HOW TO OWN A CONDO IN THE PHILIPPINES?
As a Licensed Real Estate Broker since 2014, one of the usual questions that I got from my clients is “How do I own a condo in the Philippines?” This write up will guide you on how you can own a condo in the Philippines from making a reservation until unit turnover.
I have been affiliated with one of the prestigious developer in the Philippines, Megaworld Corporation. Megaworld Corporation developments are located almost in all key locations in Luzon, Visayas & Mindanao and one of the best condo developers. If you are looking forward to invest and own a condo in the Philippines below is the process on how to own a condo in Megaworld Corporation.
THE PROCESS OF OWNING (rent to own terms)
1. Get a reliable agent or real estate broker (Hi there!) and proceed with property ocular.
2. Make a reservation and make sure to sign a purchasing docs particularly of the unit you wish to purchase. Usually the amount of reservation fee is Php 25,000.00 (not refundable) and it is only good for 30 to 45 days. Once reservation is made, within 30 to 45 days after reservation date, all required documents and other payments must be settled and if not, the reservation fee will be forfeited in favor of the developer. Make sure to reserve the unit when you are 100% sure to purchase or else you will waste Php 25,000.00.
3.Once reservation is made. The following documents should be complied the soonest.
- Purchase Docs and Buyers Information Sheet to be provided by the agent / real estate broker.
- Photocopy of 2 Valid Identification Cards
- Checks & Post Dated Checks for Downpayment, Monthly Payments, Lump sum and Taxes & Fees.
The taxes and fees exact amount will be provided within 7 to 14 working days from reservation date.
4. Once all docs and checks covering all payments has been complied, the developer will issue a Contract to Buy & Sell or Deed of Absolute Sale for client’s signature. Make sure to sign all pages before submitting to the developer to avoid future turnover delays.
5. Upon submission of signed Contract to Buy & Sell or Deed of Absolute Sale, the developer will now process the move-in clearance. Given that the downpayment and taxes and fees has been cleared.
6. The developer will now contact you for turnover schedule and punch listing, to check that the unit purchase is in good condition and no repairs needs to be done. YES! you can deny the acceptance of the unit in case there is a minor concern so that the developer will do the repairs before next scheduled turnover. If the unit is in perfect condition during your first turnover schedule then you can accept the unit by signing the move-clearance and the developer will turnover the unit keys at the same time.
7. Congratulations! You are now a unit owner!
Just a reminder make sure once you moved in to your unit make sure that payments are updated to avoid penalties including the association dues which is to be settled in the Building Admin Office.
*The realtor reserves the right to correct any information.