Buyers Guide

Requirements

  • Reservation Requirements for Buyers
  • Payments and Financing
  • Turnover Process
  • Turnover Schedules
  • Things to know about the Turnover Process
  • Buyer Acceptance

Reservation Requirements for Buyers

Upon reservation, you will be asked to fill up a Reservation Agreement form. Along with this, a reservation fee of P20,000 for the unit and P10,000 for the parking must be made.

The reservation is non-refundable and is valid for 30 days only. To complete your reservation, the following documents must be submitted within the said 30 days:

  1. Signed reservation agreement indicating terms of payment
  2. Photocopy of valid ID. One (1) if ID is issued by the government and at least two (2) for non-government issued IDs.
  3. If applicable, a Special Power of Attorney. If the buyer is out of the country, it has to be consularized.
  4. Valid ID of the Special Power of Attorney holder.
  5. Tax Identification Number (TIN)

After submission of the required documents, you will be asked to sign a Contract to sell. To avoid the cancellation of your reservation, please make sure to submit all the above documents within 30 days from the reservation date.

Payments and Financing

There are three available payment terms for purchasing your DMCI Home:

  1. Cash
  2. In-house financing, with a maximum term of 10 years.
  3. External financing
  • Bank
  • Pag-Ibig (Home Development Mutual Fund)

Based on the terms of payment agreed upon on your reservation agreement or your Contract to Sell, you’ll be required to begin paying your downpayment 30 days after the reservation date.

Minimum downpayment required:

  1. Mid-rise condominium units 20%

If your reservation date is from the 1-15th day of the month, the downpayment is due every 15th of the month. If the reservation date is from the 16th to the end of the month, downpayment is due on the 30th of every month.

Available modes of payment are:

  1. Cash or dated checks
  2. Post dated checks, to cover monthly amortization (Maximum of sixty (60) checks). Local buyers are required to issue post dated checks.

Turnover Process

The turnover process is the most important to a new homeowner, because this is when the property finally changes hands. Because we know how important this is to you, we’d like to share some guidelines to make the transition smooth and satisfactory for both parties.

Turnover Process

  1. Completion of unit will commence upon issuance of Authority-To-Turnover (CLEARANCE) by Documentation
  2. Completion date:
    • Thirty (30) days for single condominium unit
    • Forty-five (45) days for tandem condominium units
  3. Punchlisting/inspection by the client will be scheduled after the completion date
  4. Rectification of punchlisted items will be done immediately but completion date may vary depending on the nature of the punchlisted items
  5. Client is responsible in settling all required fees & deposits prior to unit turnover
  6. Homeowner Orientation of community house rules, policies & regulations is done during handover of unit
  7. Handover kit and welcome gift is given to client upon acceptance of unit
  8. Upgrade/improvements for his unit will be allowed only after the acceptance of unit
  9. Note that certain warranties may be voided by any unit material alteration

Requirements prior to issuance of CLEARANCE

  1. Payment of the minimum downpayment required
  2. Issuance of required post dated checks for the balance of Total Contract Price
  3. Submission of duly signed CONTRACT TO SELL / DEED OF ABSOLUTE SALE & other pertinent documents
  4. Letter of Guarantee (LOG) & Drawdown/Loan Take-out (for external bank financing only)

Required Fees & Deposits

  1. MERALCO Service Deposit for permanent power connection
  2. Real Property Tax (RPT) – client’s share
  3. Cash Bond for temporary power (if permanent power service is not yet available)
  4. Condominium Corporation fees & dues

Requirements for Permanent Power Connection

  1. Proof of ownership (CTS/DOAS or CCT)
  2. Duly accomplished MERALCO application form
  3. Two (2) valid IDs
  4. Duly signed MERALCO waiver
  5. Authorization letter (if accomplished thru representative)

Condominium Corporation Fees & Dues

  1. One time Joining/Membership fee
  2. Monthly Association dues
  3. Construction bond (for unit with owner’s upgrade)
  4. Insurance premium
  5. RPT of common areas
  6. Other Condominium Corporation assessments

Buyer Acceptance

If the buyer fails to inspect and accept the unit within thirty (30) days from the date of notice that the unit is ready for turnover, it shall be deemed that the buyer has automatically accepted the unit.

Acceptance by a Representative

  • If the registered buyer is not available on the scheduled turnover of unit, his/her duly authorized representative can accept the unit in his/her behalf. The representative must be designated as a duly notarized Special Power of Attorney (SPA).
  • The unit turnover cannot be delayed on account of SPA’s availablity schedule

Turnover Schedules

A unit is deemed completed upon the issuance of the Authority to Turnover Documentation. (CLEARANCE)

Completion Date:

  1. Thirty (30) days for a single condominium unit
  2. Forty-five (45) days for a tandem condominium unit

Once the unit has been declared complete, you may then proceed to inspect and punchlist your new home to check if everything agreed upon is in place.

Things to know about the Turnover Process

  1. In case some things in the unit need to be rectified following your inspection, these will be done immediately. However, the completion date may vary, depending on the nature of the things to be fixed.
  2. To avoid any delays with the turnover process, please make sure that all required fees and deposits are taken care of before unit turnover.
  3. Homeowner Orientation of the community house rules, policies and regulations will be done during the unit turnover. Likewise, the handover kit and welcome present is given upon your acceptance of the unit.
  4. Upgrades, improvements and other personal modifications to your unit may only be allowed after the official acceptance. Please bear in mind that certain warranties may be voided by alterations.

Clearance requirements

  1. Before you can move-in, the payment of at least the minimum downpayment must be made.
  2. Postdated checks covering the balance of the Total Contract Price must also be issued.
  3. The duly signed Contract to Sell / Deed of Absolute Sale and other pertinent documents must all be submitted.
  4. For units financed externally, a Letter of Guarantee (LOG) and Drawdown / Loan Take-out are needed.

Other Required Fees and Deposits

  1. For permanent power connection, a MERALCO Service Deposit must be made.
  2. Your share of the Real Property Tax (RPT) must also be paid.
  3. In case permanent power service is not yet available, a Cash Bond for temporary power must be issued.
  4. Condominium Corporation fees & dues must also be settled.

Requirements for Permanent Power Connection

  1. Proof of ownership (CTS / DOAS or CCT)
  2. Duly accomplished MERALCO application form
  3. Two (2) valid IDs
  4. Duly signed MERALCO waiver
  5. Authorization letter (in case the application is being overseen by a representative)

Condominium Corporation Fees & Dues

  1. One time Joining / Membership Fee
  2. Monthly Association Dues
  3. Construction Bond (applicable for units that have been upgraded by their owners)
  4. Insurance Premium
  5. Real Property Tax of common areas
  6. Other Condominium Corporation assessments

Buyer Acceptance

In case you fail to inspect and accept the unit within thirty (30) days from the date you were issued the turnover notice, it shall be deemed that you have automatically accepted the unit.

Acceptance by a Representative

  • If you are not available on the scheduled turnover of your unit, you can send a duly authorized representative in your place to accept the unit on your behalf. He or she must be designated as the duly notarized Special Power of Attorney (SPA).
  • The unit turnover cannot be delayed due to the SPA’s availability schedule.

10 Easy Steps (Own a home thru Bank Financing)

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1.Inquire from Sales Agent/Broker/Legal if title and tax declaration of the property intended to be bank financed is available/

2.Choose a bank from the list of accredited banks

3.Obtain an application form as well as a list of requirements from your preferred bank

4.Fill-up the Application Form

5.Compile the requirements required by your preferred bank. The following are the list of requirements required by most banks.

1. Information on Personal Data & Income
a.If employed ( within the Philippines)
i. Certificate of Employee ( COE) indicating annual salary and position
ii. Latest Income Tax Return (ITR)
iii. Payslips ( last two months)
iv. Proof of Billing Address ( e.g. Meralco, credit card, etc.)
b. If Overseas Filipino Worker (OFW)
i.POEA Authenticated Contract ( seaman)
ii.COE Authenticated by Philippine Consulate ( direct-hired)
c. If Self-Employed
i. Business Name (DTI) or SEC Registration
ii. Articles of Incorporation and By-laws with SEC Registration Certificates
iii. List of Trade References ( at least 3 names & telephone numbers of major suppliers &/or customers)
iv.Audited Financial Statements for the past two years
v. Bank Statement for the last six months
vi. Proof of billing address (e.g. Meralco, credit card etc.)
d. If Practicing Doctor
i. Clinic address/es and schedule
ii. Bank Statement for the last six months
e. If income is from Rental or Properties
i. List of tenants and rental amounts
ii. Complete address/es of properties being rented
iii.Bank statement for the last six months
2. Information on the Collateral ( to be secured from the developer)
a. Two ( 2) clear photography sets of Transfer Certificate of Title ( all pages including blank pages with the book and page/volume number indicated on the front page)
For Condominium
i. Photocopy of Condominium Certificate of Title (CCT)
ii. Certificate of Consent and Updated Payment of Monthly Dues from Condo Corp.

6. Submit the duly accomplished Loan Application Form together with the complete documents to Finance Department. Finance Department shall check completeness of documents and will forward to the bank for approval.

7. Await notification for approval. Normally, this takes five (5) to seven (7) working days.

8. Upon receipt of notice from the bank of loan approval, buyer needs to comply the following:

Bank Requirements:

  • Express your conformity to the Letter of Guarantee (LOG)
  • Sign the loan documents (Deed of Assignment, Promissory Note, Real Estate Mortgage, Special Power of Attorney, etc.)
  • Submit the post-approval requirements to your preferred bank such as:
a. Post-dated checks
b. Mortgage Redemption Insurance ( MRI)
c. Insurance of the property to be financed
i. For condominiums. Fire/Earthquake Insurance endorsement, Policy& Photocopy of the Official Receipt can be obtained from the Office of the Property Manager
ii. For completed House & Lot & Townhouses, insurance should be obtained from a reputable/ accredited insurance company.
  • Pay bank charges which include Documentary Stamp Tax, Notarial Fees & Mortgage fees.
  • Issue PDC payable to the bank to cover amortization payments
  • The Bank will forward the LOG to the Developer/Seller for conformity.

Developer’s Requirements:

  • Issue post dated checks (PDC)payable to the Developer to cover downpayment/equity portion
  • Settle unpaid equities
  • Settle transfer fees to the Developer/Seller
  • Sign Contract to Sell/Deed of Sale

9. Developer/ Seller shall forward to the bank duly signed LOG & Deed of Undertaking (DOU) accompanied by the Buyer’s latest Statement of Account.
10. Await the release of loan proceeds, normally within 7 to 10 working days. (Drawdown)

STOP:

  • Documents should be submitted to the Finance Dept within thirty 30 days from reservation date. Failure to submit on time shall automatically convert the account to In House financing.
  • Target drawdown date is within 60 days from reservation date or 30 days after full payment of required DP
  • Turnover of unit shall be after loan drawdown

Bank Financing Cycle:


Easy Steps to a Pag-Ibig Housing Loan

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1. Attend a housing loan counseling session at the Pag-Ibig Fund office nearest you.

Applicants are asked to accomplish a preliminary loan counseling questionnaire, housing loan application form, and membership status verification slip (MSVS).
Based on these documents, Pag-Ibig officers will determine if the applicant is eligible for a housing loan. Eligible applicants are then given a checklist of requirements that they must comply with before they move on to step 2 in the list.

The requirements include: certificate of employment with salary breakdown (notarized), latest 1 month payslip, Income Tax Returns (ITRs) and W2 for the last two years, photocopy of a company ID or any valid ID with signature, proof of billing, birth certificate, marriage certificate, community tax certificate, and 1×1 picture (4 pieces).

For overseas workers, the requirements are: a special power of attorney (SPA), ID with signature of person designated in the SPA, photocopy of passport (pages 1 and 2), latest job contract, and POP contribution with record book.

2. Submit to Pag-Ibig your loan application form together with all the requirements in the checklist and pay the processing fee of 1,000 pesos. The amount is non-refundable, even in the case that your loan gets disapproved.

3. Wait for notice of approval or letter of guaranty from Pag-Ibig on your housing loan. After your loan is approved, you will need to sign loan documents at the Pag-Ibig office.

4. Proceed to the Bureau of Internal Revenue (BIR) and present the deed of absolute sale between you and the owner of the property. You will also need to submit other necessary documents like tax declaration and tax receipt or clearance for the payment of capital gains tax and documentary stamps tax and secure Certificate Authorizing Registration (CAR).

If you want to know beforehand how capital gains tax and documentary stamps tax (DST) are computed, check out this post on taxes in real estate transactions.

5. After getting CAR from BIR, proceed to the notary public and have your Loan Mortgage Agreement (LMA) notarized.

6. The next agency to visit is the Registry of Deeds where applicants will need to pay transfer tax and registration fees for the transfer of title and annotation of mortgage.

7. If you’ve taken out a loan to purchase a new residential unit or a lot where you’ve had a house constructed, you need to secure an occupancy permit from the engineering office in the city or town where the property is situated.

8. Next stop is the Assessors Office where you will need to secure a tax declaration for your property, which may be a house and lot or lot only. This is to be used as basis for your real property taxes.

9. After visiting other government agencies, you need to go back to the Pag-ibig Fund Office, armed this time with the following documents:

* Original Transfer Certificate of Title in your name which has the mortgage annotated on it
* DOAS with original RD stamp
* New tax declaration
* Updated real estate tax receipt
* Occupancy permit
* Assignment of loan proceeds

10. The second to the last step is to receive the loan proceeds that you will use to pay the seller of the property.

11. The last step is to start paying the monthly amortization base on the scheduled date.

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