1. Find a trustworthy Real Estate Broker
Today, there are so many scams in our midst from pyrmading to networking companies, even the real estate industry is not unaffected. Many persons are duped by unscrupulous salespersons or real estate practitioners whose only motive is to make money out of other people’s money. In our country, there is a law that prohibits colorum real estate salespersons or practitioners that are plying our streets, unfortunately, like all laws in this country, the enforcement remains a challenge. That is why my number one rule in buying a condo is to find a trustworthy Real Estate Broker who can guide and put insights on buying your first condo. The easy way to find a trustworthy broker is to ask for personal reference or previous clients by the Real Estate Broker. Many times, a good referral by a friend would suffice.
2. Ask for reputable developers
In today’s real estate landscape, there are so many developers sprouting left and right building mid to high rise condominium projects. Ask your Real Estate Broker and do your own meticulous research on reputable developers who have successfully completed projects in due time and have efficient after sales support for the client. Sadly, there are devious real estate developers who are not good on their promises and some wilfully engages in fraud at the expense of the buyers’ misery. So be prudent and do your research well!!
3. Book for a Site tripping with your Real Estate Broker
When you already know what unit type to buy and done your research on the Real Estate developer. It is now time to book a site appointment with your Real Estate Broker who can tell you the inclusions, exclusions, buyers rights, financing options, after sales support and so forth on the condo project.
4. Comply the requirements for reservation and monthly amortization of the equity
Now, you are eager to reserve a unit on a specified project. The following are the usual requirements to reserve a condo unit:
a.) Proof of Income (ITR, Seaman’s Book, Contract of Employment, etc.)
b.) Proof of Billing
c.) 2 valid gov’t IDs
d.) SPA if buyer is abroad
e.) Birth Certificate if Single/ Marriage Contract if married
f.) TIN Verification Slip/TIN CARD
g.) 2 pcs 2×2 ID
h.) Postdated checks for the monthly equity depending on the developer
5. Sign CTS (Contract to Sell)
After the complete documentary requirements are completed, CTS is now ready for signing. If possible, consult with a lawyer upon signing or at the very least read every line of the contract to safeguard your interest. As they say, the devil is in the details so you must be prudent to protect your rights and interest.
6. Bank Financing or Pag-Ibig Financing
When the equity payments have already been completed, it is now time for Bank Financing or Pag-Ibig Financing. It depends on the buyer if he wants to have a Bank or Pag-Ibig Financing. The only benefit of Pag-Ibig financing since it is a government agency, is having a longer payment scheme of 30 years compared to bank financing’s 15 year term. The usual requirements for Bank or Pag-Ibig Financing is almost same as listed on Number 4. Moreover, bank financing tend to have a faster approval and lower interest rate compared to Pag-Ibig financing. That is why, I advise my clients if possible to go for bank financing instead of Pag-Ibig financing.
7. Time to MOVE-IN
After bank or pag-ibig financing’s approval, it is now time to move in. After long days, hours, weeks and even years of grinding and hustlin’ to pay the equity and complying of the requirements, it is now time, to enjoy, relax and unwind on your first condo. Grab a drink, make a mojito or enjoy some wine with your friends and family because you deserve it!!