If you have found the right home for you and not reserve it immediately especially if you have the resources to buy already, your specific choice of unit (or the same type) could run out as there are also other buyers who are wishing to have that same unit. Sometimes we have our own preferences or choices that are limited in nature. For example, out of 10 same unit types, there could only be 1 or 2 that you like because of its strategic position or location within the subdivision (if house and lot) or building (if condo unit), aside from other reasons like pricing.
Another is that prices of real estate properties appreciate. Sometimes, the price increase ranges from 3-5% annually or even semi-annually in some in-demand projects. That could translate to several thousands or hundred thousands of pesos additional that could have been your savings or could be used to furnish your house or condo unit.
No. There is nothing in Philippine law that says a condominium is only good for 50 years. It means that just like a house and lot or lot only, a condo unit owner will have a title (CCT-Condominium Certificate of Title) that can be passed on to the next generation.
Yes, foreigners are allowed to own a condominium unit or property but not a house and lot (or lot only) except for special cases as may be provided by law.
Yes. Those who are based abroad can still reserve a unit whether house and lot, lot only or condo unit. As mentioned above, the reservation fee may be paid through various facilities and the reservation agreement form may be sent online and initially, scanned documents are accepted while waiting for the original signed documents to arrive via courier, or personally when the client comes back to the Philippines.
All the needed pieces of information such as computation, available unit, location map, site development plan, floor plans, and others will be provided to you via email or any other means online to help you choose a specific unit.
The requirements differ depending on the developer. But usually, the initial requirements to reserve a unit are:
1. Reservation Fee – may be paid through cash, cheque or credit card (in some developers). If based abroad, reservation fee can be deposited via remittance or wire transfer.
2. Fully filled-up and signed reservation agreement forms (may also be sent via email or courier if client is based abroad)
3. 1 or 2 valid IDs
The turnover date of houses and condos depends on the specific residential project.
For houses, the usual scenario is that a certain downpayment is usually needed (say 10% or 20%DP) before its construction begins. House construction depends on the complexity and scale of the house but usually for affordable houses, an 8-12 months period is enough. There are also some developers or projects that offer ready for occupancy units, especially reopened ones.
For condominiums, the turnover date is on a per project basis. You may ask for it upon inquiry. But usually it is around 3-5 years from launching depending on the size and scale of the project.
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