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Buying Property in Boracay with

Some challenges a buyer may face when buying a property in Boracay: ◉ CHALLENGE #1: NOT KNOWING HOW TO DO DUE DILIGENCE. If you’re not working in the real estate industry, you may not have any idea on how to examine a document that supports the seller’s acquisition of the property. This is important because there have been previous laws and executive orders that put Boracay Island under the management of the Department of Tourism (DOT). These include Presidential Proclamation 1801, signed by former President Ferdinand E. Marcos Sr. on November 10, 1978, and Executive Order 706, signed by former President Gloria Macapagal-Arroyo on January 18, 2008. Philippine Tourism Authority is the forerunner of the Tourism Infrastructure and Enterprise Zone Authority (Tieza), the infrastructure arm of the DOT, which helps develop tourism economic zones. Therefore, a lot of the landowners only hold a tax declaration but that is about to change which you’ll learn in this video as Ms. Brugger discusses it. ◉ CHALLENGE #2: FINALIZING LAND PURCHASE WITHOUT PROPER LEGAL LAND DUE DILIGENCE. Before signing any document or signing a Deed of Absolute Sale, proper legal land due diligence is a must. Without it, it can cost a potential buyer more expenses and losses. For example, there are pending disputes or cases with the land or if there is a title, there are existing encumbrances. ◉ CHALLENGE #3: PROFESSIONAL SCAMMERS. I always tell my subscribers to only transact with legal real estate service practitioners. There are actually bogus sales of land. Back in 2018, a group committed syndicated estafa by convincing a corporation to buy a 7,988-square meter property in Barangay Balabag, Boracay for P 40 million. The corporation found out too late that the property is covered by Proclamation No. 1065 which places it under government protection as inalienable forest land. Ms. Elena Brugger shared that SPR Boracay Real Estate offers due diligence starting at P 10,000 for buyers to avoid headaches. Those who did not do so got scammed with not just thousands but millions. And as much as SPR Boracay Real Estate would like to help, it’s too late for them to be a hero. If you’re considering buying or owning a property in Boracay, please do reach out to SPR Boracay Real Estate since they’re a legal real estate firm with 25 years of experience and a physical office at Diniwid Beach. Website: https://www.sprboracay.com/ Ley us connect on social media: ♪ Tiktok:   / ownpropertyph   📷 Personal Instagram:   / curlymean   📚 Facebook Page:   / ownpropertyph   #Boracay #RealEstate #Philippines