LS REALTY: MaGniFiCeNt MaGnOLiA

Tips in Buying Real Estate

There are probably many books already written in Buying real estate most notably of which are the ones written by Kyosaki and Donald Trump. So I'm not going to bore you with it so instead I summed most of those things with these 6 simply rules.

1. Real estate is still all about location. Everywhere you will read from blogs to various books, they all say it is about location. So find the best location which includes access to various public transportation such as MRT, jeepneys or buses as well as basic commodities like grocery stores, hospitals and laundry areas.

2. Think of the resale value. If you plan on investing find the ones which will eventually double its market value in a years time. One example is knowing what development projects that may occur within the area within a years time.

3. If you plan on renting your real estate property, then make sure there is a Property Management Office which can take care of the place while you are away. Usually they require the first month deposit to be given for the service rendered. Other developers like Ayala have PMOs which take care of the entire projects of Ayala besides the condominium corporation which is required by law.

4. Ask your realtor regarding hidden charges. What are the taxes that will be borne by the buyer, about fire insurance, association dues and is the building earthquake proof and what are the building plans in case there are natural or man made disasters.

5. Money is very important and so make sure that you will be able to pay the mortgage. Bank financing still gives the lowest interest rates at 8 to 9% while in house financing can provide slightly higher interest rates. Ask your realtor with regards to your best option (Inhouse, bank or pag-ibig).

6. And most importantly also make sure that your realtor is of good repute and not just after your money as most of them are the marketing arm of such developers and they all after the same thing which is to sell. In theory you should hire broker to protect your interest.

There are a lot cases involving real estate that you should be wary about so make sure that you deal with the proper authorities. Ask for their real estate license number as we are required by law in advertising our services to include our REBL number in such ads. Moreso, with passage of the Real Estate Service Act, practicing real estate without a license is punishable under Philippine Law.

Broker 101

I had a lot of people inquiring about how to become a licensed broker. And with the passsage of the RESA Bill, one must take a course related to real estate prior to taking the written examination. For those who have taken and passed the written examination, these are the requirements.

SEC. 20. Registration Without Examination. Upon application and payment of the required fees, the following shall be registered, and shall be issued by the Board and the Commission a certificate of registration and a professional identification card without taking the prescribed examination:

(a) Those whose, on the date of the effectivity of R.A. No. 9646 or as of 30 July 2009, are already licensed as real estate brokers, real estate appraisers or real estate consultants by the Department of Trade and Industry (DTI) by virtue of Ministry Order No. 39, as amended: Provided, that they are in active practice as real estate brokers, real estate appraisers, and real estate consultants, and that they have undertaken relevant Continuing Professional Education (CPE) or Continuing Education Program (CEP) to the satisfaction of the Board: Provided, further, that the following practitioners shall be allowed to register:

1. Any holder of a valid DTI license who has earned fifteen (15) Continuing Education Program (CEP) or CPE credit units;
2. Those who had failed to renew their DTI License prior to 30 July 2009 but who have earned twenty-four (24) CEP credit units from accredited service providers as per M.O. 39 or CPE credit units from CPE Council Accredited Provider from 2007 to July 30, 2011;
3. Those who had passed the 2009 & 2008 licensure examinations given by the DTI but who had failed to obtain their license upon the effectivity of the R.A. No. 9646 and who have earned fifteen (15) CEP or CPE credit units;
4. Those who had passed the 2007 licensure examinations given by the DTI but who had failed to obtain their license upon the effectivity of the R.A. No. 9646 and who have earned eighteen (18) CEP or CPE credit units;
5. Those who had passed the DTI licensure examinations in 2006 and prior years but who had failed to obtain their license upon the effectivity of R.A .No. 9646 and who have earned one hundred twenty (120) CEP or CPE credit units;
Provided, finally, that real estate practitioners falling under the above-described categories who fail to comply with the necessary CPE requirements within two (2) years after the effectivity of R.A. No. 9646, on or before 30 July 2011, shall be required to take the Board licensure examination for real estate service practitioners.

Get the application from PRC and fullfill the requirements such as a surety bond and wait fo 3 months for the PRC ID card.

Good luck and God bless

Real Estate Service Act

Republic Act 9646 - The real estate service act has just become a law. And with it, the act of professionalizing the real estate industry has begun. I do sincerely hope that this will ring about more credibility as only licensed practioners will be allowed to transact in the real estate business.

Lessons to those who have been tricked or lost a substantial amount of money in dealing with unscrupulous brokers, deal only with a realtor. More so, the computerization of the Register of Deeds will hopefully lessen syndicates in acquiring fake titles.

Real Estate Broker

Short of saying why hire me, I came up with a more profound question on why in the world would a real estate investor hire a broker. There are a lot of reasons I could enumerate right now but it would still not mean anything to an investor intent on by passing the middle man.

Although it is true that you can sell, rent or buy your own house without the need of a real estate broker to save on expenses with regards to commissions it is not however advisable. First because, and I'm talking as a newbie broker is that a broker will probably know more about real estate laws, recent ordinances and zonal value of your real estate properties. Second, real estate brokers have access to Multiple Listings which increases your chances of finding a buyer for your place or access to more desirable properties. And third, brokers are more experienced in dealing with potential pitfalls that one experiences in real estate - although I do admit some of those pitfalls are simply spurious.

There are a lot of documented and undocumented stories that we encounter especially when it comes to money and real estate properties. A lot of relationships broken. I mean who would have thought that your own friends, wives and business acquaintances would fool you for a substantial amount of cash? Or that the people you trust the most would turn out to screw you?

Having a real estate broker however is not tantamount to totally avoiding such pitfalls being a third world country with laxity in the promulgation of our laws. However it greatly reduces your chances of being duped as brokers have in time developed a critical eye from years of experience - which is one of the reasons it is suggested to hire a seasoned real estate broker. Moreover brokers also have access to various agencies which cater to your needs in real estate dealings.

As a final note note we should understand that whether or not we are buying or renting as investors or for a house that we can share our lives with, we should take all the necessary precautions to avoid all those pitfalls. Always check on the background of such properties including that of your brokers and make sure that all the documents, whether it be a TCT or a CCT in case of a condominium, are in order.

MaGniFiCeNt MaGnOLiA

Monday, June 22, 2009

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Prologue

I have to admit that my knowledge in Real Estate is just on its infancy stage for it was just in one of those spur of the moment ideas when I took the review classes for real estate. A friend of mine, whom I will forever be grateful, introduced me to it and the next thing I knew I was sitting in a crowded room in Pamantasan ng Makati about to take the real estate brokers examination.

I breezed through the first part of the exam until the computations started. You see I was never any good with math so it was really a surprise when I saw my name as one of the newly registered real estate brokers.
People then started asking me if I had a change in career. I kept telling them that I still love medicine and that this is just my sideline, my money making endeavor. You see as far as I can remember, it has always been my plan to make a hospital dedicated for the poor and I think real estate can help me achieve this.

This will be my contribution to society, I told them. My ode - my greatest dream so that in the end, I would have done justice to the Dr. Fe del mundo's, the Dr. Primy chua's, and the Mother Theresa's in this world.

What is a Realtor?

Not every real estate agent or broker is a REALTOR^®. The trademark REALTOR^®and the familiar block “R” logo are patented to the National Association of REALTORS^®of the USA. Only members in good standing of NAR-USA and its foreign affiliates are authorized to use them.

While all REALTORS^® are government-licensed brokers, majority of the non-REALTOR^® real estate agents in the Philippines are not. Another major difference between them is that the REALTORS^® have taken an oath to abide by the stringent, enforceable REALTOR^®Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Non-REALTORS^® take no such oath and are not morally bound to protect their clients and co-brokers from fraud, misrepresentation and other unethical practices that proliferate in the industry.

For your peace of mind and as an extra precautionary measure, make sure to partner with a REALTOR^®.

Disclaimer

The pictures you see here are taken by me and in no other circumstance will these be used by any other person, living or otherwise, unless provided of course that you seek my approval and referral for such usage. Moreover, the information provided on this website is of a general, broad, sweeping, large, wide-ranging, wide-reaching and are wide-spread in nature hence is never a substitute for visualization of the actual site and consultation with a real estate broker. Further, I will not hold a grudge if one seeks second opinion with another broker regarding the different development projects as there may be different personal and/or professsional opinions.

All the units, houses and properties that will be featured on this blog site are duly owned by the said developers wherein I as a realtor, am accredited. However it does not signify that the author will be personally responsible for any problems that might arise, intended or unintended with the said developers.

Rest assured that the developers that I will be accrediting into have good track records which makes them reasonable, able to deliver on time their respective units and of good quality.

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