The Real Estate Service Act of the Philippines (Republic Act No. 9646) is most commonly called as the RESA Law and is signed by former president Gloria Macapagal Arroyo on June 29, 2009. This law is mandating that the practice of real estate in the Philippines should be regulated and professionalized.
This means that the real estate agent should be able to pass the licensure examination. This licensure examination is prepared by the government, member of the board and selected people whose knowledge focuses on real estate property in different areas like Tagum City, Davao and its business.
If you are into the real estate business in Tagum City, Davao, here are some things that you should be aware of:
1. Scope of examination. There is a different set of questions prepared for the real estate brokers, another for the real estate consultants and another for the real estate appraisers. The following fields are the scope of the examination that the three mentioned personnel are to focus (but are not limited to):
Real estate consultant – consulting tools and techniques, real estate consulting fundamentals, real estate finance and economics and a lot more.
Real estate appraiser – fundamentals of real estate principles and practices, physical and human geography, methodology of appraisal approaches, practical appraisal mathematics and many more.
Real estate brokers – legal requirements for real estate service practice, fundamentals of property ownership, basic principles of ecology, documentation and registration, subdivision development in cities like Tagum City, Davao; condominium concept; and many more.
2. Requirements needed to qualify for the examination. The person who would like to take the licensure exam should be a citizen of the Philippines, has a bachelor degree from a state university or college or from schools which are recognized by the CHED and a person with good moral (must not be convicted with any crime which involves in moral turpitude).
3. Ratings that must be achieved to pass. The person must have an average of 75% or more and he or she should never have any subject which is below 50%.
The law is subject to change from time to time and for you to be updated about the Real Estate Service Act of 2009, you should keep reading about this law and its possible alterations.
What Happens To Real Estate Properties In Tagum City, Davao Before, During, And After Marriage
Dating couples do not usually talk about things concerning their properties in Tagum City, Davao. They are so in love with each other that what each of them owns does not matter a single thing at all. This may not still be a problem especially when they are not yet thinking of getting married and make a bond with each other forever.
However, when they get engaged and have plans of taking marriage vows, it maybe time that they start talking about their possessions. Why is that? It is because in Philippine law, there is a so-called System of Absolute Community. This so-called system states all about what happens to properties such as real estate properties in Tagum City, Davao, jewelries, money and the like, before, during, and after the marriage.
First, what is the system of absolute community? This particular system is the default system for property rights in the case that there are no agreements made between the couple with regards to their properties prior to their wedding. In this kind of property regime, according to Article 90 of the Family Code of the Philippines, married couples, the husband and the wife, will become co-owners of whatever property that both of them acquired or may acquire before and during the rites of their marriage. In other words, any possession that either of them owns before and during the time of marriage, including real estate properties in Tagum City, Davao, money, shares, and the like, will automatically become the possession of both individuals. Properties inherited by parents even before the marriage takes place is not an exemption.
There are only three kinds of properties which can be exempted from the absolute community regime.
donated or inherited properties from his/her parents after the marriage.
properties acquired during the prior marriage where he/she has legitimate children.
personal belongings such as clothes, shoes and the like, but with the exemptions of jewelries.
It is very important that couples understand the law about the property rights before, during, and after the marriage. Even if the married couples decide to make an agreement regarding their possessions but this happens after the marriage has occurred, the agreement will still remain invalid and the absolute community prevails. Moreover, couples living separately but not legally separated still follows the absolute property system.
Tips In Avoiding A Reverse Mortgage Scam For Your Tagum City, Davao Home
A reverse mortgage is a loan that is solely created for the senior citizens. However, there are a lot of reported cases where this specific financial product is being utilized by opportunistic scammers in order to deceive and take advantage of the elderly. These scammers commit fraud to have immediate gains from their actions.
There are a lot of scenarios or schemes that the perpetrators may make use of for this kind of deception. They typically utilize two common scams for this matter. They are, namely, equity theft as well as foreclosure rescue.
In the case of equity theft, the criminal will buy a home in Tagum City, Davao which has already been abandoned is in foreclosure. He will then let the victim occupy the house for two months. Afterwards, he will sell the house in Tagum City, Davao to the victim who takes out a reverse mortgage loan. After completing this specific transaction, the criminal will be stealing all the proceeds of such loan.
In the case of a foreclosure rescue, the criminal will be doing a research as to the names and profiles of senior citizens whose homes in Tagum City, Davao are facing foreclosure. After such identification, he will be convincing the victim that the only way to save his property from getting foreclosed is to take out a reverse mortgage loan. However, he will then inform the victim about his disqualification for the loan. As a result, the senior citizen takes out a traditional mortgage loan but the equity and the property have already been transferred to the criminal.
In most cases, the victim knows the person who commits this type of fraud. It can be the financial advisor, a friend, or even a member of the family. In this case, here are a few tips on how you can avoid a reverse mortgage scam.
When considering a reverse mortgage loan, talk to professionals.
Never believe anyone who claims that you can be a homeowner without paying the down payment.
Never accept payments from others for a property that is not yours.
Never respond to any unsolicited advertisement.
Never sign anything without understanding it.
Nowadays, senior citizens need to be vigilant. There are people who will take advantage of your frailty and old age for their own gains. Do not be a victim to this scam.
Safety Hazards To Watch Out For In Your Tagum City, Davao Home
In the Philippines, being a parent is a big deal. It entails countless and heavyweight responsibilities. One of these responsibilities is taking care of the family. This alone is not a piece of cake. In taking good care of your family, you have to make sure that you can give them a warm and comfortable home.
A home is where your family can eat together, sleep together, watch movies together, and most importantly, grow together. However, a home will never be a home if it is not safe to live by. That is why it is important, as homeowners and parents at the same time, to assess every corner of your house in Tagum City, Davao and eliminate the hazards that can endanger any of your family members.
One of the most common hazards in the home in Tagum City, Davao is falling or slipping. Based on reports, falls and slips are most common to children and elders aging 60 years old and above. There are only a few cases reported coming from age between the aforementioned age groups. The most common areas in the house where falls and slips occur are the staircases and bathrooms.
Second on the list is fire hazard. This is the reason why a “Fire Prevention Month” is practiced in the Philippines where awareness is spread nationwide. The most common causes of accidental fire in every home are unattended lighted candles and overloaded electrical outlets.
Choking hazards make it on the third spot of the list. This is most common if you have children at home who are still prone to getting impulses of swallowing anything that is within their reach. If you have children at home in Tagum City, Davao, keep watch of small toys and hard foods that can easily block airways.
Similar to choking hazards, kids are also prone to dangers brought by sharp objects. The common areas in our home are the kitchen where knives, if not kept properly, can easily be reached.
Last on the list is food poisoning. Though food poisoning is very common to kids, adults are not also exempted from this hazard, most especially if cleaning supplies and other household products are not well labeled. Medicines and vitamins are also common causes of poisoning.
Risks To Face With Reverse Mortgage Loans For Tagum City, Davao Properties
A reverse mortgage is a financial product that is primarily created to aid people in their old age. However, there are actually a lot of things that could go wrong if you will proceed with taking out a reverse mortgage loan for your property in Tagum City, Davao. Here are the top risks that you will be facing in this case.
1. Leaving the home is inevitable for most senior citizens. If you have a limited retirement fund or limited savings, then, you will just be postponing leaving your home in Tagum City, Davao. At the same time, you will just also be wasting your home equity which is very valuable.
2. In case you need cash or money to finance a short term goal or pay for your short term needs, you should only consider a reverse mortgage loan as a last option. Instead, you should go with a traditional home loan or a home equity line of credit.
3. A senior citizen who takes out a large lump sum will eventually find out that they will reinvest their money at returns which are lower than the interest rates of the home equity conversion mortgage. Aside from that, you will also become a target for most criminals who use reverse mortgage loans to commit fraud or scams.
4. Eventually, there will be a need for a senior citizen to leave his house in Tagum City, Davao. There are a couple of reasons why this is the case. First, he may need to transfer to a nursing home, to an assisted living facility, or to the house of a family member who will be taking care of him. Aside from that, he may already not be financially capable of paying his basic maintenance, his insurance, and his taxes. As a result, his home equity may not be enough in order to finance the transfer. This kind of risk is actually a lot bigger for a person who is already 60 years old or above.
5. Lastly, the person who lives with the person in the house yet whose name does not appear on the reverse mortgage loan faces a great risk, too. In case the senior dies or moves out of the house, then, he either has to pay off the loan or move out.