House and Lot For Sale in the Philippines RNV Realty Co. - Real Estate Information
   
  RNV Realty Co.
  Real Estate Information
 






GENERAL INFORMATION

 
As a rule, only Filipino citizens and corporations or partnerships with least 60% of the shares are owned by Filipinos are entitled to acquire land in the Philippines. Aliens can acquire land in the Philippines only on a few exceptions: 1). Acquisition before the 1935 constitution. 2) Acquisition thru hereditary succession - if the foreigner is a legal heir. 3) Purchase of not more than 40% interest as a whole in a condominium project. 4) Purchase by a former natural born Filipino citizen who acquired foreign citizenship & has not applied and granted dual citizenship can purchase up to 1,000 square meters of residential land and 1 hectare of agricultural or farm land.

Modes of Acquiring Land: 
    * Private Grant - voluntary transfer or conveyance of private property by a private owner, such as sale or donation.
    * Public Grant – acquisition of alienable lands of the public domain by homestead patent, free patent, sales patent, or other government awards.
    * Involuntary Grant – acquisition of private party against the consent of the former owner, such as foreclosure sale, execution sale, or tax sale.
    * Inheritance – acquisition of private property through hereditary succession.
    * Reclamation – filling of submerged land, subject to existing laws and government regulations.
    * Accretion – acquisition of more lands adjoining the banks of rivers due to the gradual deposit of soil as a result of the river current.
    * Prescription – acquisition of title by actual, open, continuous, and uninterrupted possession in the concept of owner for the period required by law.

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. Or lease the property in your Philippine Corporation name for an unlimited period of time.

Acquisition is the act of procuring or getting a hold of real estate property. Disposition is the manner of alienation, transfer of possession and ownership thereof as prescribed by the Philippine law. The acquisition and disposition of real estate is embodied in written agreements or contracts voluntarily entered into and subscribed by the selling and buying parties thereof, before a public officer designated as the Notary Public of the City or Province where the subject property is located. Thereafter, the instrument embodying the particular real estate transaction is required by law to be recorded in the Registry of Deeds in the City or Province where the real estate property is involved and located. The Philippines uses the "Torrens" system of real estate ownership.

The Bundle of Rights Theory
The bundle of rights theory inherent to property ownership are the right to use (Jus-Utendi), the right to enjoy the fruits of (Jus-Fruendi), the right to dispose (Jus-Disponendi), the right to abuse (Jus-Abutendi), the right to recover (Jus-Vindicandi), and the right to possess (Jus-Possidendi). The rights incident to ownership are, the right:

    * to enjoy and dispose of a property without other limitations than those established by law;
    * to file action against third parties to recover ownership;
    * to use force as may be reasonably necessary to repeal or prevent an actual or threatened unlawful invasion or usurpation of his property (Art. 429, NCC, relate to Art. 312, RPC);
    * the right to enclose or fence property - walls ditches, live or dead hedges - or by any other means without detriment of servitudes constituted thereon;
    * to demand indemnity for damages caused to property;
    * the right to compensation in the event of expropriation;
    * the right to be restored to possession in case of unlawful dispossession;
   * the right to the surface and subsurface of the land, right to construct thereon any works, plantation and excavation without detriment to servitude and subject to special laws and without right to complain of the reasonable requirements of aerial navigation;
    * the right to hidden treasure;
    * the right to accession and fruits of the property;
    * the right to "quiet title" to real property or any interest
therein.


Limitations on right of property ownership
* CONSTITUTIONAL - such as police power, eminent domain or expropriation of private property for public use, taxation and escheat when revision of private property to state ownership in case of death of property owner without an heir;
* LEGAL - zoning ordinances, regulations on subdivision projects, building code, and other special laws and regulations; and
* CONSENSUAL/VOLUNTARY - easements and servitudes, usufructs, lease agreements, restrictions in subdivision and condominium deeds or restriction.
 

The Regalian Doctrine of property ownership
A principle in law which means that all natural wealth - agricultural, forest or timber, and mineral lands of the public domain and all other natural resources belong to the state. Thus, even if the private person owns the property where minerals are discovered, his ownership for such does not give him the right to extract or utilize said minerals without permission from the state to which such minerals belong.

The Steward Concept of property ownership
The Steward Concept is a legal doctrine which holds that property ownership presupposes concomitant obligations to the state and the community and that property is supposed to be held by the individual only as trustee for people in general; and that as mere steward, the property owner must exercise his rights to the property not just for his own exclusive and selfish benefit or interest but for the good and general welfare of the nation as a whole.

The National Housing Authority

Presidential Decree No. 957, which regulates the sale of subdivision and condominium developments, and providing penalties for violations thereof. The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB). Certain conditions are required before a license to sell condominium development units and or subdivision development lots and homes is issued to a Filipino or Foreign owned individual or corporation. The requirements include a certificate of registration, a performance bond, and an approval of the building plans and specifications. Violation of these rules could mean fines, cancellation of license and or imprisonment.

 
FIVE GREAT THINGS ABOUT HOMEOWNERSHIP

If you've been on the fence about homeownership, now is the time to take a leap! Don't let the negative press deter you from one of life's greatest joys. 
Take a look at five short and sweet reasons that homeownership is great!
 
1. Equity
When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for P 300,000 in 1960 is most likely worth 10 times that in today's market.
 
2. Relationships
Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.
 
3. Predictability
Well, as long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is P 3,500 today, then it will still be P 3,500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you'll need to pay for the gutters to be cleaned, and so on.
 
4. Ownership
Okay, this is a given. Homeownership means you "own" your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!
 
5. Great Deals
It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a downpayment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.
Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you! 
 

Homepage          Houses          Condominiums          Farm Lots & Resorts          Commercial          Contact Us

   
 
  Copyright @ 1999 RNV Realty Co. All Rights Reserved  
 
"Home is where your Heart is."