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Buying Versus Renting: What's Best for Your Home Needs?

Renting, Leasing, and Buying Real Estate: Understanding the Differences and Benefits When it comes to securing a place to live or investing in property, there are several options to consider: renting, leasing, and buying. Each choice comes with its own set of advantages and disadvantages. This article will explore the definitions, pros, and cons of each to help you make an informed decision. Definitions Renting: Typically involves a short-term agreement (month-to-month). It provides maximum flexibility for both tenants and landlords. Leasing: A long-term contract (usually 6–12+ months). It offers stability and a fixed rental rate for the duration of the term. Buying: Purchasing property outright or via a mortgage. It provides ownership, equity growth, and long-term investment potential. Pros and Cons 1. Renting Pros: Flexibility for easy relocation. Lower initial upfront costs. Landlord...
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Is That Real Property Deal Too Good to Be True?


So, you found a listing where the lot is priced cheaply. You thought, “This is a great deal.” But have you looked deeper? Did your agents or real estate brokers perform the necessary due diligence?

Many have fallen victim to land conflicts. The asset they thought was a great deal turns into an expense or liability due to a lack of due diligence. They believed they were getting a bargain by paying less than the prevailing market price in the area. Then reality hits: the land has multiple owners.


Who then has the rightful claim?


This is a common problem in many areas of the Philippines. Just because a piece of land is sold cheaply doesn’t mean it’s a great deal. There are many factors to consider before owning real property.


Here are some due diligence steps a property buyer must perform to ensure a good and legal transaction according to Philippine laws:


Verify the Title


Ensure the title is genuine and clean. Check for any encumbrances, liens, or annotations that might affect ownership.


Check the Seller’s Identity


Confirm that the seller is the rightful owner of the property. Request valid identification and proof of ownership.


If the seller is married, verify the marriage certificate to ensure the spouse's consent.


If the seller is a minor, incapacitated, or under guardianship, check for relevant court orders.


Conduct a Physical Inspection


Visit the property to verify its condition and ensure it matches the description in the listing.


Survey the Property


Hire a licensed geodetic engineer to conduct a survey and confirm the property’s boundaries.


Review Zoning Laws


Ensure the property complies with local zoning laws and regulations.


Check for Tax Declarations


Verify that all real property taxes have been paid and there are no outstanding tax liabilities.


Consult with a Lawyer


Seek legal advice to review all documents and contracts before signing anything.


Investigate the Property’s History


Look into the property’s history to ensure there are no disputes or legal issues associated with it.


Secure a Notarized Deed of Sale


Ensure the Deed of Sale is notarized to make the transaction legally binding.


Register the Property


After the sale, register the property with the Registry of Deeds to transfer ownership officially.


Those are some of the tasks of responsible and professional real estate practitioners. That’s what we do at GoRA. By following these steps, you can protect yourself from potential issues and ensure a smooth and legal property transaction.


The Real Estate Service Act (RESA) Law or R.A. 9646 was born out of the need to professionalize the real estate industry in the Philippines. It aims to protect the rights of real estate professionals and ensure that only qualified individuals practice in the field. The law also sets standards for ethical conduct and provides penalties for violations.

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