Homebuyer Tip: Knock on Wood — literally

The first thing you need to know when checking wood in your new home or home-to-be is that appearances can be deceiving. How a wooden beam looks like, for example, has no bearing on its condition. A perfect-looking beam or wood trim may hide a rotting interior, courtesy of termites and wear and tear due to extreme temperatures.

Go check it out!

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How can you protect yourself from fraudulent or spurious real property sellers or developers?

Here are some tips that may protect you in dealings with these unscrupulous people.
First, conduct a title search and check the authenticity of the transfer certificate of title, or TCT, or the condominium certificate of title, or CCT, which represent the seller’s proof of ownership over a property.

Protect yourself from spurious real estate agentsIf you rely on the seller’s act of showing you an owner’s duplicate copy of either the TCT or CCT, you should check whether 1) the last digit of the TCT or CCT and the page number are the same, 2) the copy bears a security mark that can be seen when the document is exposed to light, 3) the red seal on the copy does not smear even when dabbed with a wet cloth, 4) the registrar of deeds has a copy, and 5) the document is a true copy of the TCT or CCT at the registrar of deeds.

Second, probe the identity of the seller. If the seller is the registered owner of the property being sold and not a broker, then request for identification, especially government-issued IDs like a driver’s license, a passport, or tax identification number card.

If the seller is a company, however, you can still confirm its identity as the owner of the property by asking for the Securities and Exchange Commission certificate of registration, a board resolution authorizing the sale of the property, and an authentic employment ID from the one selling the property on behalf of the company.

Remember that if the seller is someone other than the registered owner of the property, he or she must have a special power of attorney that authorizes him or her to sell the property.

Third, establish the seller’s ownership of the property. There are other, subtler ways to check this than merely asking for identification. One such way is by interviewing the seller about the property. If the seller is the real owner, he or she will have a great deal of stock knowledge about the property, such as history and topography.

Last, if the seller is a property developer, you should establish its compliance with laws by first asking the developer’s representative to furnish you copies of its Housing and Land Use Regulatory Board certificate of registration and license to sell.

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