Dacion en Pago

by Prime Radar Team   July 16, 2015

Question: Hello PRIME! I’ve loaned in this particular bank amounting Php 7 million to start up my own laundry business and to secure my payment, I mortgaged my property, an open lot, located in Malate, Manila with 500 square meters. I was given 18 months of installment to pay my debt and as of now, I know that I will fail to meet my obligation. Here is my question before jumping to a conclusion. Can I offer half of my property as a payment to the bank?  Answer: Greetings! Yes, you can use your property as payment for your remaining debt in the bank as long as you and your creditor will settle into an agreement. In the Philippine law, there is what we call ‘Dacion en Pago’ which is defined as “a special mode of payment” where you, as the debtor, can offer other means of payment to the creditor, in your case half of your property. In simpler term, Dacion en pago is a payment in a form or property which is left or given to the lender to satisfy an obligation.

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Condotel
by PRIME Radar Team  March 19, 2015
Condotel

Question: Hello, I’m the owner of a condominium here in Metro Manila. I have a problem: not all of the units have been occupied by tenants, and those that have been belong to tenants that most of the time, aren’t there. They only stay in when on vacation or when in transit to another location, so activity is low. Is there anything I can do to generate more revenue? Please help!   Answer: A popular business model for condominiums is to also operate as luxury hotels on the side. This is called a Condominium Hotel or Condotel for short. While allowing tenants to own...

Social Media Marketing
by Prime Radar Team  December 4, 2014
Social Media Marketing

Hello! One trendy way of marketing real estate now is through the use of Social Media Marketing - a more innovative, engaging and cost-effective way to advertise through the internet. Besides Facebook, other sites like LinkedIn and even Youtube allow you to personalize and be creative with your advertising, so that your leads stand out from the rest. Not only will you reach a much wider audience (potentially anyone surfing the web), but you get all that at a very low cost, if not for free!

Acts of God in Real Estate
by Prime Radar Team  November 20, 2014
Acts of God in Real Estate

You are talking about the Force Majeure clause. In the real estate industry, neither party is liable when incurred damage to a property is due to inevitable and unforeseen circumstances. Extraordinary events and natural disasters - also called ‘Acts of God’ in some cases- are beyond the power and control of either parties, and thus this clause in the contract removes liability for natural and unavoidable catastrophes that interrupt the expected course of events, and restrict the participating parties from fulfilling obligations.

How To Get the Right Vibe in Your Living Space?
by Prime Radar Team  November 6, 2014
How To Get the Right Vibe in Your Living Space?

East Asian tenants and residents often bring up this issue. Divination services or readings are often offered by Oriental Geomancers or Chinese Feng Shui consultants. They can get the readings of your living or working space and tell you predictions based on the flow of energy throughout the area. Sometimes they will tell you rearrange or add special objects such as fruit or other round objects that can affect this flow of energy – an energy otherwise known as Qi (chi).

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