• Foreigners can legally own a condominium unit provided that the foreign ownership proportion of the building does not exceed 40%. Foreigners cannot own land in the Philippines.
2. BUYING PROCESS
a. An accredited Licensed Broker/Salesperson or an Accredited In-house Salesperson, referred by Taft Properties, can discuss and assist the buyer during the process
i. Detailed discussion of the project
ii. Payment terms
iii. Viewing of the model unit and/or site visit, when required
b. When the buyer decides on a purchase, the following documents are required for making the reservation:
i. Filled-out Reservation Agreement Form and Client Information Sheet
ii. Signed Quotation Sheet
iii. Signed Contract to Sell
iv. Reservation Fee, in cash, check or credit card payment
v. Two (2) Valid IDs
c. Within a period of 30 days, the buyer is required to submit additional supporting documents which will be discussed by the assigned Reservation Booking Specialist during the reservation process
3. PAYMENT OPTIONS
a. There are three (3) available payment options, different options apply per project:
i. Bank Financing – 15% to 30% down payment payable in 12 to 36 months, with balance paid thru a bank loan
ii. Deferred Cash – payment of the Total Contract Price within 24 to 30 months, without interest
iii. Spot Cash – payment of the Total Contract Price within 30 days
b. Discounts are available for spot payments within 30 days, amount varies per project
i. Spot Cash Discount
ii. Spot Down Payment
c. Accredited banks are available for financing options. The list below may change over time. Speak to your sales representative for more information.
• WealthBank
• Bank of the Philippine Islands
• Security Bank
• BDO
• Philippine National Bank
4. MOVING IN
a. Requirements for unit handover and move-in
i. Full payment of the Total Contract Price
ii. Release of bank loan proceeds to Taft Properties, if applicable
iii. Submission of requirements for utilities (power, water, etc.), if applicable
iv. Special-Power-of-Attorney, if applicable
b. Move-in process
i. The Buyer will receive a Notice of Schedule for Handover after full payment of the Total Contract Price
ii. Buyer sets a schedule with the Handover Team
iii. On the set date, the buyer visits the unit for inspection and signs the Unit Acceptance Form
iv. The Handover Team conducts a briefing and turns over the keys of the unit to the Buyer
v. Buyer pays the Home Owner’s Association (HOA) membership and other related fees
vi. The Handover Team endorses Buyer to the Property Management Group for the required HOA enrollment and discussion of guidelines for the actual unit move-in
c. Fees prior to move-in
Fees vary per project, indicated figures are expressed in a price range
i. HOA Membership Fees, from P10,000 to P20,000
ii. 3-months advance HOA dues, from P80/sqm to P1/sqm
iii. Other fees maybe collected for utility application, fire extinguisher, etc.
d. Unit modification
Units cannot be modified or redesigned or combined. Alteration of the façade and architectural exterior is not allowed. However, there are a select units in specific projects that can be combined. In this case, the Buyer is only allowed to do so after the units have been turned-over and duly accepted. The request for alteration is subject to guidelines and approval from the Developer, with a corresponding cash bond.
5. USE OF UNIT
a. Strictly for residential use only
b. All owners are responsible for upkeep and maintenance of their respective units
c. Rental and transient use vary per project. There are specific guidelines to regulate transient tenancy activities of the unit owners. Speak to your sales representative for more information.
d. There are different policies for pet ownership per project. Speak to your sales representative for more information.