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Important Information Buyers Need To Know Before Acquiring/Buying A House And Lot

  1. Reservation Fee
  2. Down Payment
  3. Payment Schedule
  4. Important Reminders on Downpayment
  5. Legal and Miscellaneous Fees
  6. Grounds for Cancellation of the Reservation
  7. Pro-friends Policies on Payments
  8. Finacing
  9. Taxes
  10. Occupancy and Possession
  11. Use of the Property
  12. Management and Administration
  13. Improvements and Alteration
  14. Membership on the Home Owneship Association


The Reservation Fee

  • The reservation fee closes the sale on a first-come, first served basis and holds the unit for the buyer.
  • It forms part of the equity or down payment.
  • It is non-refundable in case the account is cancelled.

The Down Payment

  • The down payment (DP) is a percentage of the total selling price (TSP) plus the legal and miscellaneous fees (LMF).
  • It is payable over a prescribed period and does not bear interest

Payment Schedule

Payment is due on the 5th or 20th day of the month depending on the date of reservation. If reservation date is 6th to 20th day of the month, hit date is every 20th of the following month. If reservation date is 21st to 5th day of the month, hit date is every 5th of the following month.

 Impoartant reminders on Downpayment (DP)

  • Non-payment of the first DP automatically cancels the reservation and all payments made ara forfeited
  • Penalty for delayed payment: 1/10th of 1% per day of delay
  • Legal and Miscellaneous  Fees (LMF) is computed as follows:

                    Bank Financing  - 8.0% of the Total Selling Price (TSP)

                    InHouse Financing - 4.5% of the Total Selling Price (TSP)

Legal and Miscellaneous Fees include the following:

  • Premiums for the first year of coverage – Mortgage Redemption Insurance (MRI) & Fire Insurance
  • Real Property Taxes for one year
  • One set of Blue Print of house plans
  • Home Owners Association (HOA) dues for Provision for Preventive Maintenance
  • Administrative expenses
  • Transfer of TCT in the buyer's name (appplicable for Bank Financing)

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Grounds for Cancellation of the Reservation

  • Failure to appears in person for loan counselling
  • Failure to pay the first DP;
  • Failure to remit any three (3) consecutive monthly installment of amortizations;
  • Failure to submit within the prescribed period any of the documents that may be required by PRO-FRIENDS of the financing institution;
  • Willful misrepresentation or falsificationof any document submitted;
  • Voluntary withdrawal from the RA for any reason whatsoever.

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Company Policies on Payment

  • All check payments must be made in favor of PROPERTY COMPANY OF FRIENDS, Inc.
  • Payment must be made directly to the authorized cashier/s for the proper issuance of a provisional receipt (PR) or an official receipt (OR)
  • Agents and brokers are not allowed to receive payments;
  • Payments made through agents and brokers shall be responsibility and risk of the buyer, and shall not be the liability  of PRO-FRIENDS

Financing

     The buyer may opt. to finance under the PRO-FRIENDS (PCFI) In-House Financing or thru Bank Financing, under the following general terms and conditions:

  • PRO-FRIENDS In-House Financing - the balance shall be payable in equal monthly installment over 5 years at 18% interest per annum or 10 years at 21% interest per annum

                  • The buyer's age must be at least 18 years old but not more than 60 years old upon loan maturity.

  • Bank Financing - the balance shall be payable based on the prevailing financing terms and conditions of the buyer's preferred PCFI-accredited Bank.

       Other requirements:

             ØThe buyer’s age must be at least 21 years old but not more than 65 years old upon loan maturity.

   ØFor married applicants, both should submit requirements.

   ØNo default in monthly down payment for  three (3) consecutive months;and/or must not have incurred delays in payments of five(5) months or within DP term.

   ØBuyer should pass bank credit checking (no cancelled Credit Card, existing loan with arrears, unpaid loans and unsettled court cases).                    

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Taxes

The buyer is bound to pay the real estate taxes and special taxes levied or that may be levied on the property during the time the CTS is in force. The buyer shall be required to submit post-dated checks (PDCs) for this purpose.

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Occupancy and Possession

  • PCFI will issue a Notice of House Inspection with Clearance for Inspection (NHI w/ CFI) to the buyer stating the  date the unit shall be ready for inspection and/or occupancy unless the account is in arrears of there are still lacking documents.
  • The buyers are only allowed to visit the site when a CFI has been secured
  • Inspections are strictly by appointment 
  • The buyer is given 60 days from receipt of NHI w/ CFI within which to inspect the unit. If the buyer fails to inspect the unit within this period, it shall be deemed accepted in good condition.
  • Any loss or damage to the unit after it is deemed accepted of after PCFI issues an Authority to Move in (ATMI) shall no longer be the reponsibility  of PCFI.

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Use of the Property

The property shall be used exclusively for residential purposes. Pro-friends does not allow the property to be converted for other uses or purposes even after the unit has been transferred in the name of the buyer. This is contained in the terms and conditions in the Master Deed of Restriction, to which the buyer is bound.

 Menagement and Administration

  • The buyer is enjoined to maintain order and keep the property in good condition. Should the buyer fail to do so.

              PCFI reserves the right to enforce its policies regarding the upkeep of the property

  • The buyer shall bear all costs which PCFI shall incur to keep the property, in good condition.

Improvements and Alteration

  • The buyer shall be allowed to make any alteration or additional construction to the unit only after final house acceptance.
  • The buyer shall be required to submit the proposed building plans for any improvement and alteration, and pay a deposit fee which will serve as a construction bond, to be refunded after modification is complete and all deductions for damages (if any) have been made.
  • PCFI  reserves the right to make modifications on the plans and specifications during the course of construction. These may include:

            a. Subdivision and housing components in any part of the Project that may be required under national or local government laws and regulations;

            b. Modification necessary for the enchancement of the entire project.

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Membership on the Home Owners Association
Upon acceptance of the unit or once the buyer has taken possession of the unit, the buyer automatically becomes a member of the Home Owners Association (HOA) and is required to pay the monthly dues. Possession may mean the following:

          a. Unit is deemed accepted 

          b. House keys have been turned over to buyer

          c. Actual move in has taken place

          d. Alterations or improvement s on the unit have been implemented         

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For A Free Site Tripping

Natalie B. Sacliwan-Conchanat 1

natalieconcha@yahoo.com
0916-2543727 / 0939-9014551/ 0923-7443066
Facebook:  CaviteAffordableHousing.com 
Licensed Real Estate Broker # 19384
Unit Manager-Annregar Group (Pro-friends,Inc)
Member, Phil. Association of Realtors Board
Member, Phil Association of Real Estate Brokers (PAREB)-Imus
Former Local Assessment Operations Officer,

Assessor's Office,Municipality of Carmona,Cavite

 

 

 

 

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