Answers to Some Frequently Asked Questions on Purchasing Condominium Properties in the Philippines

Are you interested in buying a condominium property in the Philippines? Here are some frequently asked questions and their answers:

What is a condominium?

This is a vertical residential structure or building where a unit can stand for a house. Each floor has several units where people can live. The condo can be a low, medium or high rise one depending on the number of floors.

It can also be either pre-selling or ready for occupancy. If it is still being constructed then we call it as still in the pre-selling stage. If it has been turned over or the construction is finished, then it is ready for occupancy.

One condo unit can either be a garden unit, studio, one bedroom, two bedroom, three bedroom or penthouse unit. Some condo properties even have more than 3 bedrooms but it is uncommon.

The building can also be a purely commercial or residential condominium. It can be a combination of residential and hotel units or residential and commercial units and buildings depending on the developer.

An example of combined hotel and residential condominium is Chimes Greenhills by Robinsons Land Corporation. The lower floors are hotel rooms while the upper floors are residential units.

Another mixed-use condominium property from the same developer would be The Residences at the Westin Manila Sonata Place rising in Ortigas where one building is the Westin Hotel and the other building is The Residences.

What do I need to know before buying a condominium unit?

First of all you must know these five important things:
• Location
• Purpose
• Number of bedrooms (with or without parking or balcony?)
• Pre-selling or Ready for Occupancy
• Budget


Questions to consider are the following:
• Where do you want to live and why?
• Is it for you, your children and/or the entire family or is it for investment like rentals?
• Do you need to live in it as soon as possible or do you prefer to buy something that is still being constructed?
• Do you prefer to have parking slots and balcony or no?
• Can you and/or your spouse's salary and other sources of income be enough to pay for the total contract price? Who will pay for it or who will be the owner?
• Are you willing to compromise on certain things?

If you are able to answer all of the above then basically you can buy any condo property that you choose. There are too many properties everywhere so you have to be specific in order to be able to decide on what is available. This is for you to avoid being overwhelmed from all the choices and have a difficult and longer time deciding on which one to acquire.

Properties usually have separate parking slots too, meaning you buy it separately from the condo unit. Luxury and high end units can have a 1:1 ratio, the rest have 1:3 or lower ratio of units to parking slots. Sometimes if the slots are sold out since the preselling days then you won't be able to acquire any parking slot at all.

Of course not all of the five are to be followed strictly. Sometimes the location and other factors can change like your budget or requirements so be sure to factor in a few considerations in case what you are exactly looking for is not available.

I am a Filipino living abroad, can I purchase a property in the Philippines?

Oh yes of course. If you are an Overseas Filipino Worker (OFW) or someone who currently live outside the Philippines then sure feel free to purchase a condominium property.

If you are still a Filipino citizen then of course you can buy anywhere in the Philippines. 😁 In case you cannot travel back here all the time, a consularized (consulate notarized) Special Power of Attorney (SPA) will be required from your local representative. That person will stand in for you in regards to signing any documents, etc.

Do I need a broker or can a real estate agent be able to assist me to buy a condo unit? What about hiring a lawyer?

In the Philippines, brokers and agents are two different people. A real estate broker is the one who handles documentation and everything else and can also sell like an agent. They are the ones who have the license to sell you properties. Real estate agents (like me) on the otherhand can only sell properties under a developer and/or broker and (these days) must also be licensed and registered to government agencies like PRC and HLURB.

Sometimes a lawyer can also be a broker but not all the time. You can hire non-broker lawyers to buy properties for you only if they have a notarized SPA otherwise better find a real estate agent or broker who will assist you. (Lawyers are also not allowed to directly sell your properties unless they are also registered brokers or your SPA.)

There are two kinds of real estate agents. One is an agent under a broker under general brokerage, meaning they handle any property from any developer nationwide as long as their broker (and/or brokerage company) is accredited to the developers. You name it they got it. The second one is an inhouse agent or those who are under one developer only and cannot sell any other properties outside the company.

For example, I am now under Robinsons Land Corporation or RLC (developer), meaning I am an inhouse agent who can sell any RLC property in the Philippines. Me and fellow RLC agents are not allowed to sell any other property from Filinvest (where I used to work), Ayala or other developers. We can refer you to other agents or brokers from other companies we know who can assist you but that's it. Unless the developer is not strict with this then the agents may be allowed to sell other properties. It's a case to case basis.

If I already have an agent but I buy the condo unit I prefer from another agent would that be a problem?

Generally it is up to you as a buyer to choose who to get the unit from. As long as you either inform the first agent or write a letter indicating you prefer to work with the other agent. This is to avoid any internal agent and developer problems.

Also be aware that any agent, whether in malls or those manning at the property, will have a sign off sheet for you to sign. Depending on the developer, this means you have been presented with the property information or they will be sending the details to you via email. It actually depends on your preferences and the situation on how you two met.

The first sheet you signed usually is the basis of who gets to sell to the client first unless you have the letter indicating you prefer to buy from the other agent.

For documentation purposes, you will be required to sign the sheet. You can choose not to sign if you already signed with another agent and are not really planning on buying the property. Please inform the person if they are the second agent you've talked to.

You can ask information from other real estate agents should you be unsatisfied with the first agent's service. Or you can ask for the agent's manager (or broker if the agent is not inhouse) rather than buy from another agent, it's all up to you.

Also, if you sense the agent is new, please be patient and remember the time you were also new to anything. Everybody has a learning curve so whether you find an old or new agent, make sure to deal with them fairly.

You are always free to walk away from any agent/broker especially if you sense something you don't like about them. Still, be as fair as you can to anyone you deal with whether you like the agent or not. 😊

Are foreigners allowed to purchase properties in the Philippines?

Yes. The Condominium Act of the Philippines R.A. 4726 allows every condo property in the Philippines a maximum of 40% foreign ownership. 60% of the units are for Filipinos. Once the 40% limit has been reached, no foreigner can purchase any unit in the property.

If a foreigner is married to a Filipino then they will not need to worry about being part of the 40%.

For mortgage or bank loans, foreigners can choose to open a local BDO bank account if they are living in the country or are an expat. If you need to open one, just go to the nearest branch where you live and not anywhere else. 😊 It will be better and easier to get a loan if you own a business or company in the Philippines or if married to a Filipino citizen.

If you are planning to retire in the Philippines, better get a Special Resident Retirees Visa (SSRV) from the Philippine Bureau of Immigration. It's one of the requirements. 😊

What are the document requirements for foreigners to own a property?

Different developers may have their own requirements but one thing is for sure, you will need to have a passport, government IDs and one time Philippine Tax Identification Number (TIN).

Other requirements can be provided by an agent or broker depending on the property and developer.

Do we need to reserve a unit before we can buy it?

Yes, it is required that you pay a reservation fee first which will be deducted from the downpayment of the total contract price upon payment. The amount to pay will also depend on the type of property, if it is high, mid or low end.

For example, The Residences at The Westin Manila Sonata Place being a luxury property has a reservation fee of P100,000. A high end condominium example would be The Magnolia Residences in New Manila with a reservation fee of P50,000.

Mid to low range condominiums like Chimes Greenhills have a reservation fee of P20,000 per unit. Others require P10,000 depending on the developer.

Most properties also have separate reservation fees for parking slots. Parking slot pricing will also be following the condominium price range.

I own a business/company, can I use it to purchase a property?

Yes you can purchase a property under your company or business name. It will also depend on the developer. Be sure to inform your agent or broker so they can provide additional information on what will be required for the company to purchase any condo unit.

How do I buy a condo?

First you pay for the reservation fee. Next you will need to sign the reservation sheet, buyer's info sheet, etc.

Also, you have to choose a payment term to purchase it in full or broken in monthly terms + bank financing or cash payment.

Aside from that you will be asked several proof of identity and documentation like government IDs, passport, proof of billing, TIN, etc. If you will purchase a property as a corporation/company/business, you will be required to present company/business documents of course.

Are cryptocurrencies allowed as payment for properties?

No, not yet. Cryptocurrencies should be converted into Fiat or Philippine Peso amount (PHP) in order to purchase properties. 😉

Can we pay in cash, credit card or only in checks?

Yes you can pay in cash. Cash in 30, 60 or 90 days are accepted, depending on the developer. Post dated checks (PDC) will be required based on the payment terms you will choose.

Credit cards are only accepted for reservation fees but you can check with your agent/broker depending on the developer too.

A sample payment term can be 10/40/50 where 10% is the downpayment, 40% in certain number of months, and 50% would be the balance for bank loan or mortgage. You can pay the monthly amortization with PDCs.

If you are late in paying your monthly amortization, you might accrue fees so be sure to always pay before the due date. Any major changes to the condo unit, like adding a room in the future or combining units, will be subject for approval and will also be your responsibility. It may or may not be approved depending on the property and developer you will purchase from.

What happens after I reserve and pay the downpayment and/or have already loaned at the bank for the condo unit?

Well since you will be the owner of the condo unit/s then you will have to pay for documentary stamps tax, transfer tax, property tax, condominium dues and others before, during or after turnover. Aside from that you will be the one in charge to have the installation of electricity, water, cable, telephone, etc. done in your unit upon turnover. Those and other things are usually NOT handled by your agent anymore. You will be responsible for those things or you can pay someone to do it for you.

Be sure to ask your broker and/or agent what else you will be paying for the condominium when buying the unit/s.

After-sales service is handled by the company administration. There are developer admins and customer service agents who will only talk to the buyer or condo unit owner and not the agents. If you have property concerns once the unit has been bought or if you have paid it off, contact the property admins or company customer service directly.

You can still get in touch with your agent/broker afterwards or not, it's up to you. 😊

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And that's it!

Now that you know more about this topic, what can you say about it? Do you have questions or anything you might add? Feel free to share in the comments. (I don't know much about house and lots though. Haha.)

If you'd like to inquire about the properties mentioned here contact me and I'll be glad to assist you. 😎



Reach me via the following:


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Email: LucyRLC(at)outlook(dot)com
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Should you have other newbie Philippine condo buying related concerns, wait for my next post or ask me in the comments. (^_^)

This has been your artsy real estate agent Lucy Stephanie at your service!

Originally posted on Steemit. Images from Pixabay and RLC Marketing.

A better and improved article version can be read here.