Pabrika Aquisition?

Gonna purchase a pabrika. Anyone done this yet? Any tips or pointers?

 

Ok, I'll bite. What is a pabrika?

Larry

 

The red spice sprinkled on pasta?:D

 

When You find out Larry, I want to buy a vowel......LOL

 

A"pabrika" is a place where thousands of workers produce red ribbons at a salary of 80 pesos a day.

 

"pabrika" comes from Spanish "fábrica" with the pinoy "no-f - no-c in the alphabet"-twist and means "factory"

 

Hehehehhe, You don't cook much eh?.....

 

Yes, thank you guys for the education of our comrades. And for the chuckles.

Now... anyone have experience with purchasing one?

I know there is one not too far from here with giant signs: "NOT FOR SALE-BEWARE FAKE TITLE!"

I'm guessing people shelled out millions for nothing... sure want to avoid that.

 

If you spend millions on a property with a fake tittle. you deserve it.
You don't come to the Philippines spending millions without making your home work.
To make sure just bring a xerox (one peso) to the Registry of deeds and ask for a CERTIFIED TRUE COPY of the tittle.
No problem, and it will cost you a few hundred pesos, that's all, and peace of mind.

 

I guess you aren't familiar with how the DAR can totally screw up an otherwise perfectly good title. Things are NEVER as simple as they seem. If there has been a caretaker of the property, it won't show on the title, but that person has well defined legal rights to compensation from the seller. But if the seller takes the money and runs, the caretaker may refuse to sign the release form at the DAR. Without the release, no title. And that's just ONE little problem you might encounter.

Another. The title may be clear. There may be no caretaker issues. You buy the property, start to build your house, and one day the "real" owner shows up and asks you what the hell you're doing on his property. Apparently the person you bought from was not the owner. (It's happened many, many times.)

Or, title may be clear, no caretaker issues, the real owner sells to you, but....... after the deal is closed and you have a nice new deed/title in your hot little hand, relatives or heirs come to you and demand payment for their share of the property. And they have the legal right to either compensation or a portion of the property you thought was all yours.

Oh, yes, folks. Buying real estate in the Philippines can be a real adventure.