在菲律宾银行网点内进行二手房交易，虽然可以增加交易的安全性和
Conducting a second home transaction within a Philippine bank branch, while it increases the security and transparency of the transaction, does not guarantee 100% reliability.
Our clients have encountered big problems with bank transactions...
Case
Buyer A, through an agent, decides to enter into a second home transaction with the seller at a reputed bank. Since the property was purchased by the seller through a loan, the transaction needed to take place at the bank so that the money could be paid directly to the bank to repay the loan.
On the day of the transaction, the seller and the bank manager cooperated with each other, claiming that the transaction was safe and secure, and after Buyer A handed over the money to the bank manager, the manager did not count the amount on the spot nor did he provide any receipt, but only explained that the system was being upgraded and that the amount would be deposited into the loan account after the upgrade, and emphasized that the bank was one of the four largest banks in the Philippines, and that he himself, as the bank manager, would never have any problem with the transaction.
With the bank's brand endorsement, Buyer A left half-heartedly. However, shortly afterward, Buyer A realized that the property could not be transferred and even the purchase price was not deposited into the account of the loan.
When Buyer A contacted the bank manager immediately afterward, the other party shifted the blame, and the seller kept delaying the refund. In the end, Buyer A was stuck in a dilemma of losing both the house and the money.
However, Buyer A found us, and with the help of a lawyer, Buyer A filed a lawsuit against the seller and received a fair trial in court.
This case is a warning to us that we need to be on high alert even when conducting transactions at bank branches.
A key point for everyone! What are the key aspects that you should look out for in a real estate transaction!
01
title search
The seller may not be the legal owner of the property, or the property may have unresolved title disputes (e.g., mortgages, encumbrances, disagreement among co-owners, etc.).
√ Right way:
Prior to the transaction, it is important to conduct a title search to confirm the legality of the property and the absence of any title disputes
02
Documentation review
Falsification of documents such as title deeds or other tax certificates.
√ Right way:
Ensure that all documents are notarized and an attorney is required to assist in verifying the authenticity of the documents prior to and at the time of the transaction.
03
Tax surveys
The seller may be delinquent in paying taxes related to the property or fail to pay the required taxes, resulting in the risk that the buyer may be exposed to back taxes after the transaction closes
√ Right way:
Prior to the transaction, check the seller's tax records to ensure that all taxes due have been paid, and consult with an attorney to understand the relevant tax rules and regulations, and to clarify the buyer's and seller's share of taxes and fees
04
property condition
Delinquent property fees and the actual condition of the property may not match the description
√ Right way:
05
Security of Transaction Funds
Failed transfers, funds being held up, transfers to the wrong account, etc.
√ Right way:
So if you buy a property that is in the middle of a loan, what should you look for when you have to settle the final payment at the bank:
01
Selection of reliable banks and staff
Choose a reputable bank for your transactions and verify the identity of the staff.
02
Full monitoring of the transaction process
During the transaction, ensure that funds are transferred directly from your account to the loan/seller's account without going through an intermediary or third party personal account.
03
Request for official vouchers
Regardless of the other party's reasons, it is necessary to ask for official bank receipts and transaction vouchers to ensure that the transaction process is transparent and traceable.
04
Recording and recording evidence
If the other party is informed and permission is obtained, the whole process is recorded and recorded, and all communication records and transaction details are kept in case of emergency.
05
Accompanied by counsel
Throughout the transaction process, there are lawyers accompanied and guided to ensure that every step is in accordance with the law and maximize the protection of your rights and interests.
In real estate transactions, it is important to be vigilant and minimize transaction risk by doing your homework, consulting your legal team and ensuring that the transaction is transparent.