How To Buy a Condominium Unit in the Philippines

_{Edit: This is a shortened version. To read this in detail, please go to my blog post here.}

So you're done reading my Q&A articles on buying condominiums in the Philippines, now I will tell you the usual process of purchasing condominiums.

If you have not read the basic FAQ on buying a condominium unit in the Philippines, kindly read Part 1 and Part 2 first before reading further below.

After you've read both, here's the usual step by step process you go through in order to buy a condominium unit in the Philippines.

1. Contact a real estate agent or broker.

You can either do it online or offline. Ask us for details on the property you are interested in.

2. Set an appointment to know more about the property and visit the site.

This is for you to know more about the condominium you are interested in.

3. Determine the best payment term based on your finances.

If you've read my first and second newbie condo buying guide articles, you can determine which is the best option before you even plan on purchasing a condo unit.

Or check on your finances too.

4. Decide on which unit to live/invest in.

Please read the first part of my Philippine Newbie Condo Buying Guide article if you still haven't yet. Once you read it, you will know how to decide on what to purchase, among other things.

_{If you're already a non-newbie in condo investing then contact me and add a wellness and luxury condo unit to your growing investments. :) Or keep reading to learn more about the process.}

5. Once decided, pay the reservation fee (RF).

The RF will be deducted from the total contract price. Get an official receipt (OR) for it too.

6. Provide the required identification documents.

You will be asked to provide a photocopy of your government IDs like passport and driver's license, etc. Requirements may vary depending on the developer and property you will purchase.

Corporate documents will be required for corporate purchases.

7. Fill in forms and sign buyer documents.

You will be required to fill in a Buyer's Information Sheet and a Reservation Application. You may need to sign other documents your agent/broker can provide.

8. Prepare the down payment and/or cash/check payment/s.

For example you decided to get a Westin Manila luxury and wellness-centered residential unit. If you chose a 10-40-50 payment term, that means a 10% spot cash/check down payment, 40% in 59 months (monthly amortization or MA) and 50% bank financing or cash payment. Based on this example, for MAs, you will be required to submit 59 post dated checks (PDCs) up to a month after your down payment.

Also apply for a bank loan and submit a Letter of Guarantee (LOG) at least 6 months before your final monthly amortization.

9. Ask for the statement of account and schedule of payment from your agent or the developer administration department.

Don't forget to get those two important documents from your agent or the developer admin people.

10. Expect the Contract To Sell (CTS) upon down payment and the Deed of Absolute Sale (DOAS) once unit is fully paid.

The CTS will have to be signed by the developer, and you (the buyer/s), and then notarized before you finally receive it.

As for the DOAS, you will get it after you have paid the unit in full.

And there you have it folks. That's the 10 steps to buying a condominium unit in the Philippines! I'm sure you didn't read this because you'd like to build and plan your own small house in the suburbs. Living in the city is something else too so it's important to have a city home in a condo.

Have you experienced every step in this list? Will you be doing all these soon? Let me know in the comments. :)

XOXO,
Hive account@artgirl