What is Special Power of Attorney?

Hi to our fellow Filipino! I'm Broker VM here in Binan Laguna. Today's topic is all about Special Power of Attorney (SPA), one of the crucial requirements for our Overseas Filipino Workers (OFW) who are investing a house and lot, lot only, condominium or in general a property here in the Philippines.

For our Fellow Filipino who are planning to invest or buy a property here in the Philippines, this is usually the general requirements that will be needed by the developer of the subdivision to process your housing loan through Pagibig, Bank or In-house Financing.

1. copy of your latest Job Contract

2. copy of your Philippine Passport

3. copy of any 2 government IDs (SSS, Voters, Postal, TIN, PRC, Driver's License, etc)

But since you are outside the Philippines, the transaction will usually be done by your relatives. If you are still single it can be done by your mother, father, brother or sister. If you are married it is usually your spouse who will transact in your behalf. This people who are doing housing loan transaction in your behalf are called "Attorney In-Fact". Although they are the one doing the transaction, still the property you are buying will be under your name. Of course if you are married then the property are said to be conjugal. You are only authorizing these trusted people to do it for you since you are not physically around. This authorization and list of transactions your relatives or wife will be doing are all stated in a form called "Special Power of Attorney"

How will i execute a Special Power of Attorney?

Scenario 1 : The OFW (Buyer) is still here in the Philippines but will be out of the country soon.

You have to schedule a Tripping / Actual Site visit to the subdivisions you want to invest. This will help you in the decision making process whether or not you like the place, house and etc base on you needs. By this time also you can get this SPA Form to fill up and have it notarized. So by the time you are already outside the country and decide to buy that property then there is no need for a consularized SPA Form which will be done in our Philippine Embassy. This will save you money and time compare to an OFW who are already outside the country.

Scenario 2 : The OFW (Buyer) is already out of the country and decide to buy a property here in the Philippines.

Usually in this scenario the OFW is browsing the web and comparing different housing development in his/her chosen area/city/region here in the Philippines. Then he will inquire to a Real Estate Agent / Broker to tackle details, computation and house specification. If all are within his/her budget, then the actual visit / tripping will be done by his/her relatives or wife. Then the reservation of units will follow. Now the SPA Form in this scenario will be email to the OFW. He/She will print this and sign on the part of Principal Buyer. Then he/she will go to our consulate to have this form consularized or in other terms "Red Ribbon". Usually the developer needs 4-5 copies but since this will cost a lot, they allowed a 2 consularized copies. Then once it is already consularized, he/she have to send this to his family or spouse via courier and then later submit this to the developer.

I hope with this brief discussion of Special Power of Attorney our Fellow Filipino specially our OFW are enlighten to this special requirements in acquiring a property here in the Philippines. If you have questions you can comment in this forum and hope Broker VM and VSM Markeitng can help you in your dream of investing a house and lot with the help of your determination, we as your broker and our God who guide and bless us everyday.

Example of SPA Form

For Inquiries

VSM Marketing

+639054416051 (Viber/WhatsApp)

Email : sales. vsmmarketing@gmail.com

Website : https://vsmmarketing.wixsite.com/houseandlot