Be cautious in investing on real estate: HLURB

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Tuesday, January 7, 2014


WHILE real estate projects are seen to increase this year, the Housing and Land Use Regulatory Board (HLURB) in Central Visayas Region is reminding buyers to be cautious on their investments.

HLURB Regional Director Alixes Roy Lopez warned the public to follow the agency’s guidelines before and after buying properties since there are developers who do not follow these.

“Out of the 50 developers, two of them violate,” he said.

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The guidelines, according to Lopez, are meant to protect buyers and safeguard their investments from the inability of the developers to meet what they promised clients.

Lopez said that before buying a property, one must check if the project has a License to Sell issued by HLURB. The interested buyer can ask the seller or the agent if the project is registered. They can also verify the license at the HLURB website at www.hlurb.gov.ph.

Lopez also advised buyers to visit the site of the subdivision or condominium project which they are planning to buy and check for the project’s date of completion, which is indicated in the License to Sell document.

If the property is mortgaged, the director advised buyers to check for the Mortgage Clearance from HLURB.

Checking the facilities and amenities represented in the project’s advertising material or brochures is also necessary, he said, because some developers promise great amenities but do not deliver after completion.

He said that it is also important to verify if the features are in accordance with the approved subdivision and condominium plan.

When buying, Lopez said buyers should first check if the broker or agent is registered with HLURB. It is also necessary to verify if the property has not been sold to buyers and if the materials used in the project conform with the development standards and building plans.

Before signing the agreement, the director encouraged buyers to read the Contract to Sell thoroughly and never sign a blank contract.

The contract should be registered with the Registry of deeds.

Securing a copy of all the signed documents and always asking for an official receipt for every payment transaction should always be followed.

Published in the Sun.Star Cebu newspaper on January 08, 2014.

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