What is the requirement in buying a condominium?

To buy a condominium in the Philippines, you’ll need to meet several requirements and prepare specific documents. Here are the key steps and requirements:

1. Legal Age and Identity: You must be at least 21 years old and have a valid ID or passport.
2. Proof of Income: This can include payslips, bank statements, or a certificate of employment².
3. Reservation Agreement: This is a document that reserves the unit for you and typically requires a reservation fee³.
4. Contract to Sell: A binding agreement between you and the seller, outlining the terms and conditions of the sale².
5. Deed of Absolute Sale: This document is issued once full payment and other obligations are met, transferring ownership to you.
6. Tax Declaration: Issued by the Assessor’s Office where the property is located, this document is necessary for tax purposes².

For foreigners, additional requirements include:

• Visa: Proof of legal entry and stay in the Philippines.
• Alien Certificate of Registration (ACR): An ID card for registered aliens staying in the country for more than 59 days.
• Proof of Legal Residence: Documents showing your address in the Philippines, such as utility bills.

If you plan to finance your purchase through a bank loan, you’ll also need a good credit score and a stable source of income.