Property News

Real Estate practice in the Philippines is required by the national government to obtain license as a Real Estate Broker. This is obtained through completion of a series of requirements: passing a national exam, education, clearance from the police and the clerk of the court or the National Bureau of Investigation. Additionally, posting of a surety bond, obtaining a business permit from the municipality or city of operation, then application for the license from the Department of Trade & Industry and payment of the annual license fee.

The commission for a real estate transaction is normally 5% of the selling price and this is usually paid by the seller.

Under the Philippine Laws only Filipino citizens are allowed to purchase and own a real estate in the Philippines. A private corporation with at least 60% Filipino equity may purchase and own a property under certain conditions. These private corporations can however lease a land for up to 50 years.

In the Philippines, subdivisions are areas of land that have been subdivided into individual residential plots. Whereas some subdivisions comprise exclusive gated communities, others are merely demarcations denoting a specific neighborhood. Some subdivisions may conduct autonomous security, or provide basic services such as water and refuse management. Most subdivisions are governed by associations made up of members who are residents of the subdivision. In the Philippines, subdivisions are also known as villages.