Buying a house and lot in Bacolod: the steps from viewing to title

Most purchases follow the same order. Here it is, so nothing catches you off guard.

1. Set your budget

Decide how much cash you can put down and how much you can pay each month. Our loan calculator gives a quick estimate. Remember to leave room for taxes and fees.

2. See the property

Photos only tell part of the story. Visit at different times of day. Check the road, drainage, water pressure, mobile signal and how far it really is from work and school.

3. Check the papers

Before paying anything beyond a reservation, ask for:

• A copy of the title (TCT, or CCT for a condominium)
• The latest tax declaration and real property tax receipts
• A lot plan or vicinity map

You can request a certified true copy of the title from the Registry of Deeds to confirm the owner and see if there is a mortgage or claim on it.

4. Reserve

A reservation fee holds the property while papers and financing are arranged. Get the terms in writing: how long the hold lasts, and whether the fee is refundable or counted toward the price.

5. Arrange payment

Cash, bank financing or Pag-IBIG each have their own requirements. For a loan, expect to submit valid IDs, proof of income and proof of billing, and to wait for the bank's appraisal.

6. Sign the deed of sale

The deed of absolute sale is signed and notarized once payment is settled or the loan is approved.

7. Pay the taxes and transfer the title

Taxes are paid to the BIR, which then issues the certificate authorizing registration. The transfer tax is paid to the local treasurer, and the Registry of Deeds issues the new title. The new tax declaration follows from the assessor's office.

How long does it take?

A cash sale with complete papers can close in a few weeks. Title transfer usually takes longer, often a couple of months, depending on the offices involved.

If you want someone to walk through these steps with you on a specific property, message us.