1. PRE-APPROVAL

Before looking for your first house, you will need to gain a pre-approved limit from your Pagibig, Banks, and In house financing. This is the amount that they will be willing to lend you. This will assist you in setting your budget and ensure that you are not looking for properties above your budgeted price range. At this point, you should already have savings for a reservation and downpayment payable in 3 to 5 years .A real estate broker and or sales agent can also assist you with this process.

2. CHOOSING A PROPERTY

Now you know how much you can spend, get out there and start looking! It’s important to keep in mind several important factors:

• Most house and lot have home ownership association dues for maintaining the communal areas/facilities.

• Inquire about the amount you will need to pay for rates. It is important to check the inclusions list on the property you are viewing to ensure that you will not be required to pay extra for basic inclusions such as tiles or fittings.

3. Placing a Reservation fee (deposit) & singing up a contract to sell.

Once you have found the property you want, the agent/developer will require you to place a reservation to remove the property from the market. This can generally be paid in cash, or direct deposit. At the same time, the sales- person will take your details so that a Contract of Sale can be drawn up.

4. Gathering all the documents needed

The documentations department will liaise on your behalf to arrange for the transfer of property ownership, review the contract and hand over all necessary information to your lending institution. They will also advise you processing fees you will be required to pay.

5.

At this point, you will need to inform your lending institution of your decision to purchase. They will advise you on:

• How much mortgage insurance you will be required to pay (if any)

• Details of the loan you have selected, such as total amount borrowed, interest rate, and repayment amount and frequency.

6. Signing the contract

Our salesperson will explain the contract, what is expected of you, and what you should expect from the seller. It is generally accepted that the exchange of contracts (i.e. you signing the contract and paying the balance of the deposit) should occur within 14 days of the contract being issued (subject to availability of plans, etc.) It should be noted that once the contracts have exchanged, the purchase is legally binding, so it is important that you are 100% happy with your purchase at this point.

7. Post exchange

Once the contracts have been exchanged, you will need to wait for the property to be completed. During this time and depending on your builder/developer, you may also need to inform them if you want additional or modifications.

This is also a good time to save as much as possible to reduce the overall amount you will be required to borrow from your lender at settlement.

Throughout the construction phase, you can contact your saleperson to check on the progress of your home, and, if a time can be arranged, meet your salesperson at the block for a tour of the unfinished home. It is important to note that you should always make an appointment to visit with your salesperson.

When your home is nearing completion you will be contacted by your salesperson to arrange a time for you to perform the pre-settlement inspection. This involves you meeting a representative at the property to review it for any defects or maintenance issues prior to you accepting ownership. Any issues will be recorded by the salesperson in duplicate (a copy will be given to you also) and forwarded on to be rectified.

8. SETTLEMENT

8. Once all issues raised at the pre-settlement inspection have been resolved, you will be contacted by your salesperson to arrange handover. At this point the balance of payment is due to be paid. Our Documentations department will contact your lender to confirm the settlement details and arrange for the funds to be transferred.

9. Moving in

Congratulations, you are now the proud owner of your very first home!

Your salesperson will contact you to arrange a time for you to pick up your keys.

Take note: It is important that you already paid electricity, water and insurance services prior to occupancy.

10. Defects & Maintenance

All new homes have a 90 day period in which the owner can record any non-urgent defects or maintenance issues. Once the 90 days have lapsed, you will be contacted by your salesperson to provide them with a list of any issues that require attention. The builder will then make a time with you to inspect the issues, and discuss with you a time to fix them.

If you have any questions not covered in the above, you should contact your salesperson.