Learned somethings today:
1. If you buy real estate where the title is under the name of the parents both deceased, make sure that before you transact with anybody you have already seen the special power of attorney authorizing that somebody to sell and that there is already an extrajudicial settlement signed by all the heirs. The spa and the extra judicial settlement should already been notarized. If it's not notarized, it's not legal.
2. Ask for copies of latest real property Tax receipts.
3. If you haven't checked the title, do it. Check if there are encumbrances and what kind. Ask a lawyer to help you. Example of encumbrances could be that it is currently mortgaged. A clean title meaning without encumbrances is always preferable.
4. If you apply for a loan using the property you want to buy, tell the bank loan officer all the details. Don't assume that just because they have an investigator, they know everything. If the owners are dead, tell them. The more they know , the more that you will be protected later on because they will make sure that they have a firm hold on their investment.
5. There's no way you'll get lost if you have access to google map, use it.
6. Be polite to all parties involved even when they are not appointed on the spa, you might need their help later on.
With all the difficulties involved in buying a property, i am telling myself not to get attached even when we already like it to the point of spending so much on improvements. Give it all the effort you can and then more, if nothing comes out of it still then let go. By the way, prayer counts a lot so you might want to commit everything first.
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