We found this fantastic article on buying a house in the Philippines. If you are an OFW working abroad you need to check out the excerpt below, and visit the original post with the remainder of the story:
….The property agent will then send you the Special Power of Attorney (SPA) for you to sign and consularize. This is the legal document authorizing your attorney-in-fact to act on your behalf. Consularize/consularization- is a required process that authenticate the documents by the Philippine consulate.
It usually costs 25 USD per document and varies from which country you’re working from.
The documents will have a seal and a red ribbon over it. It’s non-refundable.
- Once reserved, here are the requirements that you need to submit within 30 days:
- The SPA (Consularized) – this must be authenticated by the Philippine consulate
- Income Proof (3 months)
- Proof of Billing (here in the Philippines)
- TIN (for verification. If you don’t have a TIN # in the Philippines, the property specialist may do this for you)
- CEC (Certificate of Employment and Compensation) – needs to be consularized as well
- Employment Contract (should be in English) – must be with the seal of the employer as well as a signature of the authorized personnel (HR manager, etc…).
Can be photocopied as long as it is certified as true and correct.
- Post dated checks (PDCs) for the down payment.Requirement may change to some developers. If you don’t have a checking account yet, your attorney-in-fact may open one in his name.
If you have a local savings account, you can request for a checking account thru your representative.
- Photocopy or scanned copy of your passport and IDs
- Your attorney-in-fact will apply for a housing loan with the bank (if bank financing), developer (if in-house financing), or Pag-IBIG (if Pag-IBIG financing).
- Send back all the requirements on step 2 via courier to your agent/ property specialist.
- The property specialist will then submit all the documents together with the PDC’s to the developer and that is all there is to it. All you need to do is fund the checking account and continue to pay the monthly amortization.
Aside from the great resource above, of you are thinking of settling in Luzon, south of Manila, there is a great development called Bellefort Estates where you can find single detached, single attached or Townhouse homes to call your own.