1. House Viewing/Tripping
Visit your prospected model house personally or schedule it through your agent/representative. Take note of the house features, design and location as you go through the house viewing/tripping.
2. Selecting the Best House Location Within the Village
Once you have decided to purchase on that particular housing project, ask you agent/representative for the best location within the village. These includes the position of the house (Is it facing east which is a “morning sun” type or west?), the distance from the access roads, etc. Block/ lot number and house color are also decided within this point.
3. Mode and Terms of Payment
Now you already have an available unit ready to be reserved. At this point, you will go to the reservation office to reserve that unit. You’ll be given BIS (Buyer’s Information Sheet) and Reservation Agreement Form that needs to be filled out during the reservation process. It is also at this point that you will be asked which financing mode and terms of payment would you want your housing mortgage to be?
MODE OF PAYMENTS ACCEPTED:
- In-house Financing (Not Applicaple To All Project)
- Bank Financing (Through Accredited Bank)
- Pag-Ibig Financing (Selected Project)
- Cash Deferred Payment
- Spot Cash Payment
TERMS OF PAYMENT:
- Downpayment payable in how many months?
- Balance payable in how many years?
4. Pay the Reservation Fee
Remember, reservation fee is non-refundable in case the you decide to cancel the unit... but it is deductible as part of the downpayment. Only cash, personal check, company check, cashier’s check or manager’s check are accepted as reservation fee. Credit card payment is also accepted by some developer.
5. Filling out Important Forms & Contract Signing
Once the reservation fee has been paid, you will now have to fill out the following forms & contract which are part of your requirements in purchasing the unit:
- Contract to Sell
- Special Power of Attorney (if Buyer is not available)
- Insurance Forms (Mortgage Redemption Insurance aka MRI and Fire Insurance)
- In-house or Pag-Ibig or Bank Loan Application Forms
6. Requirement Submission
Before you and your agent call it a day, your agent/representative will give you a list of requirements that needs to be submitted within 15 days from date of reservation. Please take note that ON TIME submission of these requirements is VERY CRUCIAL in the your house purchase.
If requirements are lacking once the house/unit is constructed and ready to be transferred, Developers will not allow the Buyer to inspect the house, move-in or transfer unless these requirements (especially the post-dated checks) are submitted.
7. Downpayment Period
Pay your first Monthly Downpayment 30 days from the date of reservation Please note that late payments shall incur a penalty of your monthly downpayment or the worse is your reservation for the unit is forfieted.
After full downpayment has been paid, monthly amortization will immediately start the following month.
8. Notice for Inspection & House Move-In
Once the full downpayment has been paid with complete requirements and depending on financing mode (for BANK & PAG-IBIG Financing) Letter of Guarantee (LOG) of your house loan has been released, you will now receive a Notice for Inspection from the Developer.
Upon receipt of Notice for Inspection, you’ll have 30 days to inspect the house condition in preparation for your transfer or move in. Sign the House Acceptance form after inspection.
Congratulations! You may now move in to your new home.
9. Electricity & Water Application
At this point, you may now apply for electric and water connection through their office.
10. House Improvements
Interior and exterior house improvements and expansion will only be allowed once you have transferred/moved in to your new unit. Please note that approval from the Developer is necessary prior to renovation. Just make a request letter addressed to the Developer through your agent/representative could help you and get a Building Permit from your Local City/Municipal Office.
