How to Conduct Due Diligence to Avoid Buying Landlocked Property in the Philippines?
How to Conduct Due Diligence to Avoid Buying Landlocked Property in the Philippines?
Purchasing real estate is a significant investment, and due diligence is essential to ensure a smooth transaction. One critical factor often overlooked by buyers is the property’s road right of way (RROW). A landlocked property can pose serious challenges, including restricted access and diminished value. Here's a step-by-step guide to avoid this pitfall:
1. Verify the Title and Survey Plan
Begin by reviewing the property’s land title and survey plan. These documents will indicate whether the property has direct access to a public road. Check for annotations regarding easements or RROW agreements.
2. Conduct an Ocular Inspection
Visit the property to confirm its accessibility. Ensure the path described in the documents exists and is usable. A physical inspection often reveals issues that paperwork might miss.
3. Consult the Neighbors
Speak with neighboring property owners. They can provide insights into the property's history and any informal arrangements regarding access.
4. Verify RROW Legality
If the property has an RROW, confirm that it is legally binding. Ensure it is documented in the Register of Deeds and not just an informal agreement, which may not hold up in disputes.
5. Check Local Government Records
Inquire with the municipal or city planning office to verify zoning regulations and public road access. They can confirm if the property is landlocked or has future infrastructure developments.
6. Seek Legal Assistance
Hire a real estate lawyer or consultant to review all documents and assess the situation. They can draft agreements or resolve disputes, ensuring your rights are protected.
7. Be Wary of Promises
Sellers may claim they will secure an RROW for you. Do not rely solely on verbal assurances. Ensure any such agreement is executed in writing and notarized.
Disclaimer
This blog is for presentation purposes only. Actual due diligence steps may vary depending on the property and situation.
Inspiring Quote
"Invest wisely by doing it right the first time. In real estate, diligence today ensures peace of mind tomorrow."
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