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Browse our 1 legal question about Commercial Real Estate in Philippines and the lawyer answers, or ask your own questions for free.
The city of Imus, located in the province of Cavite, offers dynamic opportunities for commercial real estate investment. Commercial real estate law in Imus, Philippines, involves the regulation and implementation of laws pertaining to the sale, purchase, or lease of commercial properties. This includes offices, retail establishments, warehouse spaces, or special purpose buildings. These laws are crafted to safeguard the interests of buyers, sellers, landlords, tenants, and real estate developers by stipulating guidelines for transactions, clear titles, zoning, and land use regulations among others.
Commercial real estate transactions are often complex and involve significant financial investments. Here are a few situations where legal advice from a specialized commercial real estate lawyer would be beneficial:
In Imus, like the rest of the Philippines, commercial real estate is governed by the Philippines' Civil Code and the Real Estate Service Act. Noteworthy aspects include:
Foreign nationals are prohibited from owning land but they can own buildings, condominium units, or townhouses as long as the land where it stands is not owned by them.
Common disputes might involve lease agreements, property management issues, insurance disputes, and disagreements concerning repair and maintenance responsibilities.
While verbal agreements can be legally binding, it's strongly recommended to place all commercial lease agreements in writing to provide clear proof for what was agreed upon.
Zoning regulations can limit how you use your property and can greatly impact its value. Knowledge of any zoning restrictions is vital in your purchasing decision.
The landlord is typically responsible for repairs outside of the leased space and for keeping common areas clean and safe.
Due diligence is a process of examination of all material facts of a transaction or a property before finalizing a purchase.
Tenants have various rights like the right to a habitable premise, the right to privacy, and the right against unjust eviction.
Lease contracts can be renegotiated, but it requires the agreement of both parties. If the lease does not have a force majeure clause that covers unforeseen circumstances, there might be an uphill task in renegotiation.
Zoning regulations are subject to changes by the LGU based on the approved city or municipal zoning ordinance.
Hidden costs could include maintenance issues, property taxes, insurance, and renovation costs to comply with zoning regulations.
Entities like the Imus City LGU, Department of Agrarian Reform, and the Philippines' Land Registration Authority provide resources pertaining to commercial real estate. Workshops and courses provided by the Philippine Association of Real Estate Boards Inc. also offer deep insights into the field.
If you require legal assistance in commercial real estate transactions, ideally, find a good lawyer who specializes in this field. Research potential lawyers thoroughly, check their credentials, experience, and references. Once you have selected a lawyer, arrange a meeting to discuss your case, understand the scope of their services, and determine their fees.
