FAQs | Fortune Real Properties

Frequently Asked Questions

Quick answers to questions you may have. Can't find what you're looking for? Check out our full documentation

Selling a Property

Buying a Property

Is it advisable for a foreign spouse to sign the deed of sale for a property sold by his/her Filipino spouse?

Certainly, the foreign spouse signs the deed of sale with the necessary marital consent.

What is the appropriate broker's commission for selling my property?

The standard commission rate for a real estate broker in a sale transaction from an individual owner is 5%.

Can you help facilitate the transfer of title to the buyer of my property for sale?

Yes, indeed! We handle title transfers for free for all properties sold through our platform.

What documentation is needed for the sale of land, houses, or other real estate properties?

Photocopy of the Title, Tax Declaration, and Lot Plan.

I currently live abroad. How can I go about selling my property in Bohol, Philippines?

Assign a trustworthy person in the Philippines to serve as your attorney-in-fact.

Create a Special Power of Attorney (SPA) for your attorney-in-fact and make sure the Philippine embassy in the state where you now reside notarizes and authenticates it. Depending on what's required, the SPA may have specified limits or be generic.

Buying a Property

Is the down payment in real estate purchases eligible for a refund?

In accordance with Republic Act No. 6552, commonly referred to as the "Realty Installment Buyer Protection Act" or the widely known "Maceda Law 957", the buyer is entitled to receive a refund of fifty percent (50%) of the total payments made if the duration of payment exceeds two (2) years.

Is a Tax Declaration sufficient proof of ownership for real estate purchases?

No, a Tax Declaration does not serve as proof of ownership; rather, it is utilized as a basis for calculating taxes. Purchasing a property solely based on a tax declaration carries a higher risk, despite the potential for a lower purchase price compared to a titled property. This choice may pose a future risk of legal disputes.

What is the required down payment for purchasing a house or condominium, and what is the duration of the payment term?

For pre-selling properties, the real estate developer offers various down payment options of 5%, 10%, or 20%, payable over a period of 18 to 48 months. The down payment period for Ready for Occupancy (RFO) units is normally three (3) to six (6) months. The banks such as banks, Pag-IBIG Fund, or in-house financing may be able to provide the remaining 80–95% of the funding.

Is the Reservation Fee included in the Total Selling Price of the Property? And is it eligible for a refund?

Indeed, the Reservation Fee is included in the total selling price, and it becomes non-refundable if the buyer fails to meet the monthly equity payment as specified in the contract, typically within 28-30 days.

Is it a secure decision to invest in a pre-selling condo or house in Bohol, Philippines?

Certainly, provided that the Real Estate Project by the Developer holds a Certificate of Registration and a License to Sell issued by DHSUD. Additionally, your purchase should be facilitated through a PRC Licensed Broker or an Accredited Salesperson with DHSUD registration.

What does pre-selling entail in the context of Real Estate?

Pre-selling refers to the sale of a house or a condo unit before its completion, during the construction phase, or even in the initial planning stage of the project.

Contact us

(032) 422 – 8501 (+63) 950 130 0060

fortunerealpropertyph@gmail.com

Frequently Asked Questions

Quick answers to questions you may have. Can't find what you're looking for? Check out our full documentation

Selling a Property

Buying a Property

Buying a Property

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(+63) 950 130 0060

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