List Of Real Estate Laws In The Philippines
Real estate laws in the Philippines govern the buying, selling, and leasing of properties. These laws are designed to protect the rights of both the buyer and the seller, and ensure that all transactions are transparent and fair. In this article, we will discuss some of the most important real estate laws in the Philippines.
The Comprehensive Agrarian Reform Law (CARL)
The Comprehensive Agrarian Reform Law (CARL) is a law that was passed in the Philippines in 1988. It aims to redistribute land ownership from wealthy landowners to landless farmers and farmworkers. Under CARL, agricultural land can be acquired by the government and distributed to qualified beneficiaries, who are usually farmers or farmworkers.
The Urban Development and Housing Act (UDHA)
The Urban Development and Housing Act (UDHA) is a law that was passed in the Philippines in 1992. It aims to provide affordable housing to low-income families and to promote the development of urban areas. Under UDHA, the government is required to provide incentives to developers who build low-cost housing projects, and to prioritize the provision of housing for the poor and homeless.
The Condominium Act
The Condominium Act is a law that was passed in the Philippines in 1966. It regulates the ownership and management of condominiums, which are multi-unit residential buildings. Under the Condominium Act, the developer of a condominium project must register the project with the government and comply with certain requirements, such as setting up a condominium corporation to manage the building and ensuring that the buyers have clear titles to their units.
The Real Estate Service Act (RESA)
The Real Estate Service Act (RESA) is a law that was passed in the Philippines in 2009. It regulates the practice of real estate brokerage and appraisal. Under RESA, anyone who wants to practice real estate brokerage or appraisal must pass a licensure exam and register with the Professional Regulation Commission (PRC).
The Foreign Investment Act (FIA)
The Foreign Investment Act (FIA) is a law that was passed in the Philippines in 1991. It regulates foreign investment in the Philippines, including in the real estate sector. Under FIA, foreign investors are allowed to own up to 40% of a Philippine corporation engaged in real estate development or management, subject to certain conditions and restrictions.
The Philippine Mining Act
The Philippine Mining Act is a law that was passed in the Philippines in 1995. It regulates the exploration, development, and utilization of mineral resources in the country. Under the Philippine Mining Act, mining companies are required to obtain permits and comply with certain environmental and social standards.
The Clean Air Act
The Clean Air Act is a law that was passed in the Philippines in 1999. It regulates the emissions of air pollutants from sources such as factories, vehicles, and power plants. Under the Clean Air Act, real estate developers are required to obtain an Environmental Compliance Certificate (ECC) from the government before undertaking any construction project.
The National Building Code
The National Building Code is a law that was passed in the Philippines in 1972. It regulates the design, construction, and occupancy of buildings and other structures. Under the National Building Code, all buildings and structures must comply with certain safety, health, and environmental standards.
The Philippine Disaster Risk Reduction and Management Act
The Philippine Disaster Risk Reduction and Management Act is a law that was passed in the Philippines in 2010. It aims to reduce the risks and effects of disasters such as typhoons, earthquakes, and floods. Under this law, real estate developers are required to comply with certain disaster risk reduction and management standards in the design and construction of buildings and other structures.
The Indigenous Peoples' Rights Act (IPRA)
The Indigenous Peoples' Rights Act (IPRA) is a law that was passed in the Philippines in 1997. It recognizes and protects the rights of indigenous peoples in the Philippines, including their rights to ancestral land and natural resources. Under IPRA, real estate developers are required to obtain the free and prior informed consent of indigenous peoples before undertaking any development project in their ancestral lands.
The Civil Code of the Philippines
The Civil Code of the Philippines is a law that was passed in the Philippines in 1950. It governs the legal relationships between individuals and entities, including those related to real estate. Under the Civil Code, real estate transactions must be in writing and must comply with certain formalities, such as the payment of taxes and the registration of the sale with the appropriate government agency.
The Local Government Code
The Local Government Code is a law that was passed in the Philippines in 1991. It devolves certain powers and responsibilities from the national government to local government units, such as cities and municipalities. Under the Local Government Code, local government units have the power to enact their own zoning and land use regulations, subject to certain limitations and guidelines.
The Foreign Ownership of Land Act
The Foreign Ownership of Land Act is a law that was passed in the Philippines in 1935. It prohibits foreign individuals and entities from owning land in the Philippines, except in certain cases such as leases for a period of up to 50 years. Under this law, foreign investors are allowed to own condominium units, but not the land on which the condominium is built.
The Rent Control Act
The Rent Control Act is a law that was passed in the Philippines in 2009. It regulates the rent of residential units, particularly those in urban areas. Under the Rent Control Act, landlords are prohibited from increasing the rent of their tenants by more than 7% per year, and from evicting their tenants without just cause.
The Special Economic Zone Act
The Special Economic Zone Act is a law that was passed in the Philippines in 1995. It establishes special economic zones in certain areas of the country, which are intended to attract foreign investment and promote economic development. Under the Special Economic Zone Act, real estate developers who invest in these zones are entitled to certain tax incentives and other benefits.
The Philippine Fisheries Code
The Philippine Fisheries Code is a law that was passed in the Philippines in 1998. It regulates the fishing industry in the country and aims to promote sustainable fishing practices. Under the Philippine Fisheries Code, real estate developers who plan to build projects near bodies of water must comply with certain environmental standards and obtain the necessary permits from the government.
Conclusion
These are just some of the most important real estate laws in the Philippines. As a buyer or seller of real estate, it is important to be familiar with these laws and to seek the advice of a qualified lawyer or real estate professional before making any transactions. By complying with these laws, both buyers and sellers can ensure that their rights are protected and that their transactions are fair and transparent.