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Thursday, August 4, 2011

Real Estate Tip: Check first before buying


Real Estate Story

For a number of years, Jimmy was investing in real estate. One day Jimmy's childhood friend, Bobby, offered him a lot somewhere in Cavite for a bargain price. Jimmy and Bobby studied together from grade school to high school and from time to time they still kept in touch, so Jimmy trusted Bobby.

Bobby offered Jimmy to invest in a beautiful lot on a hill overlooking the sea. Jimmy was interested, but he had no time to go to the site, so he assigned one of his office workers to go with Bobby and look into the property. Bobby showed the lot to the employee of Jimmy and had the title photocopied. There were no problems with the title, and the property was just as Bobby had described it. Jimmy paid the partial down payment for the property for about a million pesos, only to find out later that the property he bought was a deep ravine. Bobby showed the employee tha adjacent property which was what Jimmy had in mind. Now. the case is in court.

In another case, many years ago, Lando, a businessman sold a property somewhere in Quezon province to Alfredo, who is another businessman in the same province. Alfredo did not check the exact location of the property, since Lando was an acquaintance and he was very busy; he later found out that Lando sold him part of the sea.

Real Estate Tip

Even friends will sometime fool you for a price. Just check the property yourself and make sure where the perimeter of the property is before buying.
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AboutStephen De La Rosa

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