If you are planning to buy a real estate property in Cagayan de Oro, there are things you need to know first to make your planned purchase smooth and without a flaw. Things can be pretty good at the start, but if you don’t do your research well enough about the property, then sooner or later you could end up on a disadvantageous end and full of regrets.
It is plainly logical to choose a place that is accessible to vital centers like roads, public transport, public market or a shopping store, schools, church, and so on. But the most important of all is an access road and transportation. This is basic, without which your life could end up in chaos living in the property without the necessary accessibility that fits your lifestyle and needs.
Every real estate property has legal attachments that you need to deal with. This include, among others, the Certificate Transfer of Title, the Deed of Sale, the Vicinity Map, and the Tax Declarations. The TCT must be carefully scrutinized to the smallest details, and if you are not quite keen on details then here are some important points to take note of.
Check the registered owner stated in the title. It should be the full legal name of the seller. Aside from that, check further if the ownership is sole or as spouse. If ownership by spouse, then the transaction should be with the consent of both parties. Moreover, look further to the back of the title and check for encumbrances that could signify some issues in the past to present. Should you find any encumbrance, it should be cancelled in the latest entry. Otherwise, such encumbrance remains active. In short, make sure the title is clean.
Real Estate Broker in Cagayan de Oro
Should you need a broker in CDO or not? This is the most common question asked by many buyers of real estate properties. Unfortunately, it is a common notion that having a real estate broker could only add up to the total costs. That’s why, some people prefer to transact direct to the owner in order to do away with the middle man and get huge savings.
While this may be true, but having a broker may actually help you get the best bargain in town for the ideal property for you. Take note, as well, that by law only a duly licensed real estate professional with necessary accreditation from HLURB can facilitate real estate transaction, unless the property is directly sold by the owner with the title showing his/her full legal name. If not, then the transaction may deem illegal. So make your choice. It may be wiser for you to get the services of a licensed real estate broker if you want to buy properties in Cagayan de Oro.
Check the Flood Map
After the destruction of typhoon Sendong that hit CDO back in 2011, it is now imperative to make a flood map check before buying any property in Cagayan de Oro to ensure that the desired real estate property is way out of the flood zone. You can check this out at the DENR office. Alternatively, this data is also available to the public at the office of Mines and Geo-Sciences Bureau.
Verify the Fair Market Value
Don’t just accept the price being offered to you. Rather, negotiate for a lowered price. But negotiation will only be on your side if you do your own price comparable check on recently sold properties around the area to ensure that the selling price is within the Fair Market Value range. At the end of the day, your meticulous research will surely pay off.
Real Estate Properties in Cagayan De Oro
The real estate industry is flourishing amidst the rising high-rise developments around the city of Golden Friendship. The skyline of CDO is now filled with towering cranes, showing signs of development and urbanization. And yet, this is just the beginning of the infancy phase of real estate boom. This only signals one thing, and that is to act now and to start investing in real estate. So if you are planning to buy one, take note of the above tips.