Friday, August 21, 2009

Anybody know how much you have to put down on raw land?

Hello my husband and I live in PA and are currently looking into purchasing vacant land to build our own home on in about 2 years. We would like to buy land now and make payments on it for 2 years before we build a house. We currently own a home. I have heard you have to put a certain percentage down but I can't seem to find any information on bank websites about land loans. Thanks!


what is the seller asking for?

there is no specific %

for many years(before the creative mortgage surge) one had to have 10% down for a home and their payments could not exceed 25% of their income

this might give you some guideline but you are not talking a residence

In recent times, about 30% is typical.

Ask a lender.

Could be 25% of sales price or higher in these hard-to-get-a-loan days.

Could even be 30% - 50%.

If the seller will finance it for you, could be ZERO. They might accept payments. This is the difference between institutionalized financing and seller financing. Good luck.

Thursday, August 20, 2009

If my land owner has bankruptcy, and my apartment building goes into foreclosure. Can the bank take my things?

HELP!?!?!?!?


YOU ARE SAFE.....however I was in a similar situation....the land owner lost the property...our leases were no longer valid and I had to take the old landlord to court to get my deposit back. The landlord knew he was losing the property and collelcted the sept rent, and then the new owners wanted the september rent as they had not gotten it. all of us had to pay the rents for september and then take the previous landlord to court to get our monies back..he filed bankruptcy so each one of us tenats was out 2,400. for the rent and the deposit x 10 tenants......and we could do nothing about it. the new owners brought us leases to sign where the rent was higher and they wanted a deposit from all of us...I did not sign the new lease and moved.....contact an atty about where to send your rents since the property is in forclosure. the bank may want the money sent to them and placed in an escrow account. contact an atty so that you are not skrewed like all of us were

The bank cannot take your personal property, but they can order your eviction.

Your things are yours.

Wednesday, August 5, 2009

What is the difference between a land title and land parcel?

Can I use land parcel as collateral for loan at any bank in Philippines?


A Transfer Certificate of Title issued by the Registry of Deeds, which is under the Land Registration Authority of the Philippine government, (not by anyone or anybody else)is the best form of land ownership. It is document that can be sold, exchanged, mortgaged or pawned.

As to the parcels document, maybe you are referring to a Tax Declaration,which is issued by the municipality. You can't mortgage it in the bank. For you to get a land title(if the land is not yet titled), get in touch with the local assessor of your municipality or to the register of deeds in your area, so they can advise you what steps to follow, Bring with you the evidences that you and your family paid the taxes in the past years.

You need to be clear on what is ownership of real property and what is not.

A"Deed of Absolute Sale" is the Official document proving ownership of a parcel of land.

A "Tax Declaration" form is NOT a certificate of ownership. It merely allows you to occupy the land at the convenience of the Government.

Sounds like you are trying to use a Tax Declation Form as collateral for a bank loan. You cannot borrow against property that is not yours.

You may not use the land parcel as collateral to the bank instead the bank requires that you present the lender with the Land Title Certificate.

Metes and bounds is a traditional method of land surveying in which the boundaries of land parcel are recorded in terms of relative directions and distance. The land parcel is also known as the legal boundary of demarcation of two units or more of land/s.

Certificates of Title are documents that may be used to establish the current owner of a piece of property. Along with identifying the current owner, a Certificate of Title will also provide other valuable information about the status of the property, including any existing easements or encumbrances on the land and buildings located on the property. Full disclosure of the status of the property on the Certificate of Title can help lenders and potential buyers to be fully apprised of the current situation of the asset, and thus make a decision about whether to move forward with the proposed transaction.

Along with providing adequate details about the nature of the property, the Certificate of Title will also provide essential information about the current owner of the property. This will include the name of the registered owner and some sort of identifying information that helps to establish the identity of the person named as the owner on the property title. Depending on the provisions required by local law, there may be other identifying information regarding the owner required as part of the body of the document.

The final key section of a Certificate of Title will detail any and all current claims that are in force against the property. These may include mortgages currently in force, loans that have been taken out by the owner and which utilize the property as collateral for the loan, and encumbrances such as a tax lien. Generally, the entity that is holding the encumbrance on the property will also be named in the Certificate of Title, making it relatively easy to verify the current status of the obligation.

A land title is a piece of paper, while a parcel of land is the physical object referred to by the said document.

Going to the Bank with a dump truck containing aggregates from this parcel of land would not be construed by the said commercial concern as "collateral". They always prefer the document, or the title of the land, usually insisting that there are no encumbrances thereto.

A land title is a piece of paper, while a parcel of land is the physical object referred to by the said document.

Going to the Bank with a dump truck containing aggregates from this parcel of land would not be construed by the said commercial concern as "collateral". They always prefer the document, or the title of the land, usually insisting that there are no encumbrances thereto.

WELL YOU NEED TO UNDERSTAND AMERICAN BEFORE ASKING SUCH QUESTIONS YOU SILLY BLOKE:

A TITLE IS LIKE A NAME SEE A MUSIC TITLE AS IN "BAD" OF MJ

AND A PARCEL ? U SHOULD BETTER ASK THAT YOUR LOCAL MAILMAN