CREBA Cautions Real Estate Buyers, Investors

Article excerpt

As the Philippine real estate market starts to perk up after the global slump, property buyers and investors are urged to take precautions against being misled or duped into investing in land parcels which may not even exist.Dr. Jaime A. Cura, chief executive officer of CREBA Land Services & Title Warranty Corporation (CREBALAND) said that many land titles proliferating in the market are infested with material technical flaws which usually cannot be detected by those without technical savvy.These flaws, Cura said, would not only adversely affect the value of the property, but may also pose serious implications as far as ownership is concerned.In several cases that CREBALAND has examined, Cura said, these technical flaws turned out to be indications of title fraud or fakery.One serious flaw is that the titled parcel, when accurately mapped, turns out to be located in an inalienable zone. Cura said that the Supreme Court has invariably ruled such titles to be void ab initio.Some titled parcels happen to be situated in ravines or floating at sea, contrary to representations of the seller or mortgagor; while some parcels could not even be mapped or located, Cura said.Still other parcels, which are supposed to be bounded by highways and thus would have higher market values, turn out to be situated far from the road networks; while other titles supposed to be covering large tracts of raw land turn out to be straddling fully developed subdivisions already covered by another title, Cura added. …