Filipinos are known for being family-oriented, hardworking, determined and patient. We are always looking after the welfare of our families, and that is the reason why many Filipinos have decided to work abroad just so they can earn enough to sustain the needs of their families.
One of the greatest dreams every Filipino want to achieve is to be able to have a house they can call their own. And in order to fulfill this dream, it requires not just money but also time and effort to ensure that the property you are purchasing is worth it.
It could be a tedious process, and if you are an OFW who is looking to purchase a property in the country, here’s a helpful guide for you.
1. You need to have someone you can trust to stand as your representative. This person will be the one who will sign the important documents in your behalf, and he or she will be called the attorney-in-fact. You will then have to sign the Special Power of Attorney that will give the authorization to your attorney-in-fact.
2. After the authorization to your attorney-in-fact, he or she will proceed to the reservation of the property. This is where the signing usually takes place. After the signing, the list of the required documents shall be given so that you can prepare them.
3. You will have to submit the documents depending on the requirements of the developer, but more often than not, what you will be required to submit are the photocopy your passport and your IDs, proof of income, TIN, proof of billing in the Philippines, employment contract, SPA, post dated checks, and certificate of employment.
4. Application of loan by the attorney-in-fact. This step is only necessary if you wish to purchase the property on an installment basis. If you are purchasing by cash, your attorney-in-fact will just have to monitor the construction of the property. As soon as it is done, the property can finally be turned over to you as the owner, and you can go ahead and scrutinize the unit to see if everything has gone well according to plan.