Map & Directions
1. What are the initial documents I need to submit to officially reserve a Condominium Unit with the Developer?
Buyer should submit the following reservation documents to officially reserve a Unit:
a.) Proof of reservation fee payment (may vary per project from PhP 15,000 to PhP 50,000)
b.) Signed Reservation Application
c.) Fully accomplished Buyer’s Information Sheet
d.) Photocopies of valid government-issued ID’s of Principal Buyer/s and Spouse/s, if applicable bearing their photos and signatures any one(1) of the ff: Passport, Driver’s License, GSIS, SSS, Professional Regulatory Commission, Tax Identification Number, Firearms, Senior Citizen, Postal or other related government-issued ID with picture and signature).
e.) Completely filled-out and signed BIR 1904 (individual) or BIR 1903 (company) (form to be provided by servicing Sales Agent)
2. How will I pay the reservation fee?
Buyers can settle the reservation fee in full through cash, dated check, bank deposit, remittance or credit card. It is important that the Buyer send the proof of said payment (copy of acknowledgment/provisional receipt, deposit slip, remittance slip or credit card transaction slip) to the Developer through physical submission, photocopy, fax or scanned copy through e-mail. With this, the developer can immediately effect the holding of the preferred unit in favour of the buyer for three (3) days only while he/she is completing the initial reservation documents.
3. How long is the validity of the said Unit reservation?
The reservation is valid only for thirty (30) days from the date of settlement of the reservation fee payment.
4. What are the contents of a Reservation Application?
A Reservation Application is a document which formally expresses the interest of the Buyer in purchasing a Unit stating the Project, Unit no., Contract Price, Payment Schedule and the important provisions governing the reservation of the said Unit.
5. Can a foreigner purchase a condominium Unit in the Philippines?
Yes, a foreign national or company can buy a condominium unit in the Philippines provided that the purchase and ownership meets the requirements found in Republic Act No. 4726, otherwise known as the Condominium Act, and other related laws. RA 4726 provides that where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws. Under related laws (Foreign Investment Act), up to 40% foreign equity or ownership is allowed for condominium projects where the common areas in the condominium project are co-owned by unit owners or owned by a corporation. In other words, foreign nationals or companies may buy condominium units in the Philippines as long as the total units owned by these foreign nationals or companies will not exceed 40% of the units in the condominium project. The Developer has a system in place which will allow it to determine if the 40% foreign ownership has already been exceeded.
6. If I decide to cancel the reservation, will my Reservation Fee be refunded or transferred to my preferred Buyer?
No, the reservation fee is non-refundable and non-transferrable. This shall be forfeited once no succeeding payments are made after the reservation fee as provided for in the Reservation Application.
1. What is a Contract to Sell (CTS)?
The CTS is the contract that sets out the terms, conditions and financial details agreed to by the Developer and Buyer in the sale of a Unit. This contract supersedes the Reservation Application.
2. When can I receive the CTS on my Unit purchase for my signature?
The Buyer will receive his CTS through courier within one (1) month from completion of the initial reservation documents including Spouse’s valid government-issued ID, if applicable.
3. When can I receive the notarized CTS?
The Developer shall forward a notarized CTS to the Buyer within two (2) months from the former’s receipt of the signed CTS from the latter.
4. What are the requirements if I sign the documents related to the purchase outside the Philippines?
The documents should be authenticated or consularized at the Philippine Embassy of the country where the Buyer is based or is residing. The said consularization abroad is the counterpart of our notarization here in the Philippines.
5. If I will be residing or leaving for another country, how can I avoid the inconvenience and costly consularization or authentication of my contracts and documents abroad?
It is advisable that while in the Philippines, the Buyer designates a representative through the execution of a Special Power of Attorney (SPA) before leaving for abroad. This allows the attorney-in-fact to transact and sign documents pertaining to the Unit purchase with the Developer. In the event that Buyer will pay the balance thru bank financing, a separate SPA is required for loan purposes using the Bank’s form.
6. Can I name the Unit purchase under my child who is a minor?
Yes, on the condition that the parent or someone of legal age shall stand as his/her legal guardian who will sign contracts in behalf of the minor since he/she is not yet qualified to enter into any contract until he/she is of legal age.
7. Can I separately dispose of the appurtenant parking slot?
With the execution of the CTS, the Buyer agrees that the appurtenant parking slot(s) will not be sold, mortgaged, leased or otherwise disposed of separately from the Unit. The use of the appurtenant parking slot(s) will pertain only to the Buyer as owner of the Unit.
8. How can I ensure that my requests and issues pertaining to my Unit purchase will be immediately processed and attended to?
All requests and issues should always be covered with a letter signed by the Buyer or his/her authorized representative to be submitted to the Account Management Department of the Developer tasked to handle all after sales services either through physical delivery or e-mail.
1. What are the available payment terms offered by the Developers to their Buyers?
The following are our available standard payment terms:
a.) Cash Term – full payment within thirty (30) days from reservation fee payment with applicable discounts
b.) Bank Financing Term – 10% to 30% of the contract price as downpayment will be settled by Buyer in terms and the lump sum balance to be financed by the Bank
c.) Deferred Cash or Installment Terms – 10% to 30% spot downpayment and the Balance may be paid in twenty four (24) up to thirty six (36) months through Buyer’s own funds for specific pre-selling projects.
d.) No Downpayment Term – No equity or downpayment, 100% of the contract price are settled through deferred payment with the Buyer’s own fund.
2. Can I change my original financing scheme if I decide to?
Yes, Buyer can change or restructure his/her term but subject to Management’s approval and a processing fee amounting to PhP15,000 will be charged to the buyer.
3. What is required of me by the Developer in the settlement of my monthly downpayment/amortization?
As stated in the Contract to Sell, the Buyer is required to issue complete Postdated Checks for his/her scheduled downpayment/amortizations.
4. If I do not have a checking account, can the Developer assist me in applying for one so I can issue the required postdated checks?
The Developer has several accredited Banks catering to the opening of checking accounts for the former’s Buyers with its mere endorsement and very minimal requirements from its Buyers.
5. To whom shall the check for payment of my monthly downpayment/amortization/balance be made payable to?
All checks should be made payable to the Developer.
6. When can my issued checks be effected as payments to my Unit purchase?
Checks shall be effected and posted as payments to Buyer’s purchase upon encashment of the same.
7. Can I also pay in foreign currency or remit payment?
Yes, a Buyer can pay in US dollars but will be converted to Philippine Peso. The exchange rate shall be based on the date/time that the Bank credits the amount to the Developer’s account and not during the time when it was remitted or debited from the Buyer’s bank account. Metrobank has seven (7) overseas branches, thirty (30) remittance subsidiaries worldwide and two (2) representative offices in China which can assist the Buyer in sending payments. For branch details, please visit their website at: www.metrobank.com.ph
8. If there will be discrepancy between the actual credited payments and monthly downpayment/ amortization due upon conversion of the foreign currency to the Philippine peso, who will shoulder such discrepancy?
Said discrepancy shall be shouldered by the Developer to the Buyer.
9. How can I ensure the proper posting of my payments made through remittance or deposit to the Developer’s bank account?
The Buyer is required to provide a proof of the remittance or deposit slip to the Developers’ designated Cashier through the following methods:
a. Physical submission of a photocopy
b. Fax
c. Scanned copy through e-mail
10. Can I request for pull-out or hold for deposit of my issued postdated checks if I decide to? Pull-out or holding of checks for deposit is strongly discouraged because all checks received by the Developer are being warehoused with its Bank for safekeeping. In extreme cases and for valid reasons, a written request should be submitted to the Developer at least seven (7) working days prior to the maturity date of the check. The processing of said request will only commence once the written request and payment of the processing fee amounting to PhP 2,500 have been received by the Developer.
11. How can I request for re-deposit of my check payment that has been returned or bounced?
A signed written request is required from the Buyer to re-deposit a returned or bounced check. The buyer will also need to settle the bounced check fee amounting to PhP 2,500 and the corresponding penalties due to delayed payment.
12. Do I need to settle the Value Added Tax (VAT) and Creditable Withholding Tax (CWT) related to the Unit purchase separate from the Total Contract Price?
The VAT and CWT are already imputed in the Contract Price and the Developer will remit the same to the concerned government agency in Buyer’s behalf.
13. How can I upgrade my Unit purchase (e.g. transfer from 1BR to 2BR)?
The Developer will verify if the Buyer’s new preferred Unit is still available in the sales inventory. Upon confirmation, the buyer will be required to submit a written request. If approved, the Buyer needs to execute a new contract pertaining to the upgraded Unit. A processing fee amounting to PhP 15,000 will be collected from the Buyer.
14. How about downgrading?
The same process as in the upgrading of purchase will be followed. The only difference is that all the expenses incurred by the Developer (commission, incentives, penalties, etc.) and the downgrading fee amounting to PhP 15,000 shall be deducted from the Buyer’s total payments on the original Unit before crediting the remaining amount of total payments made, to Buyer’s unit.
15. When does a Unit purchase become past due?
Accounts are considered past due under the following conditions, in relation to the settlement of the scheduled down payment/amortization/lump sum balance:
a. non-payment
b. late payment
c. short payment
16. What happens to my Unit purchase if it is past due?
a. A penalty interest of 3% per month will be charged to the Buyer’s unpaid amount due until fully settled as provided in the Reservation Application.
b. Reminder and Demand Notices will be sent to the Buyer by the Credit and Collection Department to follow-up payments of the arrears.
c. The Developer may offer remedial collection measures such as restructuring, downgrading, transferring of rights, etc. to assist a past-due the Buyer.
d. A notarial cancellation notice will also be sent to the Buyer if account remains unpaid for more than 90 days.
17. Will there be refund of payments made for my Unit purchase which was cancelled due to either voluntary withdrawal or continued default in payment?
All payments made shall be forfeited once purchase has been cancelled and the Unit will be opened in the sales inventory and offered to other prospective Buyers.
18. Will the ARC paid through the Developer for the said purchase be refunded upon cancellation of my account?
The ARC which the Buyer has paid to the Developer but was not remitted to the proper government agencies yet will be refunded to the Buyer upon cancellation of the purchase.
1. What is my obligation as a Buyer as far as processing of the Bank financing is concerned?
The Buyer has the sole undertaking to ensure that the Loan Guarantee and Loan Proceeds in payment of the lump sum balance of his/her purchase shall be received by the Developer on or before the Due Date of the said balance as indicated in his/her CTS.
2. What will the Bank check before approving my loan application with them?
The Bank will check the adverse credit records of the Buyer such as cancelled credit card, bounced checks, criminal case records or civil case records related to payment of previous loans. The former will also verify the capacity to pay of the Buyer. This is the reason why the Bank requires proofs of income (Certificate of Employment and Compensation, Payslips, Employment Contracts, etc.) from the Buyer to check also the stability of the source of his/her income.
3. Can I personally choose a Bank not accredited with the Developer to finance the balance of my purchase?
Yes, provided that the Developer shall receive the balance of the purchase price which is the subject of the loan on or before the agreed Due Date as shown in approved Payment Schedule.
4. What happens if the loan amount granted by the Bank is not enough to settle the outstanding balance of my purchase?
The Buyer needs to settle the difference on or before the Due Date as shown in the approved Payment Schedule.
5. What happens if the Developer receives the Loan Guarantee from the Bank but my purchase still has unpaid penalties?
The Buyer will be required to pay the penalties on or before the lump sum balance Due Date. The Loan Guarantee signed by the Developer shall only be returned to the Bank upon compliance of all the documentary and payment requirements by the Buyer.
6. What remedies are available for me if my loan application has been disapproved by the Bank?
The Buyer shall be compelled to settle the balance through his/her own funds on or before the agreed lump sum balance Due Date or apply for in-house financing with the Developer.
7. If I withdraw from my purchase after my loan has been disapproval by the Bank, can I refund the payment made to the account?
If the Buyer decides to withdraw from his purchase, all payments made shall be forfeited in favour of the Developer.
1. What are the requirements I need to qualify for Unit turnover?
Unit turnover can be scheduled upon the Buyer’s full payment of the contract price (including penalties and interests, if applicable), submitted all the required sales documents and paid the related Advance Registration Charges (ARC).
2. What are Advance Registration Charges (ARC) and when is it scheduled for settlement?
These are the taxes and fees which is estimated at 5% of the total contract price charged by the Government related to title transfer which are computed and collected from the Buyer by the Developer. The ARC shall be settled on or before the full settlement of the contract price or upon the receipt of the loan guarantee by the Developer from the Bank.
3. Can I request for an early unit turnover even if I have not fully settled the contract price?
The Buyer can request for an early turnover but is still subject to Management’s approval upon compliance with the following requirements:
a. Submission of signed written request
b. Paid at least 30% of the total contract price for regular accounts or at least 40% for in-house financing
c. Passed the credit evaluation of the Developer (Buyer will be required to submit proofs of income)
d. Submitted the complete sales documents required
e. Issued complete postdated checks for the remaining downpayment/amortization
f. Settled the ARC for title processing
4. Will I be allowed to inspect the Unit before the actual turn-over?>
The Customer Relations Department (CRD) of the Developer will coordinate with the Buyer for the schedule of inspection and turnover of the Unit. Any defects noted during the inspection will be listed down and will be attended to immediately by the Developer. CRD will inform the Buyer of the new turnover schedule upon completion of the items subject for repair and rectification.
5. Who are the only ones allowed by the Developer to accept the Unit for turnover?
Only the Buyer, his Spouse, his attorney-in-fact or his representatives with written authorization are allowed to accept the Unit for turnover.
6. When can it be considered that there is already a “constructive delivery” of the Unit from the Developer to me?
Constructive Delivery starts at the time the Buyer receives the written notice of the Developer informing the Buyer that the unit is ready for occupancy.
7. Can I have my Unit rented out?
Yes, the Buyer may opt to have the Unit rented out. The Buyer may opt to personally find a lessee for the Unit or may get in touch with the Developer’s accredited Management Company which may assist in finding a lessee. The Buyer is required to give a copy of the lease contract to the Building Administrator for their file and reference.
8. Can I renovate or introduce improvements on my Unit?
Yes, the Buyer may renovate or improve the Unit subject to the submission and approval of the Building Management on the detailed plan and specifications submitted by the Buyer. Moreover, a security bond and other necessary fees will be required prior to the start of the renovation works. However, relocation of the plumbing system is strictly not allowed.
9. When do I become a member of the Condominium Corporation?
A Buyer automatically becomes a member of the Condominium Corporation on the following circumstances whichever comes first:
a. Upon receipt of the notice of turnover of the unit by registered mail or personal delivery
b. From the date the Buyer has actually taken possession and occupied the unit
c. Upon singing of the Deed of Absolute Sale
d. Upon transfer of title of the Unit in the name of the Buyer
10. How much is the average monthly Condominium Association Dues and what does it cover?
Monthly Association Dues vary in every project, depending on the operating expenses of the Building. Association Dues are used to defray the cost to maintain and operate the common areas and facilities of the Building based on budgetary cost for administration/management fees, janitorial, security, taxes and licenses, insurances, real estate tax, maintenance of equipment water distribution, garbage collection, maintenance of sewage treatment plant and other miscellaneous expenses.
11. When will I start paying the Condominium Association Dues and what is it for?
Once the Unit has been turned over, the Buyer will be obliged to pay the Condominium Association Dues, whether the Unit is occupied or not. This will be used for expenses as stated in paragraph 10 above.
12. Who shall collect the Condominium Association Dues?
The Condominium Association Dues shall be collected by the Developer until the formation of the Condominium Corporation.
13. What happens if I fail to pay the Condominium Association Dues?
The following will be implemented by the Condominium Corporation:
1. Cutting off the water line and other utility services
2. Charging of interest penalty which is equivalent to an average of 3% per month based on the outstanding amount
3. In extreme cases, the accumulated Condominium Association Dues will be annotated as encumbrance and lien on the condominium title
14. If I already introduced improvements to the Unit, what happens to it if said purchase gets cancelled?
The said improvements shall become the property of the Developer upon cancellation of the Buyer’s purchase without the obligation on the part of the Developer to reimburse the latter for the cost or value of the same. Developer can also require the dismantling/demolition of the said improvements at the Buyer’s expense and deliver the Unit to Developer in the same physical condition that it was found at the time of its delivery to the Buyer.
15. If I am already occupying the Unit, what happens to the Buyer’s possession of the unit once my purchase gets cancelled?
The Buyer will be required to immediately vacate the Unit and allow the Developer to take physical possession of the unit.
16. When will the Developer be discharged fully of its obligation under the Contract to Sell and Deed of Absolute Sale?
Buyer’s acceptance of the Unit and/or occupancy of the same shall free the Developer from any responsibility and liability over the Unit.
1. Why do I need to sign a Deed of Absolute Sale upon full settlement?
It is a document executed by the Developer in favour of the Buyer to signify the Developer’s absolute and irrevocable transfer and conveyance of all its rights, interests and claims on the Unit upon the Buyer’s posting of full payment on the total contract price and ARC. The issuance of a DOAS marks the start of the processing for the transfer of ownership of the unit from the Developer to the Buyer.
2. What are the requirements for the transfer of the Condominium Certificate of Title (CCT) to the Buyer’s name?
The Developer shall only start the processing of the title transfer upon the Buyer’s full settlement of the contract price of the Unit (including interests and penalties, if applicable), submission of complete required sales documents and contracts and payment of the related ARC.
3. How long does it take to transfer the title?
The processing time for the complete transfer of ownership and issuance of a new title by the Developer is within three (3) to six (6) months from full payment of the Unit and ARC and the immediate return of the signed DOAS from the Buyer, and subject to issuance of individual CCT and tax declaration by concerned goverment agencies.
4. Am I allowed to transfer rights/ownership of the purchased Unit to another Buyer?
Yes but subject to Management’s approval. Transfer of rights is defined as (a) change in Unit owner’s name, (b) addition of buyer’s name, and/or (c) removal or deletion of buyer’s name in case there are two(2) or more buyers. If request is made within thirty (30) days from reservation, no processing fee will be collected from the buyer. However, if it is beyond thirty (30) days, a processing fee of PhP 15,000 will be charged. In both cases, all parties involved must sign a Deed of Transfer of Rights. Any additional taxes and fees that will be assessed by the Government Agencies in relation to the said transfer of rights shall be for the account of the original Buyer or new Buyer
5. Am I required to pay the Real Property Tax? If yes, when do I start paying it?
In the event that Unit is delivered even if the Buyer has not moved in the unit, the real estate taxes shall be pro-rated between the Developer and the buyer. The latter shall only be liable for his/her pro-rata share of the taxes corresponding to the period five (5) days from the notice of delivery up to the end of the year.
6. Whose account will it be charged to if the Government increases its taxes and fees before or during the process of title transfer?
The Buyer shall shoulder any increase in government taxes and fees related to the Unit purchase including title processing.