TO DO: FREQUENT TRAVELERS

If you're working with a frequent traveler looking to list a property, there are a few critical details that often get overlooked by brokers. Make sure to address these early to avoid unnecessary delays.

1.⁠ ⁠Travel Schedule & Special Power of Attorney (SPA)

Understanding your client’s travel schedule is crucial, especially if they need to sign a Special Power of Attorney (SPA) while they are in the country. Most clients prefer to avoid visiting the Philippine Consulate abroad, so it's best to prepare SPAs in advance. These should authorize the broker or a representative to:

+ Conduct property showings

+ Procure certified copies of ownership documents

+ Authorizing a third-party to sign closing documents (if the client will be unavailable for closing)

Reminder: Take a photo of the client’s passport, including the immigration entry stamp and date, as proof of presence in the Philippines.

2.⁠ ⁠Philippine Tax Identification Number (TIN) & Updated Marital Status

+ Many property owners are unaware that they need to update their marital status with the Bureau of Internal Revenue (BIR). This should be addressed well in advance.

+ Some owners don’t even know their Philippine TIN. Often, a TIN was issued when they purchased the property, but they may not be aware of it.

To check, they can refer to the BIR Certificate Authorizing Registration (CAR) that came with the property title. If they can’t locate the CAR, verification can be done at the BIR.

Reminder: Ensure that the SPA includes authorization to specifically verify the TIN and update marital status if needed.

3.⁠ ⁠Philippine Bank Account

Surprisingly, some property owners do not have a local bank account. Since it’s common for buyers to issue Manager’s Checks (which can only be deposited, not encashed), the seller must have a Philippine bank account to receive payment.

Due to Anti-Money Laundering Act (AMLA) regulations, foreigners may face restrictions when opening accounts in the Philippines. This issue should be resolved early in the process.

While it's technically possible for a buyer to remit funds to the seller’s foreign account, this requires additional steps that could deter less experienced buyers.

By proactively addressing these details, you can ensure a smoother transaction and prevent last-minute complications.