Common Documentary Requirements For Buying A Real Estate Property From A Project Developer in the Philippines

Common Documentary Requirements For Buying A Real Estate Property From A Project Developer

Are you buying a property, whether house, lot, townhouse, or condo from a real estate developer? You need to be fully informed of the documents the developer would require from you to fully transfer the property to your name. Of course, that is apart from the money you would be paying them to finance the construction and completion of the project, whether you pay in cash or check, or online scheduled payment.

For individuals, couples, and partners:

1. BIR TIN 1904 - The developer would require you to produce a BIR TIN 1904. You can download the BIR Form 1904 in this link. For foreigners, please get a TIN in BIR RDO 39 in Quezon City. For those who do not have TIN, please get one in your local BIR district.
   
2. BIR Form 2305 - For Spouses A and B. For Husband/Wife married to Wife/Husband, this is not required. Usually, the employers provide this.
3. Two valid IDs of buyer/s with three specimen signatures. Please make the copies clear and legible.
4. Income statements  - BIR Income Tax Return, Certificate of Employment with Compensation, or two or three latest monthly payslips
5. Buyer Information Sheet - the form and information required varies from developer to developer.
6. Reservation Agreement - I advise everyone to read the fine print. If you need clarification, please ask your sales agent or real estate broker. 
7. Special Power of Attorney - in case someone will represent you in your transaction on behalf. If you will be out of the country, make sure it is on Apostille/Consularized. The developer could provide you a pro-forma template of Special Power of Attorney.
8. Bank account if the developer requires you to open a bank account of their preference where to get scheduled payments
9. Post-dated checks, if not bank account, that needs to be funded in a monthly basis, with fund available based on the payment schedule

For corporation

1. BIR Form 1904
2. Board Resolution or Secretary Certificate with intention to acquire or purchase a unit
3. Board Resolution or Secretary Certificate with who to appoint as the Special Power of Attorney to represent you on behalf.
4. Income statements - BIR Income Tax Return of the previous year, or Audited Financial Statements
5. Buyer Information Sheet
6. Reservation Agreement
7. Post-dated checks

This article could be incomplete. Help me add more. Please comment down your additions and I will update this article promptly.

Thank you!