Philippine Condo Buying Experience: A Stress Free Guide (Part 3 Of 4)

PHILIPPINE CONDO BUYING EXPERIENCE: A STRESS FREE GUIDE (PART 3 OF 4)Last week we had tackled part 2 of 4 on our Philippine Condo Buying Guide where we left off with three concerns namely; parking slots, association dues, and multiple ownership.

Let’s continue on with three more today…

Some developers don’t reveal the “geological background” of the location.

There should be full disclosure and Buyers should always exercise due diligence before buying a property, especially if a particular area has a recent history of problems like flooding, fault lines, landslides and the like.”

Such geological data would be too technical for most buyers, but for those who would want this particular information, the local government is the best entity to solicit documents from. Development permits are issued by the Housing and Land Use Regulatory Board for the condo projects. The LGU issues building permits. These two should be able to prevent such an occurrence where a condo project is located in geo-hazard zone.

No clear policy for discounts on bare or damaged units.

Buyers must catch up on a lot of issues before investing or buying a condominium. “This is also dependent on package prices of condominiums. Damaged units also differ on extent, thus, discounts cannot be encapsulated in the form of policy.

Discounts on bare/damaged units are the prerogative of the developer.

No clear policy on accountability when man-made disasters occur.

The unfortunate incident involving unit owners of the West Tower Condominium Building in Makati and the busted gas pipeline of First Philippine Industrial Corp. comes to mind. In such cases, legal remedies are provided through the condo corporation, but then again unit owners must contend with the Philippine legal system.

This problem would already be outside the developer’s concern and control. This falls on a different law of the land called ‘Writ of Kalikasan,’ where the Filipino people are empowered to assert their rights for a healthier environment.

Building codes, Structural codes, Fire codes and Development Permits pinpoint responsibilities. In the case of the pipeline leak, this is not the responsibility of the developer.

>>  Go to part 1, 2, 3, 4 <<