Those who want to buy real estate properties should look at the track-record of the developer before buying, Housing and Land Use Regulatory Board chief executive officer and commissioner Antonio Bernardo, said yesterday.

Bernardo said, aside from that, those who want to invest their money in real property must ensure that they are dealing with brokers who are trust-worthy and somebody close to them so they will not be misled.

It will also help if they can conduct an ocular inspection of the project because some times what they see in the pictures of the real estate properties in the advertisements are far from reality.

Bernardo stressed that it will be safer to read documents carefully before sealing a deal.

HLURB has issued new guidelines for placing advertisements for real properties.

Under HULRB board resolution number 921, only the owner or the developer may make an announcement about a real-estate project before the issuance of its license to sell, provided that such announcement shall not include any information or statement which directly or indirectly conveys or suggests the sale and marketing of any of the lots, buildings and others.

The board resolution also states that, to enable the public or prospective buyers to make an informed choice on their purchase, all advertisements about a real estate project must indicate material facts, and all announcements and advertisements should not include statements prohibited by the HULRB.

Usually, the first point of contact of the buyers about real estate properties is through advertisements or brokers, that is why they deemed it necessary to streamline the regulations on the sale of real estate, Bernardino said.

He also said that it is necessary that developers and brokers study their new rules very well because there are a lot of changes

Those who do not follow HURLB rules will be meted appropriate penalties, Bernardo said.

Most of the complaints received by HULRB are on non-delivery or late delivery of the lots and titles.

Bernardo was the guest speaker at the Subdivision and Housing Developers Association Inc and Chamber of Real Estate and Builders Association at the Planta Hotel and Residences in Bacolod City yesterday.

Taken from: The Visayan Daily Star