Here is a step-by-step guide to purchasing a condo in the Philippines
Hey there, future homeowners! If you’re embarking on the exciting journey of buying your first condo in the Philippines, you’re in for a treat. We’ve got your back with a laid-back, step-by-step guide to make the process as smooth as a tropical breeze. It starts with a simple “condo for sale in cebu” search.
1. Contact a broker or real estate agent
Picture this: you’re at the starting line of your condo hunt. Who better to have by your side than a real estate buddy? Think of them as your house-hunting sidekick. Tap into the power of a pro – a friendly broker or agent – to guide you through the twists and turns of the real estate jungle.
2. Make an appointment with the broker or agent to visit the property
Now that you’ve connected with your real estate partner, it’s time to put on your explorer hat and delve into the world of potential dream homes. Here’s a nifty secret: many reputable developers in sunny Cebu have something like a backstage pass for future homeowners – a showroom!
Imagine it as a sneak peek into the future, where you can touch, feel, and practically step into your soon-to-be condo.
So, when you set that appointment with your agent, ask about showrooms. They’re like the magical gates that open to your potential kingdom. You get to stroll through a sample unit, check out the view from your future balcony, and get a feel for the flow of the space. It’s like test-driving a car but for your future home – you want to make sure it’s a perfect fit.
3. Decide the unit you want to invest in or live in
Now comes the fun part: picking your dream spot. Consider your needs, like the proximity to work or school, and your must-haves, like a view that wows you. It’s a bit like choosing your favorite ice cream flavor – go with what makes you happy!
4. Choose the best payment method depending on your finances
Money talk – not the most thrilling, but definitely crucial. There’s no one-size-fits-all when it comes to payments. Find the method that suits your budget like a glove. It’s like picking your preferred streaming service – the one that feels just right for you.
5. Pay the RF or Reservation Fee once you take the final decision
Think of the Reservation Fee as putting a “Reserved” sign on your favorite book at the library. It shows you’re serious about this condo love affair. Know the ins and outs of the refund policy, just in case life throws you a curveball.
6. Offer the necessary identification documents
Alright, future condo owner, let’s talk about paperwork – not the most thrilling part of the journey, but definitely a crucial one.
- a. Buyer’s Information Sheet: Imagine this as your real estate character sheet. It’s a simple form where you spill the beans about yourself – your name, contact details, occupation, and maybe even your spirit animal (just kidding!). This sheet helps your real estate partner understand you better and tailor their guidance to your specific needs. It’s like handing over the map of your preferences so they can navigate the real estate landscape with you in mind.
- b. Identification Documents: Now, let’s talk IDs – your golden ticket to condo ownership. The usual suspects accepted by most developers are passports, driver’s licenses, and professional licenses. These are like the VIP passes that get you into the exclusive club of condo owners. They verify your identity, making sure you’re you, and they bring a layer of security to the entire process.
8. Prepare the payments depending on your preferred payment term
Hey future condo owner, let’s dive into the exciting world of payments! Don’t worry; we’re here to make it as breezy as a day at the beach. So, you’ve found your dream condo – now, let’s talk numbers and how you can make it yours with a payment plan that’s as comfortable as your favorite pair of flip-flops.
a. Term Sheet – Your Payment Roadmap: Picture this as your treasure map, guiding you through the financial jungle. In the real estate realm, it’s called a Term Sheet. What’s that, you ask? Well, it’s like the table of contents for your payment adventure. It outlines the Total Contract Price, any dazzling discounts (who doesn’t love a good deal?), and the downpayment or equity needed.
b. Easy Payment Plans – Like a Condo Subscription: Now, let’s talk about the juicy part – easy payment plans. For a pre-selling condo, it’s like having a subscription to your dream home. Typically stretched over 36 to 48 months, these plans are crafted to sync with the target turnover of your unit. It’s like paying for your favorite streaming service, only this time, it’s an investment in your future.
c. Estimated Amortization – Making Friends with Bank Interest Rates: Here’s where it gets even more interesting. We’re talking estimated amortization – the friendly monthly payment that brings you one step closer to calling that condo yours. And guess what? We’ve even sampled some projected bank interest rates for you. It’s like getting a taste of your favorite dish before ordering the full meal. This way, you can plan ahead and ensure that your budget stays as cool as a cucumber.
9. Get the Deed of Absolute Sale (DAS) and the Contract To Sell (CTS)
The climax – sealing the deal with the Deed of Absolute Sale and the Contract to Sell. This is like the “happily ever after” part. Read through the terms, understand the legal jargon (we’ll help with that!), and get ready to pop the metaphorical champagne.