Do You Have Questions?
FREQUENTLY ASKED QUESTIONS AND SUPPORT
General Property Buying
1. Can foreigners buy property in Coron and other property in the Philippines?
Foreigners can’t own land, but they can own condo units or lease land long-term (up to 50 years, renewable).
2. What types of properties are available?
Beachfront lots, island properties, residential homes, commercial buildings, and eco-tourism sites.
3. Is corporate ownership allowed for land purchase?
Yes, through a Philippine-registered corporation with at least 60% Filipino ownership.
4. What’s the average land price?
₱3,000–₱15,000+ per sqm depending on location and accessibility.
5. Are there zoning regulations in Coron?
Yes — confirm use and classification with the local LGU and DENR.
Investment & ROI
6. Is short-term rental profitable?
Yes. High occupancy during peak season, especially for Airbnb-style properties.
7. Expected ROI?
Around 6%–12% annually based on location and management.
8. Is property management available?
Limited options, but available in Coron town. Remote island properties need private arrangements.
9. How stable is tourism growth?
Consistent growth pre-COVID; recovery and infrastructure development are ongoing.
10. Can I open a resort or accommodation?
Yes, with permits from the LGU, DOT, and DENR.
Legal & Regulatory
11. What’s the buying process?
Includes due diligence, deed of sale, BIR clearance, title transfer — use a lawyer.
12. Titled vs tax-declared land?
Only titled land can legally be transferred. Confirm ownership with the Registry of Deeds.
13. Should I hire a local lawyer or broker?
Strongly recommended for legal and language support.
14. Closing costs?
Typically 6–9% of property price (capital gains tax, transfer fees, etc.).
15. Are there environmental laws?
Yes — permits are needed for developments near coastlines or protected areas.
Financing & Payment
16. Can foreigners get mortgages?
Rare. Most buyers pay cash or finance abroad.
17. What are typical payment terms?
10–30% down, balance upon closing. Some developers offer installment plans.
18. How to safely transfer payment?
Use escrow or trusted legal representatives.
19. Any hidden costs?
Check for taxes, legal fees, developer fees, and broker commissions.
20. Do I need a local bank account?
Not required, but useful for bills, taxes, and rental income.
During the Buying Process
21. How does an agent help a buyer specifically?
(1) Recommends suitable properties (2) Arranges site visits (3) Performs basic due diligence (4) Negotiates prices and terms (5) Assists with documentation and legal coordination
22. Can the agent help verify the property title and legal status?
Yes, will help you verify titles through the Registry of Deeds and check for liens or disputes — though a lawyer should still be involved.
23. Do agents also assist with foreign buyer transactions?
Yes. Experienced agents often work with foreigners and can explain land ownership laws, lease structures, and investment options.
24. Will the agent accompany me throughout the entire process?
Yes — a full-service agent will guide you from selection through to title transfer or lease registration.
25. What about negotiations? Will the agent represent my interests?
Yes. A buyer’s agent advocates for your interests, helping you get the best price, fair terms, and protect your rights.
Fees, Commissions & Contracts
26. Who pays the agent’s commission in the Philippines?
Typically, the seller pays the agent’s commission, but some cases (e.g., buyer’s agents or exclusive representation) may involve fees on the buyer’s side.
27. What is the standard commission rate?
Standard is 3% to 5% of the sale price for brokers. Rates can be negotiated.
28. Should I sign a contract with the agent?
For exclusive arrangements or buyer representation, you may be asked to sign a Buyer’s Agreement or Letter of Authorization (LOA).
29. Are agent fees refundable if the deal doesn’t push through?
No. Most agents work on commission — payment is made only if the transaction is completed.
After the Purchase
30. Can the agent assist in transferring the title or tax declarations?
Many agents coordinate with lawyers or title processors to help with title transfer, tax payments, and registration.
31. Do agents help with utility setup or local permits?
Some full-service agents offer this, especially in tourism destinations. It’s best to ask in advance.
32. Will the agent help manage the property after the sale?
Some agents offer property management or leasing services, or they can refer you to local providers.
33. Can agents help foreigners set up land leases or corporations?
Agents often connect buyers to lawyers and consultants who handle legal structuring, such as 50-year leases or corporate setups for land ownership.
34. What happens if I discover problems after buying — can the agent be held liable?
Agents are expected to disclose known issues, but legal recourse depends on the contract and proof of misrepresentation. It’s still wise to conduct independent due diligence.