Buying a real estate property can be overwhelming especially if you are a first timer; the big competition accused in this market force real estate agents to do basically anything just to close deals with their clients and unfortunately sellers are favored against buyers in most of the cases. Promising more than they can deliver and presenting inaccurate or false information are common encounters everyone should be aware of. Fortunately for those of you still interested in a property here in the Philippines, there is an existing decree that protects the buyer’s welfare.

The Presidential Decree No.957 or PD 957 also known as Subdivision and Condominium buyer’s Protective Decree was mandated by former President Ferdinand Marcos on the 12th of July, 1976, to simply protect the buyer from unscrupulous and fraudulent activities of Condominium and Subdivision sellers or developer.

NOTE: The reason why I included in today’s blog post the entire context of PD 957, because I want you to have a deep understanding about your right as a buyer which I knew most of us aren’t aware of. Below is the downloadable and full context of PD 957;

The next time you run into a potential fraudulent Real Estate seller you can ask for the following to verify their authenticity and for you not to be a victim of their activities.

BEFORE BUYING

Check if the Project has a Certificate of Registration and License to Sell.

You should ask the broker/agent of the owner/developer if the project is registered and has a License to sell issued by HLURB (Housing and Land Use Regulatory Board). Visit their website at www.hlurb.gov.ph for the list of projects covered with Certificate of Registration and License to Sell as well as any encumbrance thereon, e.g. Cease and Desist Order, Suspension of License, etc.; Or you may visit or call the nearest HLURB Regional Office for this information.



If the project is covered with a License to Sell, you may already enter into a Contract with the owner/developer. However, there are things which must be checked:

The date of completion of the project as indicated in the License to sell; If the property is mortgaged, it should have a Clearance to Mortgage from the HLURB; The facilities and amenities represented in the advertisement flyers/ brochures are in accordance with the approved subdivision and condominium plan on file with HLURB.

It is always safe to say that the more knowledge you acquire the better deal you will get. Don’t be deceived by the flowering words being presented to you by the seller/developer, like I said they would always do anything just to get the deal done.

Enjoy reading and have a good day, see you next Sunday!