The Philippine Real Estate has faced a lot of major changes from the recently passed Republic Act 9646: Real Estate Service of the Philippines Act of 2009 to other laws such as Presidential Decree 957 that have been put in place to protect real estate buyers and investors from unscrupulous individuals or entity and other related laws. We come up with the Frequently Ask Questions (FAQs) about the Philippine Real Estate for your convenience.
OWNERSHIP OF PHILIPPINE PROPERTY
General Rule, Filipino citizens and corporation with at least 60% capital of which is owned by Filipinos are entitled to acquire and own land in the Philippines. However, exceptions to the general rule on alien acquisition of real estate in the Philippines is allowed in the following cases:
1.) Acquisition before the 1935 Constitution of the Republic of the Philippines.
2.) Acquisition through hereditary succession if the acquiree is a legal heir
3.) Purchase of not more than forty percent (40%) interest in a condominium project.
4.) Purchase by a former natural-born Filipino citizen subject to limitations prescribed by Batas Pambansa no. 185 and Republic Act 8179.
A Filipina who marries a foreign citizen but has retained her Philippine citizenship (unless the law of her husband’s country makes her assume the citizenship of her husband because of such marriage) and can therefore acquire real estate in the Philippines.
ACQUISITION BY A FORMER NATURAL BORN FILIPINO CITIZEN
a. Mode of acquisition is not limited to voluntary deeds (such as sale or donation) but includes involuntary deeds (such as foreclosure, execution or tax delinquency sale).
b. Maximum area that may acquired:
1.) For Residential purpose – 1,000 square meters of urban or one hectare of rural land.
2.) For Business or Commercial purpose – 5,000 square meters of urban or 3 hectares of rural land.
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