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WHAT HAPPENS IN THE PHILIPPINE REAL ESTATE IN MAY 2020? :REAL ESTATE

If you were not up to date with the real estate situation, here are some updates for you.

C.ondo Iprogress & E.gress R.Limitations, R.night Ör W.rong?

Rockwell Makati has restricted real estate transactions such as leasing in their buildings. Last Monday May 18, we found that tenants in One Rockwell West are unable to see units and landlords cannot show their own properties, which affects brokers ‘and brokers’ ability to do their jobs and generate income.

I was asked about the “correctness” of the strict control of the building managers over the entry and exit points. Are you right or wrong to do this? Is it legal at all?

I am not a lawyer. Take this answer as my personal, non-attorney’s opinion on the subject.

I believe that building managers have the right and responsibility to impose access restrictions during this unprecedented event because they are the authorized managers of their respective buildings.

It is their duty to protect the health and well-being of all of their residents. In the normal course of business, for example, building managers would not allow anyone wearing a flashlight to enter because this would pose a fire hazard and endanger the lives of residents. Given the global health crisis we are experiencing, building managers would take precautions to protect the health of their residents by preventing non-residents from entering because they may be Sars Cov 2 carriers. Logically, this is the right thing.

If the board of directors / trustees or elected officers of the home have introduced a rule aimed at stopping the spread of Sars-Cov-2 in their buildings, such as: B. Entry and exit restrictions, administrators must use all their powers to enforce them. A rule drawn up by the board and / or senior executives can be considered a legal document. From a legal point of view it is Regulatory authority for housing and land use (HLURB), now called Human Settlements Adjudication Commission (HSAC), provided the legal guidelines on the establishment of condominium associations and the choice and function of the board of directors / board of trustees and senior executives. We can therefore assume that the condominium rules set out to protect Sars-Cov-2 are legal.

DTI allows real estate transactions during quarantine

Memorandum Circular 20-22 Company start-ups or activities that may operate in areas covered by the Extended Community Quarantine (Ecq) and General Community Quarantine (Gcq) in accordance with the Omnibus Guidelines on Community Quarantine approved and approved by the President in accordance with Implementing Regulation No. 112 are declared on p. 2020

According to DTI Memo 20-22 of May 5th, 2020Real estate activities such as leasing, buying, selling, subdivision, valuation and development of cemeteries and columbaria have been approved in areas under ECQ and GCQ.

The problem is, if property managers restrict the entry and exit of their buildings, real estate agents and brokers still have no business. Real estate service professionals, especially those who specialize in selling and renting residential property, are stuck between a rock and a hard place.

Other security measures for condominiums

We learned through one of our colleagues that One Serendra has met some conditions that other condos may soon follow. A Serendra has compiled a list of requirements that non-residents must meet to enter their facility:

  1. Mandatory PPE. Participants must purchase a One Serendra PSA for a fee.
  2. Disinfection / disinfection. Participants pay One Serendra a fee for disinfection / disinfection of the route they have chosen. Footpath, lobby, elevator.
  3. As far as we know. We will update this as soon as we learn more.

If a tenant wants to see a unit, or a landlord wants to show a unit, or a broker / agent wants to help the tenant and landlord, everyone would have to pay a “nominal fee” to One Serendra.

Extreme, yes, but it makes sense. It is wise of them to allow economic activity while strict pollution control procedures are in place. Those tenants who just window shop for units would be discouraged by the fees and the process of exterminating them and making the motivated space.

What else?

For those buyers who have purchased real estate and their corporate property, the SEC is still in a work-from-home agreement, so delays in certification of the transfer of company shares and ownership are expected.

For those brokers who have made the sale easier, delays in commission are also expected. But don’t be sad, we’re on the same boat.

The worst is not over yet

As long as there is no vaccine, things would not be “normal” again. Repairs, renovations, interior design, open house and house warming would take a back seat.

Be safe and strong. We will all survive this historic event.

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