Property brochures must disclose waterway info

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Rep. Winston “Winnie” Castelo of the Second District of Quezon City said on Friday that the government should require real estate firms and developers and their sales agents to indicate in their product brochures and vicinity maps the location of creeks and other waterways nearest to the location of their projects and pieces of property to enable buyers to know the potential dangers of floods.

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In a statement, Castelo noted the growing tendency among real estate developers, firms and agents to omit public disclosure of creeks and waterways in their brochures and product information kits, leading buyers to acquire flood-prone pieces of real estate and property.

“Such omission could be a form of deception. Real estate buyers are not
protected,” Castelo said even as he acknowledged that floods have become a common occurrence in many parts of the country.

The congressman has instructed his staff to prepare a bill requiring all real estate developers, firms and agents nationwide to disclose such facts, which, according to him, would go a long way to protect buyers.

Castelo also encouraged local government units to enact ordinances to stop the practice of omitting information on waterways, to protect buyers of real estate and property.

He said that this requirement would separate the responsible developers, who follow rules, from the irresponsible and illegal real estate developers and agents.

“This is a must. They [property buyers]are not buying bars of laundry soap. They are spending millions of pesos in acquiring real estate property,” Castelo added.

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