Important Things To Remember When Buying Property In Valenzuela City

Investing in real estate property is one of the smartest things to do if you want lasting assets. Whether it’s in a developed city such as Valenzuela City or a rural lot in Batanes, real estate property will always be a good investment. Unlike money or other movable assets, real estate properties are the only ones that do not depreciate. In fact, they even increase in value as time passes. Because it’s a very popular investment, many people try to invest in real estate without actually studying how it works first. This is very dangerous, as it might only cause financial problems instead of it becoming an investment.

When buying property in Valenzuela City or in any part of the Philippines, it is important to talk to real estate brokers and/or financial managers. The former will help you locate the most viable lots to purchase while the latter can help you arrange your finances and set a budget.

Second, you must know the basic steps and corresponding legal documents needed when buying property. The most legal and binding document that proves your ownership over a property is called the Certificate of Title. When buying property, obtaining this should be your end goal. Keep in mind that if you plan to sell your property any time soon, the Certificate of Title is also the most important document you should have. If you lose it, you will have to undergo a court proceeding just to transfer the property to the buyer. All other documents, though also important, are just pre-requisites to getting this Certificate. Such documents include the Deed of Sale and Tax Declaration, among others.

Keep in mind that apart from the sale price of the property, you will also have to account for other expenses such as transfer tax, documentary stamp tax, and capital gains tax, among others. Depending on your agreement with the seller, these taxes can be shouldered by either the seller or the buyer.

Once you’ve paid all the taxes and completed all the documents, then you should register the property as your own. To do this, you should submit your Certificate of Title to the Register of Deeds and keep another copy for your own reference. This registration publicly proves that you are the legal owner of the said property.