To avoid a bad situation wherein one parts with hard-earned money by investing in real estate with very little prospect of appreciating in value in the near future, one must be aware of the existing rules, regulations, terms and conditions relating to the sale before making the down payment.
Fortunately, majority of the firms engaged in the real estate business still consider it a practice to fully inform their prospective clients of the salient points needed before concluding the sale.
In other words, there should be full disclosure by the seller of all factors, such as existing or planned infrastructure projects of the government, movement of population in the area and other related development projects in the vicinity, to help the prospective buyer make the right decision.
One of the firms which subscribes to the principle of full disclosure is Golden Ridge Corp., a 100-percent Filipino-owned and managed corporation based in California.
In compliance with existing laws in the US, payments to Golden Ridge by its clients are placed in an escrow account until the transfer of title or grant deed is completed.
Then, the contract signing between Golden Ridge and its clients are done at the US embassy or in the office of a law firm duly accredited by the US government.
Some real estate firms in the US, including a few owned by Filipinos, which have sold land to Filipinos in the past have unfortunately issued only land contracts that did not legally transfer to their investors the rights to the purchased land.
In the case of Golden Ridge, clients who have completed the requirements are issued one round-trip ticket each, Manila-Los Angeles-Manila, after the transfer of title or grant deed for ocular inspection of the land should the client be willing to accept the offer free of charge.
With offices at the Galleria Corporate Center in the bustling Ortigas commercial complex, Golden Ridge can be reached through tel. nos. 635-4482 and 635-4527.