Buyers warned of ‘juicy’ lot offers

CEBU, Philippines - Realtor estate brokers are warning prospective buyers against “juicy” offers of a five-year-to-pay scheme for subdivided lots without interest.

Dr. Samuel Lao, president of the Philippine Association of Real Estate Board-Cebu Real Estate Board, Inc. (PAREB-CEREB, Inc.), claimed the situation is a challenge to their profession.

Lao said a mayor in northern Cebu had asked him who will police the activity, which have reportedly become a problem in the locality.

“Ilang concern is napalit na ang yuta, even tax declaration pa… very juicy, attractive… acknowledgment receipt lang ihatag,” Lao said during the 888 News Forum at Marco Polo Plaza yesterday.

According to the mayor, Lao said, the problem surfaced when the lot is turned over to the buyer because the local government unit cannot issue a permit for construction since the subdivision plan did not pass through the LGU.

Lao said prospective buyers should ask for a License to Sell from the Housing and Land Use Regulatory Board and check if the project is registered. The buyer also needs to verify if the developer of the project is registered with the local government unit where it belongs.

“Time sa turnover, dili sila maglisud ask for building permit sa LGU,” Lao said.

Lao added that the current arrangement, which has reportedly become rampant because of its affordability on the part of buyers, will simply waste the buyer’s hard earned money.

To address this concern, Lao said they have created “baby chapters” – the Cebu South Real Estate Board and the Cebu North Real Estate Board – that can help assist the LGUs.

The Mandaue-Mactan Real Estate Board is also active.

Lao said HLURB and Pag-IBIG Fund can also tap these chapters to help. — (FREEMAN)