Who are Real Estate Service Practitioners or RESPs? Brokers, Appraisers, Assessors, Consultants- An information drive for RA 9646

 BY:

Genevieve F. Bonquin REB REA REC
PRC Real Estate Broker Lic. No : 2309
PRC Real Estate Appraiser Lic No. 5754
PRC Real Estate Consultant Lic. No. 92

 

Have you seen this term before? Real Estate Service Professionals or Real Estate Service Practitioners? Collectively, this term refers to real estate persons duly licensed to practice real estate services in the Philippines namely, Real Estate Brokers, Real Estate Appraisers and Real Estate Consultants . Only if they passed the board exams administered by the Professional Regulations Commission (PRC) and properly registered then they can practice their profession. There were those who did not have to take Board Exam because they were licensed by DTI before the RA 9646 became a law in 2009 and were considered Licensed via grandfather’s clause but that was only until 2011. Nowadays, only those who have graduated from BS Real Estate Management, a four-year course created by RA 9646 which eventually transferred the regulation of real estate service industry to PRC, can take the Board exam. The last Brokers examination given to non-BS REM graduates will be on February 28, 2016. After this, only the BS REM graduates are the only ones qualified to take Brokers examination.

 

Below are their functions according to RESA or RA 9646

 

Real Estate Broker

 

“A duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture or other similar transactions on real estate or any interest therein. “ RA 9646 Sec 3 (4)

 

Under the Real Estate Brokers are “ Real Estate Salespersons - Sec 3 (5). a duly ACCREDITED natural person who performs service for and in behalf of a Real Estate Broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service (PRBRES) for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration. “

 

They are to be recognized under a Broker because their accreditation is through a licensed broker and they should be supervised by a Licensed Real Estate Broker. By themselves, they should not practice without the Broker.

 

About My Title- A book review and recommendation

 A must own book for all property owners! Real Estate Practitioners and those who want to take Brokers Exam, BS REM students! This is a book for you!

By Genevieve F. Bonquin, REB REA REC

 

Finally, after a long wait, I got hold of the copy of the book written by my good friend and colleague – Crisiljefv Garrido. Been excitedly waiting for this months after I got the news from the author himself. After a long wait, I finally got my copy from courier and excitedly opened to see the content of this 800 page book! So curious to see why the book is this thick and wasted no time to check what it contains. Going through Acknowledgement, I was elated to see my name among the list! Browsing through the pages, it has colorful graphics and a lot of illustrations!

 


For the first time in my 30 years practice in real estate, it’s only now I found the book that contains everything I need to know about the real estate title, from beginning to what a title embodied, to plotting and even the requirements for getting one. And more! Not just it has all the laws related to lands and titles it so has maps of active faults and volcanic zones. The book discussed in details each part of the title including guidelines and tools to detect fake titles, encumbrances, quieting, reconstitution and many more. As bonus, it also discussed real estate taxation and included all laws pertaining to real estate and your title. 

It has almost all the reference material a true real estate practitioner will need is in this book. And every property owner, about to inherit and everyone who plans to buy a property should have one. 

 I can definitely say that owning this book is a must for every real estate practitioner, agent and property owners!  

For orders, you may email me at gigi@greenhuts.net or text 09328623203

 

Two-Story Old house For Sale in Sampaloc- Ideal for Dorm or Townhouse

Old house for sale in Sampaloc
Ideal for Dorm, TH or Walk-up condo

• 300 sq. m., 2 bath, 7 bdrm single story - $178,000 USD - P8M Net RUSH

 -  RUSH! P8M net.

Ideal for dormitory, townhouses or for those who want to restore an old house. The house was built in the 50's. Good lumber that are rare these days. Nearer to Welcome Rotunda which is higher than UST area. Walking distance to UST, Espana

Property information

Rare Find Bungalow For Sale in Tagaytay. Ideal for Retiree couple!!

Tagaytay Heights- Bungalow for sale
BUngalow! Ideal for Retiree couple

• 250 sq. m., 4 bath, 2 bdrm single story - $134,000 USD - P6M Net Rush

 -  Ideal for retirees!

Located inside Tagaytay Heights along Mahogany Avenue and beside Mahogany Market.  The house is located just around the block from the entrance gate of the subdivision. Tagaytay Heights sits in the middle of Tagaytay City where everything is just a short walk away. The City Hall, SkyRanch, Casino Filipino and Taal Vista. Robinson Supermarket and even the restaurant rows along the ridge are just a short walk away.  

Property information

2 Story For Sale in Tagaytay

TAgaytay House for Sale
center of Tagaytay! Beside City Hall

• 286 sq. m., 4 bath, 4 bdrm 2 story - $356,000 USD - P16M Negotiable

 -  Bloomfield is at the center of Tagaytay located between Wind Residences and Tagaytay City Hall. Everything is within reach! Robinson Supermarket, restaurants, Meralco and City Hall are all just walking distance.

This house is owner-built to suit retirees and has 4 bedrooms with the masters bedroom on the ground floor. Ideal for retirees. Masters bedroom opens to lanai. Open plan, high ceiling. There is a big family room on the second floor. A small room can be converted to office, library or a guest room. Two bedrooms on the second floor has bathroom each and one has balcony. Has enclosed laundry room and a covered dirty kitchen at the back.

Property information

Vacation Home/Resort For Sale in Pangasinan

23
A guest house and a resort!

• 500 sq. m., 5 bath, 4 bdrm single story - $445,000 USD - P20M!

 -  Rus for sale! This house is being operated as a guest house and resort!
The house is 5 years old The house has 4 bedrooms plus an outside room. There are 5 bathrooms, a swimming pool with heated spa. Each room is air conditioned and has cable and wifi. The lot is 620 sqm. and the house is 500 sqm ground floor. There are three floors, a full bar and family room, 3 kitchens and a ten seater Kubo. Large balconies and covered seating areas The garden has a number of mature fruit trees. The location is San Fabian Pangasinan. Only 3 hours from Manila now due to the new expressway.

Property information

Brand new 2 Story For Sale in Dizon Estates in City of San Fernando, Pampanga

House for sale- San Fernando Pampanga front view

• 160 sq. m., 2 bath, 3 bdrm 2 story - $95,500 USD - P4.3M cash price

 -  This is a 3 bedroom property with en-suite in the master bedroom, also walk in cabinet. the two other bedrooms share a CR between the two rooms with separate doors. There is a maids room outside making 3.5 bedrooms in all.

The location is very quiet, peaceful and tranquil, the house overlooks large swathes of grassland and the scenery from the upstairs balcony is quite beautiful and pleasant when the sun goes down.

Property information

3-Level Split For Sale in White Plains

White Plains House for sale
Along main road! with pool!

• 450 sq. m., 5 bath, 5 bdrm 3-level split - $1,667,000 USD - P75M

 -  Lot area 687 sqm
Floor area approx 450++ sqm

3 floors, split-level
5 rooms all with own t&b (2 rooms ground floor, 3 rooms 2nd floor)
dining area with pantry/formal kitchen area
living area with high ceiling
spacious balcony facing the corner streets and overlooking the front lawn/garden
pocket garden beside dining area
detached dirty kitchen at the back of the house
attic
lanai / informal living area on ground floor overlooking the pool
pool
maids’ quarters can fit 5-6 persons with own t&b
drivers’ quarters can fit 4 persons with own t&b
laundry area
3-gar garage with plenty of secured street parking for additional 4-5 cars

Property information

Must Sell!! Single Story For Sale in Malagasang, Imus, Cavite

House for Sale- Malagasang, Imus, Cavite
Good Buy! Owner now based abroad

• 210 sq. m., 2 bath, 3 bdrm single story - $84,000 USD - P3.7M Rush!

 -  Lot Area – 250 Sq mtrs

Floor Area – 210 sq mtrs

Number of Bedrooms - 3 – the smallest one can be used for maids bedroom or an office..

Number of Bathrooms – 2

Carport/Garage – 1 car – maybe can fit a second small car behind it..

Home is Tiled throughout, has toilet, dual sinks/ bathtub and shower in main bathroom.. Master bedroom has shower toilet and sink..

There are Ceiling fans in each room..

Property information

3 Story For Sale in Baguio City

20150211_164441
Brand new house with 3 apartments

• 300 sq. m., 6 bath, 11 bdrm 3 story - $267,000 USD - P12M

 -  The house basically is 3 storeys. It has a main house where its owner occupied. The main house has 3 floors. The first floor consists of Living, dining, kitchen and a common restroom & Bath. The second floor has 2 bedrooms, another common CR & Bath and a master bedroom with CR & Bath. The third floor has 3 more bedrooms.

Attached to the main house is the first 2BR apartment with entry being at the right side of the building. It has living, dining, kitchen and CR & Bath, fully furnished and tenanted. It is being rented at 10K a month.

Potential income for the property if main house included is about P50T/month.

The second 2BR apartment is at the second floor. The way going there is by taking the stairs situated at the left side of the building, The design of these two apartment units is identical. The only difference is that the 2nd floor apartment has veranda overlooking Loakan Airport runway. This unit is also being rented by a bachelor.

The last unit for lease is the 1BR apartment for transients only. It is fully furnished with living, dining, kitchen, CR & Bath and is for rent at 2K a day for Transients. There is also a separate way going up there on spiral stairs.

All of the units are provided with stainless water tanks plus pressure tanks. Schedule of water in the area is Monday, Wednesday and Friday between 8PM till midnight. The house has Internet connection provided by PLDT plus Fibre Cable TV and telephone line

Property information

3 Story For Sale in Vista Real Classica, Quezon City

Frontage
3 sty 5 BRs owners built

• 315 sq. m., 4 bath, 5 bdrm 3 story - $356,000 USD - P16M

 -  Date built - April 2011
- 3 floors
* 1st floor - guest room with T&B, powder room, dining and living room, kitchen, maids' room with T&B
* 2nd floor - MBR, 2 BRs, 2 T&Bs, Family Room
* 3rd floor - 1 BR with T&B, storage room, music room
- Floor area - 315 sqm
- Lot area - 285 sqm
- 5 bedrooms, 4.5 T&B
- Walk-in closet in masters' BR
- Maids' room with own T&B
- 3 car garage
- Large family room
- Storage and music room on 3rd floor
- Large kitchen with granite counter-tops and island
- AC in all rooms including living room, dining room and family room
- Laundry area
- Solahart Water Heater. How water in all T&Bs, kitchen and laundry
- Viper Electric Fence

Property information

Commercial For Sale in Capas

•  commercial - $28,090,000 USD - P250/sqm

 -  For sale 500 hectares ideal for mix used development
Amusement park, Golf course, Industrial Park, Township development, Agro –Industrial, etc.
CONSOLIDATED TITLES LOT AREA: 500 hectares more
LOT CLASSIFICATION: Consolidated Agricultural Land
ROAD FRONTAGE: 2 frontages of the property along Ramos national highway 1km more or
less and Barangay Road.
TERRAIN: Almost flat, hills with minimal slope

Other features:
Lakes in year round water supply
Hidden hot spring
Certified by Provincial Engineers Office that it is a FLOOD FREE FREA!
ACCESSIBILITY:
Access road to Capas and Tarlac City with electrical supply, wide road concrete and rough road
SELLING PRICE: Php 250.00 per sq.m (Negotiable)

TERMS AND CONDITIONS:
1. Submit a Letter of Intent to Buy (LOI), signed by the Principal Buyer or Investor
2. Mode of payment Cash or best offer
3. Buyer must submit a certified proof of availability of funds from their bank or deposit in ESCROW the funds needed for the full payment of the property in the depository bank of the Owner
We will provide the copy of titles and other documents for due diligence purpose after the buyers have written a letter of intent to buy. We want to save our time and so, we deal with brokers direct to the buyer.

Property information

Penthouse Apartment For Sale in Tagaytay Highlands!

Walnut
Biggest Penthouse unit in T-Highlands!

• 307 sq. m., 6 bath, 4 bdrm apartment - $845,000 USD - P38M Negotiable

 

 - 

 A tastefully interiored, fully furnished penthouse unit now up for sale!  They don't build penthouses this size anymore!! 


The Woodridge Place is Highlands Prime’s residential development inspired by Colorado’s mountain resorts and ski lodges. These mountain condominiums are especially designed for large families, offering private enclaves to seekers of a posh, leisure-oriented family community.

Master-planned by Architect Pablo R. Antonio, The Woodridge Place is an offshoot of the strong demand for HPI’s first development in Highlands, The Woodridge condominiums.

With only three units on each floor, residents will have plenty of room to tastefully decorate their spacious units. Floor areas range from 170 to 306 square meters offering two, three and four-bedroom units (plus a maid’s room) to suit each family’s requirements.

Residents may opt for luxurious two-storey units with cathedral ceilings in the living and dining areas, or penthouse units with rustic fireplaces to warm toes on colder evenings. Both types have expansive glass windows and balconies designed to offer dwellers majestic views while lolling in the luxury of their own mountain resort homes.

Aesthetically pleasing, The Woodridge Place is purposely designed to have the feel of living in a house, rather than in a condominium. The unit interiors create a peaceful residential setting—an out-of-the-city ambience—making use of large picture windows to give residents an unobstructed view of boundless sceneries.

Cool year-round, the climate at The Woodridge Place encourages the enjoyment of a kaleidoscope of outdoor activities. A large park lies between it and The Woodridge. Then, there are pocket parks and meticulously landscaped gardens providing excellent areas for relaxation, barbecue parties, picnic dining with friends, biking or even a simple exploration of the verdant neighborhood. Moonlight and starlight walks, too, in the silvery glow of evening.

Golfing is just minutes away at the Tagaytay Highlands Golf Club. Indoor sports are found in the Sports Center, and for simply lollygagging, the Country Club is yet another hanging-out spot. A wide array of restaurants provides a choice of Western or Eastern cuisine.

Farewell to the hustle and bustle of city living, and just 70 minutes away, welcome to The Woodridge Place homes amid serene mountain greenery.

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Lost Titles and Inheritance Tax - Part 2

by : Genevieve F. Bonquin, REB, REA, REC
        PRC Real Estate Broker Lic No. 2309
        PRC Real Estate Appraiser Lic No. 5754
        PRC Real Estate Consultant Lic No. 92

 

 

       In May of 2012, I wrote the first part of this blog to document my first case ever handled in this category. Its now January 2015 and we are only in the process of transferring the title to the sole heir. The reconstitution of title took time and the petitioner (heir) had to fly here from abroad to take witness stand. You will need a lawyer on this to file the case in court that has the jurisdiction over the property. 

 

      Our courts are so slow moving and it took more than two years from filing up to the release of court order. Not including the preparation and collating requirements like death certificate, birth certificate which will all come from abroad. Affidavit and other requirements need to be authenticated in the Philippine Consulate. Then payment of estate tax where we have to find a buyer first so that we can have money to pay the estate tax. Release of CAR (Certificate of Registration) also took more than 3 months and only at BIR Main Office not in the district where the property is located!

 

      Some of the highlights in this case that maybe notable :

 

      1. On Estate Tax, if the title holder died abroad, no allowed deductions like medical expenses unlike if the title-holder died in the Philippines.

      2. If the Estate Tax was not filed within 6 months from death, there will be corresponding penalties as much as 25% plus surcharge. BIR determines this.

      3. Title need to be reconstituted first before any changes in the title can be done. To avoid penalties at BIR, you may pay estate tax while waiting for court order.

      4. If there are other properties or bank deposits and other assets like memorial plots, best to include in the process. If not, all these other assets will have to repeat same procedure and requirements.

 

      In this case, it is good that our buyer is also a lawyer and understood the process otherwise, the heir have to shell out money for estate tax or lower the selling price considerably. I have received inquiry if there is another way of doing this, but if you lost the owners duplicate copy, there is no other way to replace it but to go through the court. You cannot just get a copy from the Registry of Deeds because what they will give you is the certified true copy of the original. The certified true copy is not alienable. It is only a proof that the title exist and in the name of the owner.

 

     As for simple lost title, whose owner is alive and well, it is easier and faster. Because of my blog, I was able to process and help a few more with lost titles. Court case took only less than a year. It takes longer when the title of a deceased owner is lost and then it needs to be transferred to heirs. Testaments or wills do not help as according to my lawyer, it takes longer to probate a will. So best not to present if there is only one heir or the legal heirs have executed extra-judicial settlement. If there is conflict on sharing then the will can help but longer court case and it can drag in court.

 

    For my colleagues, who are practitioners like me, I hope this will help you encounter lost title. We may not earn good in the processing of documents but it is the experience of going through the process that we educate ourselves. That we can tell ourselves that we are truly a bonafide Real Estate Service Professional if we can help our clients with this kind of service. After all, if they want to sell the property, you can get the exclusive authority to sell and you are the expert when it comes to the property's documentation.

 This is the link to part 1 of this blog : http://www.greenhuts.net/blogs/gigi__bonquin/archive/2012/05/10/lost-title-and-inheritance-tax.aspx

    If this article has helped you or you need help with similar situation, please feel free to email me at gigi@greenhuts.net

Foreclosed Property!! Rush!!

Casiano-page-004
Distressed sale!!

• 261 sq. m., 4 bath, 5 bdrm 2 story - $112,000 USD - P5M Net Rush!!

 -  RUSH! DISTRESSED SALE! CATCH BEFORE THE BANK FORECLOSE THIS PROPERTY!!
only P5M! Must sell by end of this year!!

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