Frequently Asked Questions
1. Who can buy?
- Filipino citizens
- 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
- An accredited Licensed Broker/Salesperson or an Accredited In-house Salesperson, referred by Taft Properties, can discuss and assist the buyer during the process
- Detailed discussion of the project
- Payment terms
- Viewing of the model unit and/or site visit, when required
- When the buyer decides on a purchase, the following documents are required for making the reservation:
- Filled-out Reservation Agreement Form and Client Information Sheet
- Signed Quotation Sheet
- Signed Contract to Sell
- Reservation Fee, in cash, check or credit card payment
- Two (2) Valid IDs
- 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
- There are three (3) available payment options, different options apply per project:
- Bank Financing – 15% to 30% down payment payable in 12 to 36 months, with balance paid thru a bank loan
- Deferred Cash – payment of the Total Contract Price within 24 to 30 months, without interest
- Spot Cash – payment of the Total Contract Price within 30 days
- Discounts are available for spot payments within 30 days, amount varies per project
- Spot Cash Discount
- Spot Down Payment
- Accredited banks are available for financing options. The list below may change over time. Speak to your sales representative for more information.
- Bank of the Philippine Islands
- Security Bank
- Philippine National Bank
4. Moving In
- Requirements for unit handover and move-in
- Full payment of the Total Contract Price
- Release of bank loan proceeds to Taft Properties, if applicable
- Submission of requirements for utilities (power, water, etc.), if applicable
- Special-Power-of-Attorney, if applicable
- Move-in process
- The Buyer will receive a Notice of Schedule for Handover after full payment of the Total Contract Price
- Buyer sets a schedule with the Handover Team
- On the set date, the buyer visits the unit for inspection and signs the Unit Acceptance Form
- The Handover Team conducts a briefing and turns over the keys of the unit to the Buyer
- Buyer pays the Home Owner’s Association (HOA) membership and other related fees
- 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
- Fees prior to move-inFees vary per project, indicated figures are expressed in a price range
- HOA Membership Fees, from P10,000 to P20,000
- 3-months advance HOA dues, from P80/sqm to P1/sqm
- Other fees maybe collected for utility application, fire extinguisher, etc.
- Unit modificationUnits 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
- Strictly for residential use only.
- All owners are responsible for upkeep and maintenance of their respective units.
- 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.
- There are different policies for pet ownership per project. Speak to your sales representative for more information.