Q1. HOW DO I RESERVE A UNIT?
A. Reservations of unit is done by paying P25,000 via remittance to SM Development Corp.
Requirements: Passport Copy, Marriage certificate (if married)
Filled out and signed: Reservations Agreement Form, Payment Schedule & BIR Form.
Note: Reservations Fee is deductible from total downpayment. Reservations Fee is non-refundable.
Q2. WHEN DO I BEGIN PAYING DOWNPAYMENT?
A. You will begin paying downpayment 1 month after paying reservations fee.
Q3. HOW DO I PAY MY REMAINING BALANCE AFTER 2-3 YEARS OF DOWNPAYMENT?
A. SMDC has inhouse financing or they can assist you with bank financing. There are two main requirements for securing a loan in the Philippines: a. you must not have a record of delinquent payment of a Philippine loan b. salary certicate showing an income of at least P50,000/month.
Q4. CAN A FOREIGNER PURCHASE A CONDOMINIUM IN THE PHILS?
A. Yes, foreigners can purchase condominium units in the Philippines as long as Filipino citizens own 60% of the total number of units in the condominium development.
Q5. BUYERS PROTECTED BY INSURANCE?
A. While the project is under construction, all liabilities fall under the condominium developer. After turnover of the project, the association dues paid by the unit owner secures for them a corporate insurance (this does not cover content and improvements you’ve made after the turnover).