REAL ESTATE

We specialize in making it easier for you to own property in the Philippines from within the large and diverse pool of assets that we offer. The diversity of our assets span the entire spectrum of real estate classifications – from Residential, Commercial, Recreational, Industrial, Agricultural to Memorial and in various areas nationwide

We are one of the agent belonging to the Star Group of Companies. We are involved in the acquisition, management and disposal of personal and real estate properties. Our main foreign investor is Standard Bank London Holdings PLC, the international investment arm of Standard Bank Group (SBG). SBG is one of Africa’s and South Africa’s leading banking and financial services.

The flexibility of our financing options and the value for money we offer for cash purchases are among the best in the market – making it easy for you to acquire property. You can practically customize the payment terms to suit your cash flow 

How do I acquire a property?

A. Give us a call – Once you have identified the property of your choice, we suggest you immediately get in touch with us. We will inform you if the property is still available. We will also provide you with documents such as photocopy of the title, vicinity map and lot plan to enable you to inspect the property and verify the authenticity of the title. We recommend you inspect the property and verify the title with the Registry of Deeds as soon as possible.

B. Schedule a meeting with us - After your inspection and verification and you find everything in order, you can schedule a meeting with us or give us a call to discuss your intention to purchase the property. We will discuss the payment options available.

C. Submit a Letter Offer - Once decided, you will be required to submit a letter offer. In the letter, you have to indicate your offer price and payment term.

D. Receipt of Approval Notice from STAR - STAR will evaluate your offer and an Approval Notice will be forwarded to you if your offer has been approved. The Approval Letter will indicate, among others, the STAR’s selling terms and conditions.

E. Sign the Approval Notice – You have to read the Approval Notice provided by STAR and ensure that you understand the terms and conditions indicated in the letter. You have to affix your signature to the Approval Notice to signify your conformity. Should you have questions, immediately give STAR a call.

F. Settle the required downpayment for installment purchase or full selling price for cash purchase – The Approval Notice will indicate the amount that you have to pay as downpayment or selling price and its due date. You have to settle the amount due within the deadline indicated in the letter. Otherwise, the Approval Notice will be deemed cancelled even without notice from STAR.

G. Submit required documents – You have to submit the required documents within the deadline indicated in the letter. Otherwise, the Approval Notice will be deemed cancelled even without notice from STAR.

H. Credit evaluation –If you are acquiring the property on installment basis, Starcredit Philippines, Inc. will finance your acquisition subject to credit evaluation.

I. Sign Contract to sell or Deed of Absolute Sale – After notification from Starcredit Philippines, Inc. that your request for financing has been approved, in case of installment purchase, or after full settlement of the selling price for cash purchase, you will be required to sign the Contract to Sell for installment purchase or Deed of Absolute Sale for cash purchase. This is the final step of your acquisition. 

Can I inspect the property?

Yes, this is the first step in acquiring any property. Our properties are available for inspection any day of the week. We recommend, however, that you give us a call prior to inspection as some of our properties are manned by caretakers and security guards. In the case of condominium units, we have to inform the building administration of your planned visit.

What are the payment modes available?

A. Cash

B. Financing – You may acquire our properties on installment basis. Our minimum downpayment is only 10% with balance payable up to a maximum of ten (10%) years. Starcredit Philippines, Inc. will finance your acquisition subject to credit evaluation. 
 

I intend to acquire a property from STAR on installment basis. What documents do I need to submit?

The documents you will be required to submit will depend on your source of income.

A. If you are employed:
  • You may acquire our properties on installment basis. Our minimum downpayment is only 10% with balance payable up to a maximum of ten (10%) years. Starcredit Philippines, Inc. will finance your acquisition subject to credit evaluation.
  • Photocopy of latest full month pay slip for the last 3 months
  • Photocopy of latest BIR Form 2316 (W2) signed by the employer’s authorized representative
  • Photocopy of valid Philippine Government-issued ID (front and back) with picture and signature (e.g. Passport, Driver’s License, etc.)
  • Photocopy of the front portion of the major credit card and past 3 months billing statement
  • Photocopy of latest Meralco billing statement on the place of residence (for non-Meralco customers, electric bill for the past 3 months)
  • Photocopy of Marriage Contract, if applicable
  • Photocopy of valid CTC (Community Tax Certificate), including spouse, if applicable 
B. If you are self-employed:
  • Photocopy of past 3 years audited financial statements and ITR with BIR / Bank Stamp (audited in-house FS, if applicable)
  • Photocopy of bank statements for the last 6 months (optional)
  • Photocopy of valid Philippine Government-issued ID (front and back) with picture and signature (e.g. Passport, Driver’s License, etc.). For corporate, the authorized representative of the corporation
  • Photocopy of latest Meralco billing statement on the place of residence and business (for non-Meralco customers, electric bill for the past 3 months)
  • Valid business permit / license. For single proprietorship, including valid registration of business name
  • Photocopy of the front portion of the major credit card and past 3 months billing statement
  • Photocopy of valid CTC (Community Tax Certificate), including spouse, if applicable
  • Company profile or Business background
C. If you are an Overseas Filipino Worker:
  • Employment Contract duly authenticated by Philippine Consulate in English Translation (for nurses and contract workers) or latest crew contract (for seamen)
  • Proof of remittance or allotment slips or pay slips for the past 3 months
  • Photocopy of valid Philippine Government-issued ID (front and back) with picture and signature (e.g. Passport, Driver’s License, etc.)
  • Photocopy of latest Meralco billing statement on the place of residence (for non-Meralco customers, electric bill for the past 3 months)
  • Photocopy of Marriage Contract, if applicable
  • Photocopy of valid CTC (Community Tax Certificate), including spouse, if applicable
  • SPA (Special Power of Attorney)
D. If the acquiring entity is a corporation:
  • Copy of past 3 years audited financial statements and ITR with BIR / Bank Stamp (audited in-house FS, if applicable)
  • Photocopy of bank statements for the last 6 months (optional)
  • SEC registration certificate, articles of incorporation and by-laws
  • Valid business permit / license
  • Photocopy of valid Philippine Government-issued ID (front and back) with picture and signature (e.g. Passport, Driver’s License, etc.) of authorized representative of the corporation
  • Photocopy of proof of billing (Meralco, PLDT, etc.)
  • Photocopy of valid CTC (Community Tax Certificate) of company and authorized signatory for the company
  • Company profile or Business Background
  • Photocopy of the front portion of the major credit card and past 3 months billing statement of authorized representative of the company 

Are there are other fees in acquiring a property from STAR?

A. If the property is acquired on installment basis, you have to pay Starcredit a processing fee of Php10,000.

B. If you are an individual acquiring a property on installment basis, your monthly amortization will include premium for Credit Life Insurance.

C. The following taxes are for your account:
  • If the property’s zonal value is higher than the selling price, Creditable Withholding Tax on the excess
  • Documentary Stamp Tax
  • Registration Fee
  • Transfer Tax

What is Credit Life Insurance?

Credit life insurance is a type of insurance in which the amount of the policy matches the loan balance at any given time; designed so that the loan will be paid off in full in the event of death.

When can I take possession of the property?

You can take possession of the property upon 20% payment of the property’s selling price. Upon 20% payment, you shall be liable for the following:
  • Real Estate Tax
  • Insurance, if applicable
  • Association Dues, if applicable

Who will be liable for Real Estate Tax?

STAR will be liable for the Real Estate Tax up to the time you have settled 20% of the property’s selling price. Once you are 20% paid, you will be liable for the real estate tax due on the property.

Who will be liable for Fire Insurance?

STAR will be liable for the Fire Insurance up to the time you have settled 20% of the property’s selling price. Once you are 20% paid, you will be liable for the real estate tax due on the property.

Can foreigners buy properties in the Philippines?

Foreigners may indirectly own land by investing in Philippine corporations registered with the SEC subject to the foreign equity restrictions for ownership of private land. Such Philippine corporations may then acquire the land for example, Ownership of Condominium Units. Unlike private land, foreign nationals and foreign corporations may directly own a condominium unit. However, the land on which the condominium building stands must be owned by the condominium corporation. When a person buys a condominium unit, he automatically becomes a member of the condominium corporation which owns the land. Under Philippine law, foreigners are allowed to become members or stockholders of the condominium corporation which owns the land, but only up to a maximum of 40% of the capital stock of the condominium corporation. The transfer of a condominium unit shall include the transfer of the appurtenant membership or stockholding in the corporation. No transfer or conveyance of a condominium unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the condominium corporation to a foreigner causes the alien interest in such corporation to exceed 40%.


 

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