I. Can foreigners buy a condominium unit in the Philippines?
II. MINIMUM DOWNPAYMENTS
a) What is the min. downpayments for move-in at a Mid Rise & High Rise Condominiums?
- For Mid-rise developments : 10%-90%
- For High-rise developments : 20%-90%
Note : Unless a certain project is given a certain promo term.
b) How long will it take before you can move in to your condominium unit (for RFO – Ready for Occupancy) after you have made the downpayment in cash?
- It takes 30 days from the issuance of clearance for the turnover of the unit is done , while clearance is issued only upon completion of downpayment.
a) How long is the warranty period of your condominium unit once turned over to you? Also, what is the warranty coverage?
2 years and coverage covers workmanship
IV. Ownership of a Corporation
a) What are the requirements if a condominium unit would be named after a corporation?
- Secretary’s Certificate
- Articles of Incorporation
- Board Resolution
- Valid IDs of the Corporate Secretary
V. RELEASE OF LAND TITLE
a) How long is the processing time for the title of your condominium unit to be released after full payment?
- At least 1 year
Working or residing in abroad? Owning a unit can never be easy! You have 2 options to choose. Please see below :
Option 1 (HIGHLY RECOMMENDED):
A duly authorized representative can reserve in your behalf while you are in abroad. In this regard, a duly notarized Special Power of Attorney must be executed designating your duly authorized representative (SPA). The Special Power of Attorney must be consularized by the Philippine Consulate in the buyer’s present country. Upon reservation, your SPA 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 7 days from the date of reservation:
- Signed Reservation Agreement Form, Client Registration Form, and Final Computation Sheet (forms and computation template will be provided by us).
- Photocopy of 2 valid government-issued IDs.
- Tax Identification Number (TIN) and Income Tax Return (ITR).
- Proof of Billing.
- Consularized Special Power of Attorney and 2 valid government-issued IDs of SPA holder, if applicable.
For Special Power of Attorney, the SPA will be asked to sign the Contract to Sell in behalf of the unit owner. To avoid the cancellation of your reservation, please make sure to submit all the above documents including the signed Contract to Sell/Deed of Absolute Sale plus postdated checks/wire transfer payments within 30 days from the date of reservation.
To facilitate the process, the original copy of the Reservation Agreement Form, the Client Registration Form will be sent to you via courier. You need to fill out and sign these forms (please no erasures, and your signature in the forms should match your signature in your I.D.’s). The signed, filled up forms along with your signed final computation (final computation will be emailed to you and will be printed out and signed by you) will be sent back to the Philippines as part of the requirements. We have remittance services for the payment of reservation. (Kindly check below our nearest remittance partner in your country) After submission of the required documents, we will be sending via courier the Contract to Sell, and you will be asked to sign it.
Payments and Financing There are two recommended Payment Terms for your convenience:
2. In-house financing, with a maximum term of 10 years.
Modes of Payment 1. Postdated checks to cover monthly amortizations.
2. Remittance Based on the terms of payment agreed upon on your reservation agreement or your Contract to Sell, you will be required to begin paying your downpayment 30 days after the reservation date.