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Frequently Asked Questions

ASM Flovina Inos

FLOVINA INOS

ASSISTANT SALES MANAGER

bgcpropertyinvestments@gmail.com

(+63) 936 743 3896

ASK FLOVINA!

What are preselling condos?

Preselling condos are properties put on sale or marketed during the planning stage or while the building is still under construction. These condos are excellent investment options because purchasing a preselling property is like investing at today’s price for tomorrow’s Equity. It's a wiser investment because of the huge savings you can get, introductory price, and flexible No spot downpayment terms.

Is it true that a condominium's lifespan is set at 50 years?

No. When you a buy condominium unit, you become part of a corporation which is why there are building administrators or property management for each condominium tower. The condominium itself does not have a lifespan but the corporation does. However, corporations can be renewed for another 50 years.

Is my pet allowed in Megaworld condominiums?

The developments of Megaworld at the Fort allow small dogs and cats to be kept as pets inside the building. To inquire regarding other pet varieties, please speak to us.

What is the difference between the Reservation fee, Downpayment, and turnover balance?

The reservation fee is the PHP 60,000 that you will pay to secure your preferred unit which is deductible from the total contract price.

A down payment is a percentage of your unit’s total contract price. It is the first in a series of amortization payments used to pay for your unit in full.

A turnover balance is the final payment. Assuming all prior payments have been submitted, this balance is usually paid upon delivery of your unit through cash, bank, or in-house financing.

Is the reservation fee refundable?

No. Reservation fees are non-refundable nor transferrable to another unit/project by Megaworld.

How soon after I reserve the unit will I begin paying the downpayment or monthly amortization?

Normally, the Monthly amortization or down payment (if any) is due one month after the payment of the reservation fee and submission of all necessary documents.

This may vary if special payment schemes are applied.

Do I have to apply for a bank loan upon reserving the unit?

No. Megaworld offers different payment options that only require you to pay around 30-35% of the amount of the contract price for a certain number of years. Once your unit is ready for turnover, that's the time you can apply for a home loan. Megaworld will also notify you months prior to the turnover date so that you can prepare for your home loan application.

What are the requirements for reserving a preselling unit from Megaworld?

There are minimal requirements needed in order to secure your preferred unit with Megaworld.

 

Here is the complete list:

-Signed request for reservation and offer to purchase form

-Buyer's information sheet

-Specimen signature form

-2 valid government-issued I.Ds

-Proof of payment for the reservation fee (Cash, Cheque, or Credit card)

Can foreigners buy a condominium unit?

Yes. Foreigners can have full ownership of a condominium unit in the Philippines as long as 60% of the building is owned by Filipinos

Can I purchase a condominium unit even if I'm based abroad?

Yes! You may still purchase a condominium unit even if you are living abroad. You may schedule a Zoom meeting with your real estate agent to discuss the project you are interested in. Then once you have decided which project/unit you'll get, your real estate agent will send you the forms and other requirements via email so you can have it signed, filled out, and sent back to your agent. Lastly, you will pay your reservation fee through a wire transfer or credit card using the AQWIRE link that will be sent to you.

How many years can I pay my bank mortgage if I decide to pay the balance through a home loan?

Normally, banks in the Philippines offer 15-20 years of mortgage for a home loan but it still depends on your age as your loan maturity must not exceed their age limit requirement.

Are there hidden charges in purchasing a condominium unit?

With Megaworld, the properties we are selling are VAT-inclusive already. Although, there will be some other government taxes/move-in fees that you need to settle upon turnover of the property. It includes the following:

 

Meralco Fee & Move-in fee

Real Estate Tax: Value to be determined based on assessment.

Processing Fee: Payment to Megaworld for facilitation of the title transfer Condominium Certificate of Title (CCT).

Documentary Stamp Tax: Payment to the BIR for processing the documents for the unit title transfer (CCT). This amounts to 1.5% of the zone value or contract price

Transfer Tax: Payment to the city treasurer for recognizing the transfer of title (CCT). This amounts to 0.7% of the zone value or contract price.

Registration Fee: Payment to the registry of deeds for the registration of the unit under the client’s name. This amounts to 0.5% of the zone value or contract price.

Association Dues: Monthly payment to the property management for the building staff, security, maintenance of common facilities, and other operational expenses.

Who handles property management?

Asia Affinity & JLL handles building administration, security, and the maintenance of amenities. As a homeowner, you will have a voice in their activities through the Homeowners Association.

How much are the association dues?

The amount is dependent on the size of your unit. It is determined by the building property administration to cover the development’s operating expenses.

What is the process for unit turnover?

There are 5 steps for unit turnover:

 

INSPECTION AND ACCEPTANCE

 

First, a notice of inspection is sent to the client. The client or a representative may then schedule a viewing of the unit with an Engineer or Architect appointed by Megaworld. During or after the viewing, the client is able to accept the unit. It is at this point that association dues and real estate taxes commence.

 

ACCOUNT SETTLEMENT

 

The client must contact his or her Accounts Specialist from Accounts Management (+6322) 888-MEGA or (+632) 888-6342 for the settlement of the outstanding balance due under the contract, including advances, taxes and fees for the facilitation of the unit title transfer.

 

CONTRACT

 

After full settlement, the Contract Management Group (CMG) (+632) 867-8583 or (+632) 864-0903 together with the Account Specialist will assist the client in signing the Deed of Absolute Sale. CMG will handle the transfer of the title.

 

UNIT CLEARANCE

 

Upon clearing of all payments and submission of requirements (original deed of absolute sale, photocopies of government IDs, and signature verification), the Accounts Specialist will process the clearance for the release of unit keys.

 

RELEASE OF KEYS

 

Upon clearance, the keys will be released to the client by the Property Manager at the building’s administration office. An owner’s orientation will be provided to inform the client of the building rules and regulations, as well as move-in guidelines.

Is the building protected against earthquakes?

Megaworld developments abide by the Philippine building code regulation which mandates that all developments should be able to withstand up to a magnitude 8 earthquake.

I would like to have renovations done inside my unit. What are the procedures? are there any restrictions?

Major renovations need to be cleared with the building administration. They will have to verify that the work will not disrupt electric or water lines, nor tamper with structural elements that may jeopardize the safety of the building.

 

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