Buyers Guide

FIND THE PERFECT PROPERTY FOR YOU

Consider what your requirements are:

• Your preferred location
• Research or ask around to know the prices of the properties that are within your preferred location. You may contact a licensed real estate broker to help you with this step.
• Think about what type of property and how big of a space you need. If you have a family, a 2-3 bedroom house may be more appropriate than a single bedroom house. If you are single and working in the city, a condominium unit may be more appropriate for you.

YOU MAY ALSO SPEAK TO OUR PROPERTY SPECIALIST OR BROKER TO HELP YOU DECIDE THE MOST SUITABLE PROPERTY AVAILABLE FOR YOU BASED ON YOUR PREFERENCE.

SCHEDULE A SITE TOUR/VIEWING WITH OUR PROPERTY SPECIALIST/BROKER

At this stage, we will schedule a viewing for you to visit the properties that you are interested in for you to be able to appreciate the unit and have a look at the unit yourself or your representative. At this point, our Property Executive will give you a tour as well as the information that you need to know about the property you are viewing to help you decide on the perfect home for you.

RESERVE THE PROPERTY

So you have picked the property that you liked. Whats next? To be able to purchase the property, here are some requirements that you might need depending on the terms or payment plan that has been agreed upon:

• Reservation Fee / or Full Cash Payment
• Proof of Identity (At least 2 gov’t IDs)
• Marriage Contract (if married); Birth Certificate (if single)
• Proof of Billing (Electricity bill, water bill, etc…)
• Proof of Capacity to pay (COE, payslip, contract w/ compensation, etc…)

PAY 100% SPOT CASH OR WITH FINANCING

SPOT CASH -> Turnover of property once ready for occupancy -> The Developer will be the one to process the transfer of ownership and the subsequent release of the Title to the new owner.

Or

DEFERRED CASH -> usually minimum of 2 years to pay without interest (Developer specifies the no. of years required)

BANK FINANCING/IN-HOUSE FINANCING (IF APPLICABLE) -> Pay the required monthly equity of the developer

PROCESS LOAN APPLICATION (at least 3 months before the equity period ends)

Requirements:

• • Processing Fees
  • Insurances
  • Proof of Identity
  • Marriage Contract (if married)
  • Proof of Billing Address
  • Contract to Sell of Attorney in bank’s format (for a representative)
  • Special Power of Attorney in bank’s format (for a representative)

NOTES: Timeframe depends on the financing institution and the completeness of the documents. Requirements may also differ from one financing institution to another.

RELEASE OF THE LETTER OF GUARANTEE from the financing institution or LOAN TAKEOUT.

NOTE: SOME DEVELOPERS ACCEPT LETTERS OF GUARANTEE for the buyer to qualify for turn over of the property, while other developers will turn over the property to the buyer only upon loan takeout.

TURN OVER OF THE PROPERTY

At this point you can pretty much start filling your home with those furnitures, decorations and appliances that you have been dying to put in. You may also move in to your unit once the developer gives you the signal. Congratulations! 

COMPLETE THE REPAYMENT OF YOUR LOANfrom your chosen financing institution.

This may take somewhere between a few months to 30 years, depending on your loan term and/or financing institution that you use.

YOUR FINANCING INSTITUTION WILL GIVE YOU THE A DEED OF RELEASE once you have completed your loan payment

REGISTRY OF DEEDS

Take the Deed of Release given by your financing institution and file it with the Registry of Deeds. 

This will clear the mortgage annotation on the title of the property.

CONGRATULATIONS! 

You are now a proud owner of a property with a clean title!