Steps in Buying Properties for OFW with SPA

It’s my pleasure to have assisted OFW clients in owning their dream house. Yes, many of my clients are based abroad and having them convinced to avail of property with my assistance is very challenging. Credibility is the first concern as these buyers relied only to my email, calls and messages in answering their queries. Open communication and coordination is the key for smooth process.

In order for an OFW to invest in property especially through bank financing would require a representative. A Special Power of Atty (SPA) need to be consularized, required income documents need to be submitted on time and of course the payment of DP either cash or thru wire transfer is not an easy task to coordinate.

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The buyers’ representative in an SPA is called the Atty In-fact and the buyer himself is the Principal. Atty In-fact is a special agent authorized to act on behalf of its principal, to sign and transact in developer and banks for their loans. The transactions of Atty In-fact is always for the advantage of his principal and never be for his own advantage like transferring the title to his name or disposing the property for his own – is a criminal act. So, OFW buyers of property would relax, property investment with representatives are safe.

To share with you, here are my:

Steps in Buying Properties for OFW.


Pre-qualify yourself to income and document requirements of your preferred property; do not reserve without proper briefing from your agent. Ask your specialist regarding accredited banks of developer and the required documents.

Decide and reserve the unit with the help of your attorney- in-fact and your agent; coordination and communication gives a smooth process. Being abroad, you may ask for Reservation Forms from your Agent that can be sent thru emails, fill it out and email back with your valid ID’s to submit to the developer for formal reservations, your personal details in the forms is very important so preferably the principal buyer has to fill out the form. The attorney-in-fact could do it but still need details of principal buyer.

As principal buyer you need to decide on what bank to apply your loan with, then you may request copy of SPA forms. You should have an idea or you may ask on current interest rates, the easiest bank loan approval process or if you have preferred bank to were your loans be applied then it’s better.

Print two copies and fill out the SPA Forms, along with the forms should be a valid identification of attorney-in-fact and the buyer himself. Developer has it’s own form and also needed to be consularized because your attorney-in-fact will transact and sign documents also. In other consuls, they allow one SPA Form be consularized and that is okay but have it two if possible.

The witness’ signatures and copy of identification are also required in the SPA Form like any other legal documents.  (a) In case of combined Income for a couple to meet the requirements of bank, a separate Joint and Solidary Undertakings (JSU) need to be consularized also. 

Fill out the form with complete attachment, have it notarized in your host country then consularized at our consul. A consularized SPA or JSU form has a red ribbon.

I would recommend that the consularized forms are scanned and emailed in advance to the attorney-in-fact, so he/she will have proof to show in case of immediate transactions, original copy will take days or week before it can be delivered to the Philippines. 

Follow the due dates of your official computation. The loan applications for your loanable amount in banks need to be processed right after the spot down payment. Some developers in economic housing are the ones processing the loan application with their accredited banks but clients may opt to process it with their preferred banks for faster approval. Developers submit client loan application to the bank by batch and clients who opt to personally process with the help of the attorney-in-fact is the faster way. However, at high end projects, clients process their loans with their banks. 

Be updated with the loan application status and aim for the faster approval. A postponed approval and signing may cause delay, and it is possible that by the time the client is ready to finalize the loan application the bank would require updated requirements. The approval and signing of documents in banks can be done by attorney-in-fact and there may also be a processing fee, directly paid to the bank which is usually equivalent to 3% of the loanable amount. After approval, the bank will issue a bank guaranty that you will submit to the developer.

House construction is next after loan approval. Be updated with your agent and attorney-in-fact. Once transfer of title is complete, the title is kept by the bank and will be given to the client after loan pay off.

Hope this helps future buyers!


Thanks for reading, pls share if you find it useful!

About the Author

Jerome Morada

Realtor & Webmaster

Good day! I'm Jerome, your friendly Real Estate Broker with PRC License 0012399 and HLURB registration. Just sharing simple tips, please share if you find it useful! Thanks!

37 (mga) puna:

  1. can i ask po, bumili po kasi kame ng house and lot and yung ate ko (principal) eh nasa saudi, ako po yung attorney in fact. Itatanong ko lang po yung process ng pagconsularize ng documents abroad. Since malayo po siya dun sa place ng embassy kung saan daw pwede ipaconsularize yung mga docu eh namomroblema siya kung paano yun aayusin. May iba po bang remedy may nbasa po kasi ako na pwede i email or in person, ang gulo po. First encounter plang din po namin about this process.Pls help po. Thanks and Godbless.

    ReplyDelete
    Replies
    1. Kailangan po talaga ng consularized SPA, kung under bank financing at kung may specific bank like RCBC - kailangan ng RCBC SPA Form ang gamitin, may kanya-kanyang forms ang bank. Ganun din ang Pag-IBIG Financing.

      Hingi ka po ng SPA forms sa seller nyo, ganun din ang SPA form ng developer, kebale two separate forms under financing ang bahay. Maliban kung In-house Financing - form lang ng developer.

      I-scan nyo po ang SPA Forms at eemail nyo sa Ate nyo para iconsularized sa abroad, tapos ipadala sa inyo ng Original na consularized - yong may red ribbon.

      Magemail din kayo ng scanned ID nyo along with SPA forms.
      Thanks for viewing.

      Delete
  2. gud eve! ask ko lng poh kng magkanu ung bayad sa pg consularized ng mga documents.... thanx poh

    ReplyDelete
    Replies
    1. Good Day! Depende po yata sa Notary and Consularization ng Embassy natin sa iba-ibang location. Yong sa mga clients ko from 1,500 to 2,500 pero depende kung ilang copies yon. Some developers requires 2 copies pero ang ibang consul natin ay allowed lang ang 1 copy - like in Singapore.

      Salamat.

      Delete
  3. Magkano po kpag yung SPA ippaconsularized sa Singapore? per page po ang price?

    ReplyDelete
  4. Mel, around 1,500 or more ang pag consularized ng SPA dahil it needs to be notarized there and have the red ribbon by our consul, per set of SPA po yon. Baka 1 set lang ang allow sa Singapore, at ipa-photocopy nyo na lang.

    Thanks for viewing.

    ReplyDelete
  5. Hello po ask ko lang po...kapag po ba ikekeep ng banko yung title kasama rin ba pati susi ? Salamat po

    ReplyDelete
    Replies
    1. Good day po, kapag bank financing at na-Loan takeout na ng bank ang bahay ang title po ay under processing ang transfer siguro ng ilang buwan, pero at this time pwede ng iturnover ang bahay nyo. Yong title ay naka pangalan sa inyo pero may annotation sa likod nito na naka loan sa bank, kaya automatic na hawak ng bank once naitransfer na, anyway bibigyan kayo ng photocopy of title ng developer during turnover.

      Kung kayo po ay OFW dapat may representative kayo to accept ang turnover ng bahay. Kung wala naman, ang ibang developers ay merung ganitong patakaran na (sample) - 30 days upon informing clients for turnover and clients at ang clients ay hindi pumunta, ang bahay ay considered turned over na at nasa developer pa rin ang susi.

      Salamat.

      Delete
  6. hello, just want to ask, once i started paying for a unit, when will i get my cts and OR pra s monthly payment ko?

    ReplyDelete
    Replies
    1. Good day po, depende po sa developer at kung complete documents na po kayo.

      Merun mga developer na nagrerelease ng Contract to Sell during first Down Payment or atleast 3rd Month as long as complete requirement na kayo, at merun naman na matagal mag-release ng CTS.

      I-confirm nyo po sa Agent nyo kung ganun ang process ng developer, yong iba matagal talaga at kailangan pang by Batches pa nagrerelease sa damin ng mga buyers nila. Pero mas maigi na mai-follow up ng seller nyo sa developer.

      Regarding OR, merun ding na developer na hindi maka issue agad ng OR dahil sa System problem nila pero wala namang problema dahil na-crecredit naman ang mga payments.

      Salamat.

      Delete
  7. how about po s bank financing. by aug 2014 we have to pay n the 90% but the turnover is stil 2Q of 2015. is it ok n ganon ktgal ang turnover. my agent told me better pra madali na during turnover.

    i want to process n kc ung mga requirements s bank loan kc i am on overseas. pero sb ko s agent ko i want to have the CTS and OR 1st. we started paying aug 2013 pa. i keep on following up pero too many excuses like signatory is not around or late na update s system. do u think i have to proceed preparing all the requirements even i dont have any docs?

    ReplyDelete
    Replies
    1. At Bank Financing, merun po tayong 2 option:

      1st Option: Si Developer ang mag-process ng Housing Apllication sa Bank

      - kailangan lang nating i-submit sa developer ang lahat ng requirements during Down Payment: Income Documents, 2 Valid IDs, Proof of Billing, Payslip. (for preliminary background check by developer if client is qualified)
      - 1 month or 2 before matapos ang Down Payment, kailangan na i-update ang lahat ng documents for processing of Loan Apllication at Bank. (for submission of application at bank)
      - within 2 weeks magkakaroon ng feedback from bank kung approved of not
      - signing of Loan Agreement at bank

      Note: Depende po sa developer kung ongoing ang construction ng houses of hindi pa, ang developer at accredited banks ay may agreement kaya ina-appove ng banks ang developer kahit hindi pa constructed ang bahay or kahit ongoing pa lang.

      2nd Option: Si Buyer ang mag process ng Loan sa Bank na gusto nya.

      - at reservation sa developer nag-susubmit tayo ng documents for their record
      - dapat may other copies tayo ng documents kung tayo mag-process sa bank
      - kung ang bank ay accredited ng developer - pwedeng hindi na kailangan ang Contract to Sell or pwede ring i-require
      - kapag hindi accredited ang bank, usually nirerequire ang contract to sell - pls refer to banks
      - during Down Payment pwede po kayong magpa-preapproved sa bank ninyo, hingi kayo ng pre-approved application sa bank at i-submit sa developer for the record.
      - yong pre-approved application ay hindi pa po sya final, at the time na matapos ang downpayment nyo kailangan na ma-Loan Takeout kayo ng bank ninyo, signing of documents and paying of processing fees.

      Also, (at bank financing) pwedeng hindi pa under construction ang houses, please ask your seller or developer regarding house construction. Always have your own duplicate copies of documents.

      Regarding sa OR, merun pong cases na ganun - na Probationary Receipt(PR) ang nabibigay dahil sa system nila pero walang namang problema at na-credit naman ang mga payments, make sure cashier or authorized staff ng developer ang nagbibigay ng PR.

      Yon po, kung na-credit naman ang payment nyo sa developer, ibig sabihin walang problema. To validate payments, pwede kayong humingi sa collection department ng developer ng copy ng Statements of Account.

      Karamihan ko pong client ay based abroad at as long as nakikipag-coordinate ang Representative ng buyer or buyer mismo, at syempre ang coordination at update ng Agent - madaling maayos po ang lahat. Kailangan lang ng open communication at update kung ano pa ang kailangang requirements.

      Note: Hindi po pareho ang process ng developers, please ask your seller or developer.

      Salamat.

      Delete
    2. thnks s reply.

      sb ng agent ko pag dw nalate ako s bank loan, my penalty dw. can i waive the penalty kng sila nmn ang cause ng delay. by the way amaia ang condo namin.

      require din pla kmi ng RCBC ng SPA pero sb ko ill be in Phil this Aug. Aug need maprocess ung bank loan. can i insist n wla n lng SPA.

      Delete
    3. Opo dalawa po ang SPA Forms na dapat ma-consularized: Amaia Form and RCBC Form.

      Kung kayo po personal (your representative)
      ang mismong mag apply ng housing loan sa bank at kapag na-late kayo sa due date nila, magkakaroon po ng penalty. Unlike kung ang developer ang mag apply with your complete requirements.

      Kung uuwi po kayo, make sure makumpleto nyo ang requirements sa pag apply sa bank para mas mabilis ang process ng bank at hindi na kayo maabala.

      Di ko po masagot kung pwedeng i-waived, kasi yong ibang client ko na na-waived namin ang penalties ay ibang situations. Pero try nyo dahil kung ang CTS ang kailangan ng bank for the process, baka pwede.

      Salamat.

      Delete
    4. wla p rin CTS ko til now. wla nmn SPA form from Amaia kc considered local buyer dw ako.

      actually ng fill up lng ako ng RCBC loan form then Amaia ung ngsubmit. is it considered developer ang ngaaply ng loan.

      Delete
    5. Ahh okay po, ganito po gawin nyo. Kausapin nyo po ang seller nyo kung ano talaga ang kailangang gawin or kunin nyo ang contact number ng customer service na humahawak sa account nyo para mas clear at madali ang coordination.

      Kailangan din po na during signing at bank ay andito kayo mismo para hindi na kailangan ng SPA. It takes 2 weeks or more, sometimes months to process and loan take out at banks kaya kung di kayo sure na andito kayo, mas maigi atleast mag Notarized (local - 150+ pesos) ng SPA. (Consularized for OFW - 1,500+).

      Pasensya hindi ko masasagot dahil mahirap mag assume. Kunin nyo po ang contact number or email ng developer.

      Yong iba ko pong account mahirap din ang situation, karamihan nasa abroad at naayos naman lahat. Coordination, open communication at kailangan nyo lang po mag decide ng tama.

      Salamat

      Delete
  8. hi I want to ask because my agent is asking for 7copiesof SPA all red ribboned each at dito kse from where I am, each red ribboned costs almost 3k in pesos so 7 will cost me almost 24 thousand..ganun po ba tlga? from what I know po kse 2 copies lang ang usually nirerequire. my developer is filinvest and it will be thru east west bank financing. Thank you.

    ReplyDelete
    Replies
    1. Good day! karamihan ko pong client ay nasa abroad at ganun ang cases nila thru SPA, may mga ganong mga developer na nagrerequire ng maraming copies ng Orig and Consularized SPA copies.

      Pero merun din namang mga consul per country tulad ng Singapore na limited/one copy only ang allowed for Red Ribbon kaya ang dahilan ko sa developer ay yon lang po talaga ang allowed.

      Pero kung pwede naman pong maraming copies mas maigi, dapat po kasi may copy ang:
      1. Developer
      2. Bank or Pag-IBIG
      3. Client
      Kaya atleast 3 original copies kung pwede. Then photocopy na lang ang ibang copies kung 7 copies ang kailangan nila.

      Make sure merun po kayong copy either original or photocopy, lalo na po ang Atty In-fact nyo dahil kahit naka-submit na ng SPA copy, every transcation of your Representative or Atty In-fact requires to present photocopy of SPA and IDs.

      So far, ina-accept naman ng developer pero di ko pa nasubukan sa Filinvest dahil hindi pa ako accredited duon.

      Salamat

      Delete
  9. Hi sir! Ask ko lang po kc ung husband ko po umuwi dto nung july tpos binigyan kmi ng spa ng agent nmin pra sakin kc ako ung attorney in fact. Pinanotarize nmin nh husband ko un habang andto sha...Ngaun ang question ko po valid napo ba un or tlagang kailangan parin ng consularized na spa, at saka ung binigay po samin na spa ng agent, parang ung normal lang na spa iba parin ba ung galing sa rcbc kc tie up po un ng developer nmin at cla ung magpaprocess ng bank financing nmin

    ReplyDelete
  10. @anonymous Good day po!

    Valid po yong SPA Forms na pina-notarized nyo. Since bank financing po kayo, dapat 2 different SPA Forms ang notarized: one SPA Form for developer at one SPA Form for RCBC.

    Magkakaibang Forms po yan, siguro yong SPA Form ng developer ang binigay sa inyo, kaya hingi po kayo ng SPA Form for RCBC. Dahil incase na ma Loan Take out kayo sa RCBC kailangan nyong pumirma as Atty Infact kaya required po yon.

    Yong SPA Form ng developer ay for developers transactions lang.

    Salamat.

    ReplyDelete
  11. Thank u sir, kahapon po nsa office nila ako kc pinasa ko lahat ng requirements including ung spa na galing sa knila tinanong ko po kung ok naba lahat at wla ng kulang ung bank requirements ko, ang sabi po sakin ng nagattend sakin ok na daw po lahat, bakit po ganun ndi nila cnasabi na kelangan non, saka pag ka po ba humingi ako non sa knila kelangan ko pa din po ipadala un sa husband ko sa ibang bansa pra ipaconsularized?

    ReplyDelete
  12. @anonymous, paki-check po kung anong SPA Form, pag under bank financing - always 2 separate forms po yan. Form of developer for Developers Office transcation and Form of RCBC for signing of Loan Agreement at RCBC once approved.

    Siguro baka hindi pa nila nirerequire sa ngayon, baka under payment of DP pa kayo sa ngayon. At baka later na yong RCBC Form once i-forward na nila ang Loan Applications and documents sa RCBC. After the payment of DP po palaging iprocess yong Loan kaya baka ganun, pero expect na kailanganin ang RCBC SPA.

    Salamat, Jerome

    ReplyDelete
  13. Ganun po ba, kc po nung pag punta ko po ng office kasabay po nun ung last downpayment ko na.. pinasign na nila ako ng cts. Then inask ko kung gaano katagal ang process ng sa bank loan ang sabi po nila 1 month lang daw po tpos po sa oct. Start na ako mag pay ng monthly amort.. cgr nga po later na.. so need ko parin po pala tlg ipadala un sa husband ko.salamat po sir malaking tulong po ang pagsagot nyo kc like sa katulad ko wla tlg ako kaalam alam sa mga ganito. Thank you po and god bless you ☺

    ReplyDelete
  14. Sa tingin ko po baka RCBC Form po yon naipa notarized ninyo, base sa sabi nyo na sabi nila ay okay na lahat. Or baka naman may usapan ang bank at developer na kahit general spa form ang gamit. Refer na lang po tayo sa process nila, baka iba ang process ng mga developers based sa experiences ko sa mga sales ko.

    Salamat, Jerome

    ReplyDelete
  15. Follow up nyo po Ma'am regularly para malaman nyo agad ang findings ng RCBC kung merun pang needed requirements. Message lang po kayo dito kung ng update. Salamat

    ReplyDelete
  16. Baka nga rin po sana nga general spa nalang. Anyway sir update ko po kau pag may update na. Thanx again ang god bless ☺

    ReplyDelete
  17. how long normally pagprocess ng spa?

    ReplyDelete
  18. @ Anonymous

    Ang process po ay ang pag notarized ng SPA Forms kaya mabilis lang po yon, ganun din ang pag-consularized sa immigration natin sa host country. Ang pag padala naman dito sa Pinas ay thru mail (original) - mga 3 to 5 working days, depende kung saang country. Salamat, Jerome

    ReplyDelete
  19. bakit sabi ng bank ok lang naman daw ata kahit ung photocopy lang muna ung sa spa. thank you for fast reply :)

    ReplyDelete
  20. @Anonymous, opo pwede ang Photocopy muna pero as early as possible kailangan ibigay din sa kanila dahil magiging incomplete pa rin po yon. Magkaiba po ang bank approval for a loan at iba rin ang signing of agreement or loan take out, kaya kailanganin pa rin nila ang Original na Notarized SPA or Consularized SPA, mas maigi ma-clear nyo po sa kanila kung hanggang kailan pwedeng isubmit.

    Usually, nagsa-submit kami ng scanned SPA thru email from client kasi it takes days magpadala ng original for purposes of background check and pre-approval at bank.

    Salamat, Jerome

    ReplyDelete
  21. Hi, Kapag ba married couples, isang SPA lang kelangan? or need to have 2 separate SPAs?

    ReplyDelete
  22. Good day, *SPA Form for Bank or for Pag-IBIG Financing, at para sa Developer kung required.

    *Ang magpipirma ay ang Principal buyer. Kailangan din ng signature ng Atty. In-fact or representative with attached IDs and TIN Numbers.

    Ang ibang developers nagrerequire ng maraming original copies of Consularized SPA Form or kahit for locally notarized.

    Please refer to the advise of your agent or developer. Salamat, Jerome

    ReplyDelete
  23. Kailangan ba pati certificate of employment consularized rin? Or translated lang into english?

    ReplyDelete
    Replies
    1. Good day Ma'am, ang alam ko pwede syang ipa-certified (tatak) sa Consul pero hindi naman required dahil ang iba kung clients ay photocopy lang ang sinubmit. Opo translated, pwede dito sa Pinas or dyan sa abroad ipa-translate, as long as may company details and contact numbers, along with Monthly Payslips, madali lang po yan na ma-trace ng developers or bank for loan financing.

      Ang Special Power of Atty and required na Consularized (red ribbon).
      Thanks for viewing.

      Jerome

      Delete
  24. Hi Sir Jerome, tanong ko lang po if bawal po ba talaga ang site viewing ng house construction.iche check lang sana if ok naman ang mga materyales na gagamitin at kung talagang on going ang construction ng Amaia. Kase hindi sila pumapayag na puntahan ang site bawal daw. thanks

    ReplyDelete
    Replies
    1. Good day po! Dati ko pong focus project yang Amaia Gen. Trias Cavite, ang bawat Block and Lot or Cluster ng mga bahay dyan ay may Date of Construction, itanong nyo po sa Agent nyo para clear kung kailan ang construction.

      Dahil may bahay din ako dyan sa Amaia (sa old project) at bilang focus seller dati, okay naman ang construction ng mga bahay nila. Merun silang Inhouse monitoring team na nag-chechek ng paggawa at bilang Ayala company ang mga bahay nila ay may warranty. During turnover ng bahay kapag may nakita kayong mali or hindi maayos na paggawa ay pwede nyong hindi i-accept hanggat hindi nila naayos. After turnover naman, merun silang Property Manager na mag-aassist sa atin sa site.

      Siguro sa New project kayo naka-avail, regarding sa materyales at paggawa ng Amaia pwede nyong tingnan ang Old project (sa harap lang ng new project). Hindi pa po talaga kayo papasukin duon kasi papasok sya at sasabihin ng Guard hindi safe sa mga buyer at kahit sellers hindi makapunta duon sa looban, dahil ongoing ang land development or road construction. Medyo matagal na rin akong hindi nakapunta dun.

      Salamat.

      Delete
    2. Good news, Amaia Gen Trias Cavite clients! Project update - Tapos na ang Land development that includes drainage system and road construction, September 2015 is the start of house constructions, but please refer to construction schedule / by block and lot, ask your agents for the schedules.

      Thanks,

      Delete

 
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