BUYERS GUIDE

Requirements

 

As for requirements, to reserve a unit, one would only need to fill out 2 forms. A reservation fee for 20,000 for unit and 10,000 for parking (parking is optional unless required by with certain units and projects) would be required which can be settled in cash, check or credit card. Reservation fee can also be wired through accredited DMCI remittance centers.

Other requirements that one would need within 7 days from reservation

  1. Valid IDs
  2. Proof of Billing
  3. Signed Computation Sheet
  4. Birth Certificate
  5. Marriage Certificate if married

Requirements to be submitted up to 45 days from reservation along with signed contracts

  1. TIN number – if not available, we can get new ones for the buyer
  2. Philippine Post dated checks for the down payments – If not available, one can make use of a friend’s or relative’s checks with authorisation letter. Another option is through Auto Debit Arrangement with accredited banks that support this.

Discounts and Computations

 

All Computations here make use of fixed computations and fixed discounts set by DMCI Homes.

  1. Regular Discount – This is the first discount given which varies depending on the down payment chosen and of the financing chosen 2% to 10%
  2. PDC Discount – This is a standard 2% discount given after the Regular Discount
  3. Spot Cash discount – A discount given on any spot cash made whose percentage depends on the number of months left until the unit is finished. Maximum of 6%.

 

 

Here are some notes to consider before reserving a unit

 

Unit turnover is 30 to 45 days after clearance of minimum downpayment for accounts under In-house Financing. So if RFO date is for example November, your turnover date would be December. For bank financing, you should apply for the loan at least 2 months before RFO date. Bank loan processing takes over a month and you can not move into your unit if the loan hasn’t been released to DMCI.

On turnover of the unit, one will be assessed turnover fees. This amount varies depending on unit and project but an estimate would be around 35k to 50k. This covers Meralco application, joining fees, water meter, fire extinguisher, etc. This is different from CLOSING FEES.

Adding/removing another person to the contracts after 30 days from reservation requires a fee of 10k per contract so for example, unit + parking, that would be 20k. There is also a fee if within 30 days if the person is not a relative of 1st degree.

Submission of checks is very important. One should make sure that even the slightest error, words or letters that are unclear, misspellings are countersigned. DMCI treasury returns these checks. This is very important for those who are unable to submit checks personally at our site offices (overseas clients).

After submission of everything, your notarised contracts and official receipts shall be sent via courier by DMCI. This is usually after 3 months. If your billing address is overseas, these can be picked up at DMCI corporate office.

One can transfer unit free within 30 days of reservation. Transfer of unit can still be done after 30 days but within 6 months from reservation up to 3 times with transfer fee.

For bank financing, there are bank charges so one must be ready for this when applying for a loan. One must apply for bank loan at least 2 months before the RFO date. It is much better if this is done earlier (6 months before).

Parking is not guaranteed so if one needs a parking slot, it is best to purchase. Condominium projects have more units than parking. Some projects may have visitors parking. If there are unsold parking slots, these are usually for rent. Only one parking slot purchase is allowed per unit. For tandem units, one can get tandem parking. If one has more cars, he or she would need to rent a slot.

There will be monthly association dues which depends on the size of your unit. This is usually 35 to 50 pesos per sqm depending on the project. There is also annual property tax which will be discussed to you by PMO

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