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boracay real estate for sale >
real estate boracay > boracay real estate > boracay island
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real estate > philippine boracay real estate > boracay island
real estate
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About Boracay real estate:
The Island of Boracay is declared: Tourist Zoning and Marine
Reserve in 1978
and controlled by the Philippine Tourism Authority (PTA)
Only 2-3% of the land is titled and registered at the Registry of
Deeds as a
result of prior conformation requests of vested rights
The remaining land is therefore not titled and the possession of
the land is more or less legally recognized thru the evidence of
declared and paid land taxes for the land what is occupied.
Whoever this brings with it a certain risk because of the
boundaries with adjoining properties, because of the possibility
of an dispute with neighboring
lot-”owners”, simply thru the fact, that the surveying is a
privately one, without a thorough legally binding basis.
This surveying is done by buyers or claimants and need a
conformation from the adjoining lot-”owners”, who as proof of
conformation agree and sign the most recent Arial survey-map.
Therefore Banks are generally not willing to finance this type of
property “ownership” because of lacking fully legal collateral.
The best thing what happened recently is that Boracay Residents
and Resort Owners can apply for real titles, conform the Torrens
Land Registration System,
by proclamation of the office of the President. Implementation of
rules and regulations are as per this writing not clear yet.
This will certainly be followed up by the respective interested
parties and the result will be undisputed ownership, rising real
property prices and a more commercializing of real property thru
the logic that Banks will step in ………
On the Island of Boracay are two real estate agencies active and
know how to address this complex subject.
Of course in this segment are more offering parties working, but
mainly dependent on their local contacts.
Most of them have contacts oversees and act as intermediaries.
Whoever “brokering” is a National Activity by well spoken
individuals and the price is a stunning commission………..
In short: Thinking of buying property, look for professionalism
and honesty in your dealings, the best advise we can give………..for
free!
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