Real Estate Cagayan de Oro

House, Lot, Condominiums & Commercial Properties for Sale in Cagayan de Oro

Real Estate Purchase for OFWs & Seamen

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ContractNow that I explained you the steps of a successful transaction with a developer, I will give you the list of requirements you’ll be asked for the processing.

As you are currently abroad, if you are planning to buy a property, I advise you to choose a SPA (Special Power of Attorney) among your direct relatives, this trusted person will be able to sign all the needed documents on your behalf.
In case you can plan this, it’s better if you fill up the SPA form from the developer before living the country and sign all the needed documents the same in the bank’s SPA form.

Some banks can process your loan application even if you have not sign the SPA yet, just make sure that when you arrive you sign them.

Requirements for you:

  • 5 pcs 1×1 id picture
  • 2 pcs valid id (photocopy back to back) and make a signature on the side atleast 3 signatures
    Cedula
  • Tax Identification Number
  • Birth Certificate
  • Marriage Certificate (if married)
  • Special Power of Attorney 6 copies
  • Proof of Billing Address
  • Photocopy of passport with entries still sign on the side
  • Proof of remittances for the last 6 months
  • Proof of income such as: 3 months latest payslip
  • Bank Statement for the last 6 months
  • Post-dated checks in case of instalments

Requirements for your SPA:

  • 2pcs 1×1 id picture
  • 2 pcs valid id (photocopy back to back) and make a signature on the side atleast 3 signatures
  • Cedula
  • TIN (Tax Identification Number), you, your SPA or I can go in BIR to get the TIN Verification Slip
  • Birth Certificate
  • Marriage Certificate (if married)

Requirements for seamen (submit together with the above requirements as stated “requirements for you”):

  • Photocopy of seaman’s book
  • Original Certificate of Employment & Compensation

Requirements for other OFWs (submit together with the above requirements as stated “requirements for you”):

  • Original & Consularized Certificate of Employment & Compensation
  • Consularized Developer SPA form
  • Consularized Bank SPA form

OFWs can send this documents through FedEX or other courier.

Note for the seamen
If you are still on-board and you want to purchase a house ASAP, you can appoint your direct relative to be your SPA. An agent can send the form through scan and you can sign it and send it back in Philippines. But make sure you will submit the original copies before 30 days. Generally, for OFW’s developer gives you 30 days to comply the requirements.

Usually approval of loan will take 1 month or more depending on how efficient you are in submitting the requirements.

 

If you need more advices or a real estate professionnal in CDO, contact me as I specialized in helping seamen & OFWs for their transactions here.

 

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1(s) thought(s) on "How to buy a property from abroad?"

  1. Gena salcedo says:

    Hi can you pm me in my email I want some info. I’m enterested to avail a housing loan.

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