Things You Need to Know When Buying a Lot in Cebu
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If you are planning to buy your next lot property here in Cebu, Philippines, there are few things you need to double-check prior to buying such as: Lot Title, lot status, value appraisal.
Cebu is one of the best places to live when you are in the Philippines. This is due to several factors such as its strategic location, safety, cost, and the manageable traffic condition as compared to other major places in the country. Therefore, if you want to buy a lot in the “Queen City of the South”, you need to be prudent particularly on the following:
Lot Title
Before buying a lot and any other properties in Cebu, first you need to find out if the title is clear. This means that no irregularities such as name of owner, lot size, and address are noted. In some cases, properties are not transferred to the new owner’s name such as those given to heirs. Due to financial crisis, sometimes one can’t facilitate the transfer of properties because of the accompanying processing fees. In the event that you want to sell it without the amendment, it will definitely become a source of hindrance since you can’t sell a thing that is not yours.
Lot Status
Since lots never depreciate in value; these are regarded as good investments. You can use it as collateral when applying for any type of loan. Therefore, it is imperative to check the status of the lot for sale at the designated department of the government, so that you will not end up buying a property that has not been cleared. This is especially true when purchasing through PAG-IBIG Fund where verification of documents is strictly conducted. In case your property has been used as collateral, you need to have the title cleared by the respective institution where loan has been granted, so that you can proceed with the reselling.
Value Appraisal
Depending on the location of the land, the costs vary from one place to another. When it is located in the provincial areas, you can find rates as low as $.02 per square meter depending on the land category. Be sure to check the value by having it appraised by a certified government representative to see whether the cost is appropriate or not. Here are the categories of land according to location namely:
Agricultural
Lots in the mountainous areas, land that contains trees and fruit-bearing plants, and rice and corn fields are under the agricultural category. These are the cheapest because of their location.
Residential
Vacant lots that are ideal for homeowners are a bit costly than the agricultural lands since they are accessible.
Commercial
Commercial properties are the most expensive because of the comfort and convenience it can offer. Malls, churches, hospitals, and more are just some of the structures found near the commercial lots.
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