Public warned vs property scam

MANILA, Philippines - Vice President Noli de Castro on Thursday warned the public against syndicates people or groups who are selling vast tracts of land located in Metro Manila and nearby provinces using fake land titles. De Castro, chairman of the Housing and Urban Development Coordinating Council (HUDCC), said the squatting syndicates are using fake titles such as Titulo de Proprieda (4136) and Original Certificate of Title (OCT) 01-4, which are no longer used in any land registration proceedings under the Torrens system. “The public should practice prudence when it comes to investing their hard-earned money in properties to avoid falling prey to squatting syndicates," De Castro said. De Castro said part of the modus operandi of the squatting syndicates is requiring would be buyer to get membership to an association before they can acquire a property and the offer of price is generally too low as compared to the present fair market value. He cited that last month, the anti-squatting group of the HUDCC filed charges against professional squatters and squatting syndicates for estafa and falsification of public documents. - GMANews.TV