Once upon a time, a couple leased a property from a broker.
Their lease still had a few months left when the broker contacted the tenant and said the owner was in need of cash and would reduce the monthly rent if they paid the lease extension in advance.
Afraid to lose the opportunity, the couple quickly made a fund transfer to the bank account provided by the broker. Their broker was extremely helpful when they moved in, and everything went smoothly, so they assumed everything was in order.
A few months passed, and the couple received a "Notice to Vacate" letter from the owner. As it turns out, the bank account they remitted to wasn't the owner's.
The broker could also no longer be contacted.
JPRE: This is a story that was posted in one of the RE Broker groups online.
The hassle of lining up at the bank and waiting for 1-2 hours to simply deposit a check is one task everyone surely dreads. This problem is solved by technological advancements that allow people to transfer funds within seconds through their mobile phones.
But how do you know you're sending the funds to the right person? Unlike GCash, which reveals some letters of the recipient's name, you're absolutely clueless about who you're wiring the money to for bank transfers. QR codes are no assurance either.
Lesson: When it comes to huge payments (e.g., > Php 10,000) to strangers, it's better to deposit a check to ensure the owner stated IN THE TITLE receives the funds. It's also possible that the "owner" you met isn't the same person stated in the title.
If, for privacy reasons, the owner refuses to show the title, request a Certificate of Ownership from the condo admin or the Billing for the Condo's Association Dues. The Condo Admin's records will almost always reflect the owners stated in the Property's Title.