance and Re-entry Permit, and from the application of the I-card as otherwise required by the Bureau of Immigration.

Benefits

Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:

1.   Option to Retire Permanently
  • You may live, work and study in the Philippines
2.   Multiple Entry Privileges
  • You may travel outside the Philippines and re-enter anytime
3.   Exemptions from:
  • Income tax over your pension and annuities;
  • Exit and re-entry permits of the Bureau of Immigration;
  • Annual registration requirement of the Bureau of Immigration;
  • Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
  • Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
  • I-Card

As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:
  • Alien Employment Permit
  • Driver's License
  • Tax Exemption/Extension Certificate
  • Tax Identification Number
  • National Bureau of Investigation (NBI) Clearance

Enrollment Options

A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.

Retirement Option and their Required Time Deposit

1.       With Pension – 50 years. Old and above – the required time deposit is US$10, 000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couple

2.       Without Pension
  • 35 to 49 years old – US$50, 000.00 time deposit
  • 50 years old and above – US$20, 000.00 time deposit
  • Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00)
  • Ambassadors of foreign countries who served and retired in the Philippines, current and former staff members of international organizations including ADB (at least 50 years old) - US$1,500.00

3.       A resident retiree can bring with him, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age.) Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.

Eligibility

Former Filipino citizens and foreign national except those classified as restricted by the Philippine Department of Foreign Affairs and the Bureau of Immigration are eligible to apply for the SRR Visa. Also, he or she should be:
  • At least 35 years old
  • Without criminal record
  • Meeting medical standards
  • Meeting the investment requirement

Documentary Requirements

PRINCIPAL RETIREE APPLICANT

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
  • Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office.
  • Can also be secured in the Philippines at the PRA One-Stop Service Center or at any clinic/hospital.
   4. Police Clearance and National Bureau of Investigation (NBI) Clearance
  • Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
  • Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Bank Certificate of Time Deposit Inwardly Remitted to any PRA Accredited Banks
  • A retiree applicant is required to remit deposit through telegraphic transfer to any PRA Accredited Banks (download telegraphic transfer form)
  • Non-Withdrawability of Retiree’s Deposit – The Retiree’s deposit or account shall not be withdrawn by the retiree for the duration of his participation in the Program and the depository bank shall not allow such withdrawal except upon proper notice or approval by the PRA.
  • However, the interest earning of the Time Deposit is withdrawable without PRA clearance.
   7. Fees:
  • US$1,400.00 application fee or equivalent Philippine Peso. (one time)
  • The Application Fee is non-refundable

ADDITIONAL REQUIREMENTS FOR PRINCIPAL RETIREE APPLICANTS UNDER THE WITH PENSION PROGRAM:
  1. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
  2. Proof of your monthly pension remitted to the Philippines.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

SPOUSE
  1. Duly accomplished SRRV Application Form.
  2. Original Passport with Valid Entry Visa
  3. Medical Examination Clearance
  • Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, it can be secured at the PRA One-Stop Service Center or at any clinic/hospital
        4.  Police Clearance and National Bureau of Investigation (NBI) Clearance
  • Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
  • Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
         5. ID Pictures - twelve (12) pieces of 2"x2"
         6. Marriage Certificate or in its absence, any of the following:
  • For Koreans & Japanese - Family Register/Domicile
  • For Taiwanese - Household Register
  • For P.R.O.C. Chinese - Certificate of Relationship
  • For Japanese - Koseki Tohon
         7. Fees:
  • US$300.00 application fee or equivalent Philippine Peso (one time)
  • The Application Fee is non-refundable

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

DEPENDENT/S

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
  • Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, it can be secured at the PRA One-Stop Service Center or at any clinic/hospital
   4. Police Clearance and National Bureau of Investigation (NBI) Clearance(applies only for 18yrs. old and above)
  • Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
  • Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Birth Certificate or in its absence, any of the following:
  • Family Register/Domicile (for Koreans & Japanese)
  • Household Register (for Taiwanese)
  • Certificate of Relationship (for P.R.O.C. Chinese)
  • Koseki Tohon (for Japanese)
   7. Fees:
  • US$ 300.00 application fee or equivalent Philippine Peso(one time)
  • The Application Fee is non-refundable
   8. Additional Dollar Deposit
  • For every additional dependent (in excess of two) an additional US$15,000.00 deposit under the name of the Principal, shall be required per dependent except for former Filipino citizens.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

Members Obligations

1.   Yearly renewal of the PRA ID Card
  • Retirees may request for a 3-year validity of the ID card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.
2.   Payment of Annual Visitorial Fee
  • Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.
3.   Notification of Changes in Personal Information
  • These changes may include change in address, phone numbers and email address.
4.   Cancellation of the SRR Visa
  • Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.

Tuesday, January 25, 2011

RESA Law - Real Estate Service Act

RA 9646- IRR Published

2010-08-18


Salient Features of The Implementing Rules & Regulations (IRR) of The “Real Estate Service Act” law (Republic Act No. 9646 ) published last 24 July 2010 and shall take effect 15 days after publication
  1. Every real estate service practitioner (real estate consultant, real estate appraiser, real estate assessor, real estate broker) except the real estate salesperson shall be required to undergo licensure examination and registration under the PRC. (Rule III, Sec 12)
  2. Those who wish to be licensed real estate brokers must meet the minimum qualification for examinations, which include a relevant Bachelor’s degree from an education institution duly recognized by the CHED. (Rule III, Sec 14).
  3. The PRC shall not issue a certificate of registration to any successful examinee who has been convicted by a court for any criminal offense, or has been guilty of immoral or dishonorable conduct, or has be found to be psychologically unfit. (Rule III, Sec 18)
  4. Those who are already licensed real estate brokers as of 30 July 2009 may be registered by the PRC without examination provided they are in active practice, and have undertaken the relevant Continuing Professional Education or Continuing Education Program. (Rule III, Sec 20 a)
  5. All licensed real estate brokers shall be required to post a surely Bond of P20,000.00 renewable every three years. (Rule IV, Sec 26)
  6. No person shall be allowed to practice as a real estate broker unless he or she is a licensed real estate broker. (Rule IV, Sec 29)
  7. Real estate salespersons do not have to undertake the licensure examinations, but they shall be accredited by the PRC, provided they have completed at least two years of college, and have undergone training and seminars of at least 12 credit units in real estate brokerage, (Rule IV, Sec 31)
  8. Real estate salespersons already registered with the DTI/HLURB may be accredited by the PRC until 30 July 2011.
  9. Real estate salespersons shall be under the direct supervision and accountability of a real estate broker. (Rule IV, Sec 31)
  10. Real estate salespersons cannot be signatories to a written agreement involving real estate transactions unless the real estate broker who has direct supervision over them is also a signatory. (Rule IV, Sec 31)
  11. Real estate salespersons cannot negotiate, mediate or transact any real estate transactions for and in behalf of a real estate broker without first securing accreditation as a real estate salesperson for the real estate broker as prescribed by the PRC. (Rule IV, Sec 31)
  12. A real estate broker shall be in violation of R.A. No. 9646 for utilizing the services of a real estate salesperson who has not secured accreditation with the PRC. (Rule IV, Sec 31)
  13. Only the licensed real estate broker who has direct control and supervision of a real estate salesperson may receive or demand a fee, commission or compensation of any kind for any service rendered by the real estate salesperson in any real estate transaction. (Rule IV. Sec 32)
  14. Divisions or departments of partnerships or corporations engaged in the selling of any real estate development project must be headed by a licensed real estate broker. Branch offices of real estate brokers must be manned by a licensed real estate broker. (Rule IV, Sec 32)
  15. Every licensed real estate broker shall establish and maintain a principal place of business and display their certificates of registration and professional identification card, as well as the certificates of registration and professional identification cards of all the real estate service practitioners employed in such office. (Rule IV, Sec 33)
  16. Any violations of R.A. No. 9646 and its implementing rules & Regulations shall be meted a fine of P100,000.00 or imprisonment of two years, or both. Penalty on the fine and imprisonment shall be double if the violation is by an unlicensed real estate practitioner. (Rule V, Sec 39)
  17. If the violation is committed by a partnership or corporation, the partner, president or manager who has committed, or consented to, or knowingly tolerated the violations shall be held directly liable and responsible for the acts as principal or as co-principal with the other participants. (Rule V, Sec 39)

Monday, January 24, 2011

Pag-Ibig (HDMF)


Who should register with the Pag-IBIG Fund as members?
With the signing of Republic Act No. 9679, membership to the Fund shall be mandatory for the following:
  • a. All employees, workers, professionals, officers and companies who are compulsorily covered by the SSS and GSIS
  • b. Uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police;
  • c. Overseas Filipino Workers (OFWs)
  • d. Filipinos employed by foreign-based employers, whether deployed locally or abroad.
Membership to the Fund is also open to the following:
  • a. Non-working spouses of Pag-IBIG members;
  • b. Filipino employees of foreign government or international organization, or their wholly-owned instrumentality based in the Philippines, in the absence of an administrative agreement with the Fund;
  • c. Employees of an employer who is granted a waiver or suspension of coverage by the Fund under RA 9679;
  • d. Leaders and members of religious groups;
  • e. A member separated from employment, local or abroad, or ceased to be self-employed but would like to continue paying his/her personal contribution;
  • f. Public officials or employees who are not covered by the GSIS such as barangay officials; and
  • g. Filipinos naturalized in other countries.

How much is the monthly contribution?
The contribution rates for all mandatorily-covered members, including OFWs, are as follows:

The maximum monthly compensation used in computing the employee contributions is currently set at P5,000. This means that the maximum member contribution and employer counterpart per month are both currently P100.

What are the benefits of Pag-IBIG Membership?
The Fund offers its members the following benefits:
  1. Savings
  2. Short Term Loans
  3. Access to Housing Programs
What is the Provident Savings Program?
The Pag-IBIG provident savings program is a fast, easy and affordable way for a member to save for his future needs. ember to save for his future needs.

The contributions that a member makes together with the employer counterpart are credited to his Total Accumulated Value (TAV). A member contributing two percent of his monthly compensation doubles his savings immediately with the addition of the employer counterpart contribution. Meanwhile, a member contributing one percent of his monthly compensation triples his savings as the employer counterpart remains at two percent.

Aside from being fully guaranteed by the national government, members’ contributions are deducted from the gross income prior to computation of the income tax.

Members’ savings earn annual dividends that are also tax-free. The dividend rate varies depending on the net income of the Fund at yearend.
When can a member withdraw his savings?

A member may withdraw his TAV or savings after 20 years of membership with the Fund and after having made a total of 240 monthly contributions.

A member may also withdraw his savings under any of the following valid grounds:

     a. Retirement

           • Early retirement at age 45

           • Optional retirement at age 60

           • Mandatory retirement at age 65

     b. Permanent departure from the country

     c. Permanent or total physical disability

     d. Insanity

     e. Termination from service by reason of health

     f. Death of the member

     g. Optional withdrawal at 10 or 15 continuous years of membership
  • A member who registered under RA7742 may be allowed to withdraw his TAV after 10 or 15 years of continuous membership.
  • A member who registered under RA9679 may be allowed to withdraw his TAV after 15 years of continuous membership.
     h. Other causes as may be provided by the Board of Trustees

What Short-Term Loans are available to the member?
Pag-IBIG Fund’s Short-term loan programs are meant to provide assistance to its members, provided they are active and have made at least 24 monthly contributions.

There are two short-term loan programs that a member may avail of when the need arises. The Multi-Purpose Loan Program was designed to help finance members’ immediate medical, educational or livelihood needs; minor home improvement, purchase of appliance and furniture, and other related needs.

Meanwhile, the Calamity Loan Program is extended to members who have been affected by a recent calamity, as proven by a declaration of calamity in their area of residence.
What Housing Programs are available for members?

An eligible member may avail of a housing loan under either the End-User Financing Program or the Magaang Pabahay, Disenteng Buhay Program.

Under the End-User Financing Program, a member may avail of a loan to finance any of the following (Circular 247):
  • a. Purchase of a fully developed lot not exceeding one 1,000 square meters, which should be within a residential area;
  • b. Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot. The unit may be:
         • Old or brand new;
         • A property mortgaged with the Fund; or
        • An acquired asset, which is disposed of through sealed public bidding, negotiated  sale, or the Rent-to-Own Program.

  • c. Construction or completion of a residential unit on a lot owned by the member;
  • d. Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part of the property, which will enhance its   durability and material value;
  • e. Refinancing of an existing mortgage with an institution acceptable to the Fund,  provided that:
         • The loan is not in default within the 12 months prior to the date of application;
         • The said loan has a repayment history of at two years with the original mortgagee
  • f. Combination of loan purposes, which shall be limited to the following:
      • Purchase of a fully developed lot not exceeding 1,000square meters and construction of a residential unit thereon;
         • Purchase of a residential unit, whether old or new, with home improvement;
         • Refinancing of an existing mortgage with home improvement;

        • Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.

Under the Magaang Pabahay, Disenteng Buhay Program, a qualified member may purchase an acquired asset of the Fund either in cash or through a housing loan at very reasonable prices. A buyer who purchases an acquired asset in cash is entitled to a 20% discount on the property’s sales price, while a buyer who purchases through a housing loan is entitled to a 15% discount on the property’s sales price.

Who are eligible to avail of a housing loan under the End-User Financing Program?

To qualify for a Pag-IBIG housing loan, a member must satisfy the following requirements:
  • a. Must be a member under the Pag-IBIG I for at least 24 months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
  • b. Not more than 65 years old at the date of loan application and must be insurable; provided further that he is not more than 70 years old at loan maturity;
  • c. Has the legal capacity to acquire and encumber real property;
  • d. Has passed satisfactory background/credit and employment/business checks conducted by the developer and the Pag-IBIG Fund;
  • e. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co- borrower;
  • f. Has not availed of a Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;
  • g. May have an outstanding Pag-IBIG multi-purpose loan but which is updated in payments at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrears over the counter to update his account.

Source: http://www.pagibigfund.gov.ph

Panagbenga 2011 Schedule of Traditional Activities



The Panagbenga Baguio Flower Festival


February 01, 2011
* Opening Parade - 8:00 AM
* Blessing of Panagbenga Park

February 01 - March 06, 2011
* Market Encounter

February 12, 2011
* Let a Thousand Flower Bloom

February 13, 2011
* Pre-Valentine Event

February 19, 2011
* Mix Martial Arts Events @ Baguio Convention Center - 7 PM

February 23-28, 2011
* Ipitik Festival / The Axis Art Project @ Burnham Park Rose Garden

February 25, 2011
* Mr. Panagbenga 2011 Muscle Showdown - 7 PM @ Baguio Convention Center

February 26, 2011
* Grand Street Parade

February 26, 2011
* Musical Play "JEKYLL & HYDE- 6:00 PM @ Baguio Convention Center

February 27, 2011
* Grand Float Parade

February 28 - March 06, 2011
* Session Road In Bloom

March 02, 2011
* Pony Boys Day

March 03-05, 2011
* Central-North Luzon Tourism Fair

March 06, 2011
* Sail on the Caravan Tour - 2-6 PM @ Baguio Convention Center
* Closing Ceremonies and Grand Fireworks Display





MLS.com.ph The Philippines' Largest Multiple Listing Service

Sunday, January 23, 2011

Townhouse Living: The Benefits

People today have varying needs. They want to have a place where they can live comfortably. It has to be somewhere near their work place that does not require a lot of maintenance. Most want to have a home that fits their lifestyle.



In order to address these needs, The Townhouse Boutique development emerged. A townhouse is like a condominium and a single-family home rolled into one. Townhouses are several units linked in one structure. The units have the design of single-family homes. However, they are placed next to each other. They usually have two stories and they do not have neighbors positioned above and below them.


Many people are investing in this type of property because of the several things it offers. One, it provides a comfortable dwelling. It is also perfect for people who have busy schedules. Its other benefits: Highly accessible to the essentials of modern living like schools, offices, supermarkets, churches, hospitals and places of entertainment Yet its location in a charming, laid-back neighborhood. Assures you of a peaceful residential atmosphere.


Many will benefit from living in a townhouse. If you think that this is for you, invest in one.

Saturday, January 22, 2011

Guide in Title Transfer of Properties

This is the standard sharing of expenses between the buyer and the seller when transferring the real estate property title (TCT - Transfer Certificate of Title or CCT - Condominium Certificate of Title) to a new owner:

The SELLER pays for the:
  • Capital Gains Tax equivalent to 6% of the selling price on the Deed of Sale or the zonal value, whichever is higher. Withholding Tax if the seller is a corporation
  • Real estate taxes due up to date of sale.
  • Broker's commission.

The BUYER pays for the cost of Registration:
  • Documentary Stamp Tax - 1.5% of the selling price or zonal value or fair market value, which ever is higher.
  • Transfer Tax - 0.5% - 0.75 %  of 1 % of the selling price, or zonal value or fair market value, which ever is higher.
  • Registration Fee - 0.25% of the selling price, or zonal value or fair market value, which ever is higher.
  • Incidental and miscellaneous expenses incurred during the registration process.
The above sharing of expenses is the standard practice in the Philippines. However, buyers and sellers can mutually agree on other terms as long as it is done during the negotiation period (before the signing of the "Deed of Sale").

The "Deed of Absolute Sale" is a Legal Document for  transfer of real estate property ownership.
  1.  The Deed of Absolute  Sale is brought to the Bureau of Internal Revenue for the Computation of Capital Gains Tax / Withholding Tax and Documentary Tax . After payment of Taxes.
  2. BIR will issue CAR (Certificate of Authority to Register)
  3. Pay Transfer Fees at City Treasury
  4. Pay Registration Fees at The Registry of Deeds and have Transfer of Ownership  officially recorded.
  5. Registry of Deeds issue new Transfer Certificate of Title / or Condominium Certificate of Title.
Your Agent / Broker will usually do the registration process (sometimes for a fee). However, all government taxes, transfer fees and incidental or miscellaneous expenses will be shouldered by the buyer.

Documents needed when transferring the title (TCT or CCT) to the new owner:
  • Certified true copy of the title / and
  • Tax clearance
  • Notarized copies of the Deed of Sale
  • Certified true copy of Tax declaration of the property
  • Receipt from Bureau of Internal Revenue that the capital gains tax and documentary stamps have been paid
  • Certificate of Authority to Register  (CAR)
  • Receipt of payment of the transfer tax and registration fees
An adapted form of the "Torrens" system of land registration is used in the Philippines. The system was adapted to assure a buyer that if he buys a land covered by an Original Certificate of Title (OCT) or the Transfer Certificate of Title (TCT) issued by the Registry of Deeds, the same will be absolute, indefeasible and imprescriptible.

Friday, January 21, 2011

Come Home to Mountain House Baguio

Breathe in the Crisp Mountain Air and savor the breath-taking views amidst the foggy hills of Mountain House Baguio and the serene neighborhoods of your own home.

Entrance

Bask in the lush greenery of the forest that surrounds your home ,as birds fly over chirping melodic songs. Your home is gently set against the captivating hillside background of every home.


The surroundings allow you to have an active lifestyle, as well as enjoy various outdoor activities with your family and friends.
Clubhouse
THE CLUBHOUSE

Amenities

Owning a property at Mountain House Baguio gives you the privilege of relishing the natural wonders that envelopes the mountain vistas. From the lush trees to the Fog and wide array of birds, these wonders and more await you at Mountain House Baguio.

Thursday, January 20, 2011

Tips in Buying Properties

Home Buyers Avenue

Tips in buying any property in the Philippines, specially if buying a property from an individual:

  1. Make sure the "Transfer Certificate of Title" is authentic. The easiest way to check if the title to the property you are buying is authentic is by getting "Certified True Copy" of the title from the Register of Deeds. This office is usually located at the city or municipal hall where the property is located. Ask the seller of the property for a photocopy of the title -you will need the title number and the name of the owner to get a certified true copy of the title from the Register of Deeds.
  2. Verify that title is clean - meaning the property is not mortgaged (no liens & encumbrances on the property). You can see that at the back of the title with the heading "Encumbrances". This page must be empty if you are told that the title is "clean". But sometimes the space for the technical description of the property on the front page of the title is not enough and the description of the property is continued on the "Encumbrances" page, this is of course all right.
  3. Make sure that the land described on the title is really the land that you are buying. You can validate this at the Register of Deeds or by hiring a private land surveyor or a geodetic engineer. Land titles don't have any street name and number to pin point a property, it is a must to confirm that the actual property you are buying matches the technical description on the Transfer Certificate of Title.
  4. Make sure that the sellers are the real owners. If you are buying from an individual property owner, ask for identification papers like passport or driver's license, it is also a good idea to talk to the neighbors or the Barangay Captain to confirm the identity of the sellers (you might as well ask some history of the property).
  5. Confirm that the yearly real estate taxes are paid. Ask for certified true copies of the Tax Declaration and original Tax Receipts to confirm that real estate tax payments are up to date.
  6. Deal with License Real Estate Brokers only. They can protect Buyer's rights and prevent them from being a victim of illegal transactions and Fraud.
  7. Only then, it is safe to proceed with the purchase of real estate in the Philippines.

Baguio Resort Style Condo Living


EXPERIENCE ... THE TRANQUILITY OF NATURE
overlooking ...the breathtaking Mountain Vistas of Pinsao via Quezon Hill in Baguio City. Nothing could be more relaxing than taking your Coffee Break amidst the Fog...

Mountain House Royale

A Perfect Treat ...
Take a trip out of the busy world to unwind in the midst of Nature where your second home awaits you and your family. Have a Taste of luxury and total comfort in your home away from home...at the scenic site that gives you the perfect place to relax.


An Elegant Masterpiece ...
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Condo Cluster of 3 medium rise building
One Bedroom Unit with a floor Area of 32 sqm.

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A Seven-Storey medium rise Condo with scenic Elevator

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2 Bedroom Unit , 42 sqm.
 
Apart from the perfect location, all units are meticulously designed to allow you to have an excellent panorama of the Mountain Vista.
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ENJOY ENDLESS LIFESTYLE CHOICES...

Come Home to Mountain House Royale!!!