UCPB HOME LOANS

UCPB HOME LOANS

Real Estate Tip: Size Matters

Real Estate Tip: Size Matters
Resurvey your chosen property

REAL ESTATE STORY

Lito bought a 200 square meter lot somewhere in Rizal Province. Based on the map and the Contract to Sell, Lito was religiously paying the monthly amortization of his 200 square meter property. According to the developer's rules in the said project, if the buyer already paid the full down payment, he should be the one to pay the ameliar or realty tax for the property.

While paying the realty tax at the local government, Lito also obtained the certified true copy of the title for his property at the Registry of Deeds. On the title, the size of the property of Lito was only 180 square meters. So Lito requested the developer to resurvey his property, but after more than a year, the developer had not yet resurveyed the property.

In a similar case sometime in the year 2000, Mrs. Ilano reserved for a 280 square meter subdivision lot somewhere in Rizal Province. The land development was almost finished but the mother title had not been subdivided yet. Mrs. Ilano paid the full down payment and started her monthly amortization. Unknown to her and her agent, a certain portion of the subdivision was not developed, due to disagreement between the lot owner and the developer on the joint venture.

As a result, certain portions of the project including Mrs. Ilano's were adjusted. From the original 280 square meters, her lot was reduced to 180 square meters. In 2003, when the title came out, the developer sent notices to the buyers that were affected, but Mrs. Ilano did not receive any. Her agent assumed that Mrs. Ilano got a notice from the developer, and waited for her to discuss the problem with him. Mrs. Ilano was paying for the 280 square meter lot. Her agent became worried that she might overpay for her 180 square meter lot. The developer just asked the agent to tell his client about the problem. Luckily for the agent and the developer, Mrs. Ilano was one of the very few unusually understanding clients. Mrs. Ilano did not back out on the sale of the property, nor did she ask for a refund or have another lot replacement for her chosen property.

REAL ESTATE LESSON

Check the size of your property in the title at the Registry of Deeds. The size of your lot may be smaller than what is written on the sales map and the Contract to Sell.
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