Friday, October 8, 2021

Real Estate Documentation Process in times of New Normal

It has been 19 months since the shutdown of our economy with almost 3 million Filipinos were infected with almost 2.5 million recovered while almost 39,000 were casualties as of this writing. The Philippine economy is still sluggish and slightly opening up the market but slowly recovering. The market is experiencing resistance from external forces such as world economic downturns from the pandemic, demand for oil for production by China and many others. Recently, Chinese economy was affected with the collapse of Evergrande. This incident does not affect the Philippine market as Evergrande it has no links or affiliates in Philippine real estate.  
Buying Real Estate Amidst COVID-19 Pandemic in the Philippines has been in demand with majority of Filipinos who were slightly or not affected with the pandemic are taking advantage with available opportunities in this sector. With the majority of the markets are selling or disposing off their properties. Reason for the selling of the property may vary but most owners or seller, real estate brokers and agents will say that they (owners /sellers) just need funds for possible emergency purposes. Real estate ownership is see a personal fulfillment with possibly building a homestead or possibly to sell off in a buy, hold and later sell.
Real estate is an not a liquid asset and it is hard to sell it off unlike stocks, bond and cryptocurrency which are easy to exchange into cash. Changes and adjustments have happened for the past few months with slow movements in the documentation process with number of factors happening particularly with the infection rate of COVID 19 Delta variant which are listed below:  
1. Office operations have become limited;
2. Working from home or in skeletal workforce and with sudden temporary closure of offices because of infection from an employee/s or because of granular lockdowns imposed by Inter-Agency Task Force against Emerging Infections (IATF);
3. With lesser work force, staff on offices have delayed operations attributed to this pandemic.
Nowadays, people should learn to adapt with this "new normal" amidst this crisis and make eventual adjustments particularly in dealing with government offices. In our experience as real estate documentation professional we recommend that at least three (3) months to fulfill the processing of such documents from Transfer of ownership, availment of tax amnesty of Extrajudicial settlement of estates and others. 
It is very hard to give a client a 100% satisfaction at this trying times and we made that there is little or preferably NO RED TAPE among the government offices involved in processing one's real estate documents.  
To our possible and valued clients, please bear with us the current situation of this new normal that we value our safety and yours as well in giving you an excellent and professional real estate services in return.


About the Writer

 CRB Benedict Baluyut is a professional real estate broker, real estate appraiser and associate of C. F. Baluyut Realty. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines, Inc. (REBAP) - Pampanga Chapter. You can get in touch with him at https://www.cfbaluyutrealty.com.



 


Other Related Articles:

Inside Real Estate: What Are The Expenses In Your Real Estate Transaction? 
Case Study of Socialized Housing Properties: Can You Sell Your Property Or Not?



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Monday, April 26, 2021

Inside Real Estate: The Rise, Fall and Redemption of the Xevera Communities in Pampanga

 
It has been a year since the distribution of the transfer certificate of titles of the unit owners who have completed their payments previously and are currently residing in the two Xevera subdivisions in Bacolor and Mabalacat City and the Sameera Subdivision in Angeles City. In the past decade, Globe Asiatique Realty Holdings Corporation under the leadership of their then president and CEO, Delfin Lee. Globe Asiatique Realty Holdings, Inc. (GA) was the one of the leading real estate development firms in Pampanga and other parts of the country.

Monday, April 12, 2021

Inside Real Estate: Condo or House Pasalo Phenomenon

 Have Condo or House Pasalo ring a bell to your ears?

It has been a recent phenomenon for investors in the past year since we went to a standstill a year ago, those initial investor who wish to immediately divest their real estate properties particularly residential condominiums, townhouses and homes in National Capital Region (Metro Manila) and elsewhere in the Philippines. In this topic, we will focus more on residential condominium which played a significant number of cases for assume balance.  A condo unit's assumption of balance (known as Condo Pasalo) from banks or other financial institutions where unit owners are currently struggling to keep up their payments of this supposed income producing investments as they became white elephants when the pandemic hit the country. The real estate sector almost near rock bottom where the residential condominium segments were the hardest hit at - 15% drop with residential leasing for condo significantly drop because of many factors  but there were definite increase in sales on residential properties outside of NCR and the townhouses in the city.