ofw2It is every OFW’s dream to own a house and this dream is made more realizable now more than ever with the many housing options available in the market that will suit every budget.  If you are working abroad, the process of owning a home today has become a manageable process.

Since all transactions will be executed in the Philippines, first thing you have to do is to assign a representative, or what is legally known as an attorney-in-fact, who will represent you at every step of the property buying transaction.  Make sure you assign someone you fully trust as all the actions of your attorney-in-fact will be binding on you.  You can assign your spouse, parent or any person that you are sure you can fully depend on to represent your best  interests.

Following are the steps that need to be taken when buying a property in the Philippines:

1.  Execute a Special Power of Attorney (SPA) document assigning your attorney-in-fact in the Philippines as your authorized representative who will represent you in the property buying transaction and act on your behalf.   The property developer from whom you are buying the property will usually provide the SPA form so have your attorney-in-face request this from the developer.  Have the SPA consularized in the Philippine Consulate nearest you.  Consularization simply means the authentication of documents by the Philippine Consulate.   Send the consularized SPA to your attorney-in-fact via courier.

2.  Once your attorney-in-fact has the SPA, he/she can then proceed to reserve the property – house and lot, townhouse or condominium unit – with the developer, showing the SPA as proof of his/her authority from you.  Signing of reservation forms and payment of required reservation fee are usually done at this point.

3.  Have your attorney-in-fact get the list of required documents submission from the developer so you can prepare these.  The developer will usually require the following submissions from you through your attorney-in-fact:  (Requirements may vary with each developer

a)      Consularized SPA

b)      Photocopy of your passport and other IDs as may be required

c)       Proof of income for the past months (number depends on the developer)

d)      Proof of billing in the Philippines (utility bills like Meralco, Manila Water, Maynilad, PLDT, etc.)

e)      TIN (Tax Identification Number)

f)       Employment Contract

g)      Certificate of employment and compensation (from employer)

Send these documents via courier to your attorney-in-fact who will submit these to the developer on your behalf.

4.  The developer will usually require the submission of post-dated checks for the down payment.  Send these together with the other required documents and submit these to the developer through your attorney-in-fact

5.   If you are buying on installment, your attorney-in-fact can apply for a loan on your behalf with the bank for bank financing option or with the developer for in-house financing option.   Make sure you instruct your attorney-in-fact to monitor and follow-up your loan approval with the bank or developer.  Sometimes the bank or developer will require additional documents to be submitted.  Once your loan has been approved, you just have to make sure that you consistently pay and fund the monthly amortization until your property is fully paid.



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