Owning a real estate property is considered a major milestone in the Philippines. It is actually one of the best assets that every individual could ever own. A real estate property generally does not depreciate its value, its value exponentially increases given better market conditions, and it withstands generations. Aside from the owner, their offspring, and generations to come can enjoy the property and its bundle of rights. It is no surprise that real estate properties’ elasticity are low. Every property has its own unique features and characteristics that cannot be replicated in another property, which makes every property a coveted asset. But its viability is also extremely attractive to scammers and purveyors of disinformation alike.
Yearly, various cases of scam fake property owners, fake documents, bogus buyers and sellers have been reported in various media and government agencies. What is worse is only a few are penalized for the scams, which makes the culprits continue doing their businesses.
With the national government’s mandate to protect its people, institutional interventions were enforced as soon as the real estate industry reached its peak in early 2010. Aside from the earlier laws such as the Civil Code of the Philippines, Land Registration Act, and Urban Development & Housing Act, the recent laws passed such Real Estate Service Act (RESA) in 2009 and the Data Privacy Act (DPA) in 2012 provided additional safeguards in owning a property in the Philippines..
The RESA was able to institutionalize real estate services to buyers, sellers, and institutions engaged in real estate. Through the law, stricter policies were imposed to regulate practice, transactions, and the most essential one, professionalize practitioners engaged in real estate service. Aside from RESA, the DPA institutionalized policies that protect owners and their information through imposed consent. The RESA encourages Filipinos to transact only to licensed professionals while the DPA ensures that every information is only given and provided between transacting parties. These two laws, supplemental to other existing laws, given proper compliance by all parties, add an extra layer of protection to buyers and sellers.
Risks in owning a property will never be zero, given the system in place and market conditions. There will always be risks from acquiring legitimacy of documents, transacting with the right people, or even getting the right information to supplement decisions in acquiring a property. With the application of laws and compliance with regulations, owning or acquiring a property can have less risk with an added extra layer of protection.
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