Owning Property in the Philippines

[Dingo]

... in response to Owning Property in the Philippines, posted by Peter Lee on Sep 26, 2003

How about just renting the property for a while.
In case someone dies or things aren't as you expect
you won't be out so much.

If your wife finds out what you said about her dying
she'll be looking for some wood to knock on....LOL.

Try this link

http://www.filipinolinks.com/cgi-bin/search.cgi?query=realestate&catid=

Cheers
Dingo

[Peter Lee]

... in response to Re: Owning Property in the Philippines, posted by Dingo on Sep 27, 2003

Hi, thanks for the link, but most realty just want to know if your married so you can put it in your wife's name.  Few know the laws and what opptions are available.  
No, I do not want to rent for a while, I want to own and later if I like to sell.  I want to know if my wife dies what happens to my investment?   I am sure there are laws that handle these problems.  What are they and who knows them?   These are questions that should be asked if your serious in buying property in the PI.   I will attempt to contact a realtor on your link.  So far I have found out that realestate agents in the PI are very limited compared to the US.  It took most of the day for the one in Panglao to explain the situation on the property I showed interest.  If you ever ask for directions there you know whst I'm talking about.

[Dingo]

... in response to Re: Re: Owning Property in the Philippin..., posted by Peter Lee on Sep 27, 2003

I have a friend who was married to a Filipina. She then
moved here to the US. After a while (4-5 Months) he sold his house and
quit his job here in the States. They invested all his money in a small resort and house on her families property.
A year or so later she then went back to USA to work as the resort was not making much money. Well she never came back and he ended up
having to abandon the property back to the rest of her family.
Everything was in her families name. He is now back in the
USA "broke", she is now TNT in the USA and he Divorced.

So I guess the point here is make sure your relationship
is time tested first.  You have the right idea to
protect yourself legally first and to find out as much information as you can ahead of time.

I believe that I once read that an American CAN OWN land
in the Philippines but it is a limited amount.
I'll try to find more info for you. It is good stuff to know.
Cheers.
Dingo.

Oh yeah don't get me started on Filipino's and asking
them for directions or instructions. LOL

Hum, if you're reading. The image of you scaring those Pinoy's who
were harrassing you is hilarious.

http://av.fshn.wsu.edu/students/436www01/wwwQuan/don't%20be%20scared.jpg

I did not realize you were 6'4" you must have had to lay "on top"
of the jeepneys.

[Humabdos]

... in response to Re: Owning Property in the Philippines, posted by Dingo on Sep 27, 2003

Once you buy your stuck, later you might find problems with the neighbors or in-laws or whoever. Renting or leasing is cheep. Always live at least 30 or 40 miles from the in-laws even if you get along well. If there always wanting or borrowing something 100 miles would be better.

Hum

[Peter Lee]

... in response to Agree 100% Dingo, posted by Humabdos on Sep 27, 2003

Well is a 12 hour ferry ride and 3 hours with a motorcycle far enough from in laws LOL.  Locals when they can afford it own.  They only rent if they can't afford it.  Once you buy your stuck applies to anyplace.  Most of us at home buy our house and property.  The guys I met in Panglao bought property 7 years ago on the beach.  They have not regretted the investment coz now it is worth 3 times what they bought it for.  White sand beaches are not that common and I think a nice way to retire and invest.  I wouldn't want to leave my wife and kids with rented property when I go LOL.

[Humabdos]

... in response to Re: Agree 100% Dingo, posted by Peter Lee on Sep 27, 2003

12 hrs is just right!

I've been to Panglao many times, diving at Balicasag Island is one of my favorite dive spots. You'll pay a pretty centavo for beach front land. I wouldn't think of investment land and land to live on in the same light. I guess you could get lucky and find both.

Was this your second trip to the Philippines?

Hum

[Peter Lee]

... in response to Re: Re: Agree 100% Dingo, posted by Humabdos on Sep 27, 2003

Well Hum, I think I'm getting the message about the forum’s warning about buying property in the PI.  
But most it sounds have a modest house to come and live that they can call there own.
The reason I mentioned it was that the Belgium guy married to a Filipina in Panglao was there 7 years and married 9 years.  The property was in his wife’s name and he said they made papers with the attorney that she could never sell the land or kick him out and he could live there till he died.  I thought there should be a better way than that to secure his investment.  He bought land on the beach on the main highway.  He built a beautiful house on the highway and regretted not building it on the beach.  He seemed so happy there and settled in.  A lot of other Europeans were there with similar stories.  It got me thinking, you know me I have to check to see if it was for me.  I had the chance to see what property was available and if I would fit in.  I originally wanted 200 sq m of beach property opposite side of the island than Luna beach called Mormol beach.   I was quoted $3500 and $5000 for bare land with beach front.  I also seen a nice resort deserted coz of no tourists and was out of business coz the Japanese who operated died.  Desperate times make good deals right?  I was impressed how nice it was and met with some of the property owners who wanted to sell.  But if I told you what I did it would take me another 25 pages like Da Trip to cover everything.  I go to sleep at night dreaming of this place on the beach.  I know it would never be a reality but it don't hurt to check and ask.  I would do it as some of you suggested only if all my assets are here in the US and the place in Panglao was a vacation spot.  But truthfully when I was there I did not want to go back.   There is some comfort about their corruption.  If you want to get something done if you know the right people it is done.  The retirees that  invited me and Maricel to there home, they had Satellite TV, web internet computers, gas stoves, hot water and city pressure water, European furniture, cars, motorcycles, and it was like being back in the US only cheaper.   The Belgium didn't like maids and he and his wife did all the work around their big 6 bedroom house.  I ask how much investment he had in his house he said about one million peso.  Water was less than $1 TV was expensive $7 taxes a yr were $15 and food was real cheap.  
Yes Hum it was my second trip to the PI and the beach land we looked at was a place to live and monkey around with a little business.  Something to kill the boredom.  When I got on the plane to go home I picked up a magazine with Panglao Island on it and there it was, the place I knew for sale.  Ya, there is lots of diving resorts there and they all seem to make it.  But we all know that to make money and invest the US is the place.   So with my retirement check and some other property income I would like to dabble with the idea of settling down like that Belgium fella and his wife.   The only down side was that I really liked Daytona Beach too.  As soon as I got home it seemed my bubble popped and I was back in the hustle of work, work make money system again.  But at least I found 2 places that I would like to be.  If I retired on a fixed income my cable bill is close to $100, the water and electric is about $150 for 3 people, my taxes are over $2500 and then there is insurance for house and car, food is expensive and so the fixed income would probably go 10 x further in the PI.  So I am doing my home work asking questions writing the Philippine Embassy so at least I know the scoop of what options are available.   If they don’t look good then I can’t do it, but it seemed that some have done it and made it work.   The Europeans want to get away from the high taxes they pay in Europe and the cold weather.  I also like the easy life style of the PI.  I am Familiar with the location of Balicasag Island but I never went there coz I am not a diver.  When you have time I would like to know more about what you experienced while diving there and Panglao Island.  
Peter Lee