Many investment property clients only look at the price and think that reaching a price agreement means success. But in reality, this is just the tip of the iceberg!
（Massive mailings）
Despite the involvement of the seller's agent, the listing agent, and our attorney, the transaction encountered some difficulties. The seller though provided a perfect set of documents:
- A deposit consent form
- A certificate of consent for our client to be the new owner.
- A waiver of rights.
- A Deed of Absolute Sale.
- A seller's agent's authorisation.
Still, the attorney's close scrutiny revealed significant risks:
risks：
- The title to the flat has not yet been transferred and there is uncertainty as to whether the client has conducted an adequate search.
- The seller was selling in the name of a company, which required the submission of different documents.
- The rights of the authorised person in the transaction are not yet clear.
- Documentation of waiver of liability interest may risk shifting of responsibility.
Certain documents are essential in a property transaction, such as those that can avoid future disputes, and others that need to be reviewed in advance to protect your rights. Our solicitors take on the burden of vetting, and relying on agents alone is not enough!
Subsequently, a tripartite meeting between the seller and its representatives, the client and the lawyer was arranged by us. The solicitor demanded that the other party had to provide complete documentation in order to proceed with the subsequent transaction. A few days later, the seller prepared the necessary documents on time and offered to have the client pay the deposit that evening.
please note：
As a reminder, it is important to be more cautious about selling your home in a hurry!
According to our attorney's request, the other party had to prepare the 15 necessary documents before the subsequent transaction could take place. Under our lawyer's firm attitude, the seller and the representative also agreed to our request... In the end, with the help of our lawyers, the client successfully purchased the flat and we successfully completed our client's assignment.
However, if a client does not contact us before signing a contract and paying for it, it could be months or even a year before they seek our help in a dispute over the risks of their property investment. By that time, the problem may have grown into the millions or even tens of millions of dollars!
tips
please be aware：
Even if the price is tempting and you're eager to sign on the dotted line.
Details should never be overlooked!
Minor errors such as wrong nationality, wrong name or parking space labelling, to name a few, can lead to some major problems.
Therefore, it is important to review all documents carefully and make sure that they are accurate before deciding to sign on the dotted line.
When investing in property in the Philippines, details are crucial!
Make sure you work with a professional lawyer, scrutinise documents to ensure legality and clear title, maintain close communication with the parties involved and handle the transaction with care. Only then can you improve your chances of a successful investment and ensure that your rights are fully protected.
FEILONG LEGAL will protect the interests of our clients and ensure that transactions are conducted safely so that you can invest with confidence.