FAQs _ DMCI Condo Philippines

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Phase I: Reservation and Documentary Requirements

I. RESERVING A UNIT

How Can I researve a unit at DMCI Homes?

A house and lot, lot, or condomunium unit may be reserved for thirty days by presenting a Reservation Fee or

20,000 pesos per unit,and the following documents:

Photocopy of two valid IDs (i.e. passport, driver’s license)

Tax Indentification Number (TIN)

Reservation Agreement signed by buyerBuyers Information sheet signed by buyer

Please submit the fee and the specified documents within thirty days; otherwise your reservation may be

cancelled and the fee may

be forfeited. In case you have problems acquiring the documents within the specified item or if you need

assistance and clarification, please call or email us and we will be happy to help you.

What is a Reservation Agreement?

A Reservation Agreement is a document, which formally expresses the interest of the buyer in purchasing a unit.

Its main purpose is for the unit to be set-aside for the client for a certain period of time(in this case, 30 days).



Is my Reservation Fee refundable?

As stipulated in the Reservation Agreement, the Reservation Fee is non-refundable.

Phase II: Payments

I. PAYMENT TEMRS & PAYMENT SCHEDULE

What kinds of payment are accepted?

The downpayment, which is minimum of 10% of the contract price, can be paid in cash, Personal check or a

Manager’s check.

What is my payment schedule? What kinds of Financing are available to me?

As specified in the buyer’s Reservation Agreement and the Contract to Sell, the full or partial minimum

downpayment of ten percent

(10%), should be paid no later than thirty days from the date of reservation.

For reservations made from the 1st to the 15th of the

month, the downpayment should start on the 15th of the following month. For reservations made from the 16th

to the 30th day of the month, then the downpayment should be paid on the 30th of the following month.

The payment schedules are also dependent on the kind of financing you have acquired for your unit, whether it is

in-house Financing or External/Bank Financing.

For In-house Financing, payment of your monthly amortization begins thirty days after full payment of yourdownpayment. It is

required that you issue post-dated checks (PDC) to cover the entire period of your term. For those availing ofthe 10-years to pay

option, the company requires PDCs for the first 60 months (5 years) only. This is because the monthlyamortization is subject to

repricing on the 61th month of the contract.

External Financing comes in the form of either Bank Financing or Pag-IBIG Financing. In order to minimize thewaiting period for the loan approval DMCI Homes offers a solution for the unit buyer. While the application forthe loan is still in process, buyers can avail of In-house Financing, wherein the buyer will settle the monthly

amortization with DMCI Homes until the loan is ready for drawdown from the bank. Then the amount that willbe converted to bank or Pag-IBIG financing will be based on the remaining balance at the time of the

drawdown.

Upon full payment of the unit, DMCI Homes will commence the transfer of ownership of the unit to the buyer.Should you wish to opt for DMCI Homes to process the transfer, we shall be requiring your payment of a

Transfer Fee, which will be used to formally reflect in the Condominium Certificate of Title your name as the legalowner of the property.

What shall I do if I want to change my payment terms or my condominium unit?

DMCI Homes charges a Restructuring Fee of P3,000.00 per unit for request of change of term or change ofcondominium unit,

except for the following case:



1. Upgrading to a larger unit within the same project

2. Change of term from In-House Financing to Bank or Pag-IBIG Financing within one year from thepayment of the reservation fee.

3. If the request to change the payment term was made within the 30 day Reservation Period and the buyerhas not yet signed the

Reservation Agreement

What kinds of discounts are available?For Cash buyers, the discounts for condominium units and houses and lots are as follows:

1. Outright Cash: 26% Discount

2. 3 months Payment: 24.5% Discount3. 6 months Payment: 23% Discount

For In-house financing and other payment schemes, the discounts are largely determined by the down payment

terms and thebalance payment terms; please ask your Sales Representative for the discounts applicable to your terms.

Can I refund my downpayment?As a general rule, should the buyer decide to back-out of the transaction, the downpayment will be forfeited in

favor of DMCI Homesand is therefore non-refundable.

II. POWER OF ATTORNEY

If I am unable to personally transact with DMCI Homes because I am out of the country what shoud I

do?

In case you are unable to transact with DMCI Homes, a duly notarized Special Power of Attorney(SPA) isneeded in appointing a person to represent you in all dealings with DMCI Homes. In case you are outside the

Philippines, an SPA notarized at the Philippine Embassy of the country of your residence is a legal document thatis recognized by the Philppines and the country that you are at.

Properly executed, it allows the appointed person to represent, act and transact on behalf of the unit owner to

the extent stipulated in the SPA.

Can a foreigner purchase a DMCI Homes unit?As a general rule, foreigners can only purchase condominium units and not house and lots. However, if the

foreigner was born in the Philippines or if the foreigner is part owner of a company whose majority share is

owned by Filipinos, then they can purchase a house-and-lot.

The additional documents required to complete the purchase are:

1. Passport2. Alien Certificate of Registration

3. Tax Identification Number (TIN#)

If the buyer has no Tax Identification Number, DMCI Homes will apply the TIN number on their behalf for



transferring of the title.

Phase III: Turnover, Acceptance, Move-In

I. REQUIREMENTS FOR UNIT TURNOVER

What is the required downpayment to process the turn-over and acceptance of my unit?

DMCI Homes require a very minimal amount equivalent to ten percent (10%) of the Total Contract Price to

commence the finishing

works on your unit before it will be turned over to you. We also require the following documents within thirty(30) days:

1. Post-dated Checks for first 60 months of payment term2. Contract to Sell

3. Letter of Guarantee (LOG) issued by the Bank or Financial Institution (for External Financing Only)

4. Drawdown/Loan Take-out (for External Financing Only)

After these documents have been submitted within the period stated, processing your turnover may commence.

Please note that we cannot process the turnover of your unit until we have all these documents.

II. INTRODUCTION TO THE TURNOVER PROCESS

I have already submitted all of my documents. How long will it take before i can move into my unit?

If you have submitted all your documents, you can move into your unit once it is “dressed” and the finishingtouches have been completed. The preliminary inspection of the unit shall be conducted with you based on the

specified turn-over conditions set by DMCI Homes.

Arrangements on the installation of the water, electrical, cable and telephone units should also be conducted atthis point. Your Condominium Corporation Officer shall be more than willing to assist you in this matter.

When the unit is completed and the submission of the Contract to Sell/Deed of Absolute Sale and such other

documents needed, our Turn-over Section shall schedule with you a prelimanary Punch Listing of your unit. Amember of our Engineering staff and a Turn-over assistant will be present to assist ou as you inspect your unit.

Should you find the unit acceptable, they shall turnover the keys and possession of the unit to you. If you plan to

move-in upon acceptance of the unit, please inform our Turn-over assistant so that the necessary arrangementscan be made to facilitate your move-in.

In case the buyer fails to inspect the unit within thirty days (30) from the date of advise, it shall be deemed that

the buyer has automatically accepted the unit.

III. DEFECTS

Confident of the quality of DMCI construction, all DMCI Homes developments come with a warranty againstconstruction defects and workmanship within one year from the date of acceptance/turnover by the homeowner.

Concerns on the matter should be addressed to the Property Management Office. However, please note that

normal wear and tear or misuse by homeowners or



tenants is not covered by this warranty.

IV. HOW TO OBTAIN ELECTRICITY, WATER AND OTHER UTITLITY SERVICES

How do I get electricity? Does my unit/house have an individual electrice meter?

Yes. Homeowners have to apply for their own connections to Meralco, as well as Cable TV providers,

telephone lines, the internet and water supplies. The Property Management Office will provide the homeowners

with assistance in obtaining their power connections upon the submission of the following documents from thehomeowner:

1. Certificate of Proof of ownership from DMCI Homes (either the Condominium Certificate of Title or the

Contract to Sell)2. Duly completed application form

3. 2 valid forms of Identification (IDs) and pictures, if required

4. Meralco Waiver5. Authorization letter (if accomplished through reprensentative)

It is advised that the homeowner should immediately apply to Meralco and other service providers two weeks

prior to move-in, or as the unit undergoes finishing so that the power is immediately available once the unit isoccupied.

Also note that for the Rent-to-Own Scheme, the developer is responsible for the application for the Meralco

connection. Should the buyer opt to purchase the unit, then the buyer shall pay the amount incurred during theapplication.

Does my unit/house have individual water meter?

Yes, every DMCI Homes unit has an individual water meter. The Property Management Office manages the

water system and does individual billing for each unit’s water consumption.

IV: Transfer of Ownership

I. REQUIREMENTS FOR TRANSFER OF OWNERSHIP

How does the Transfer of Ownership work? What documents do I need for a successful transfer ofownership?

First and foremost, transfer of ownership can only commence when the unit has been fully paid. Once it has beepaid, DMCI Homes will take the following steps to process the transfer of ownership:

Deed of Absoulute Sale (DOAS)

DMCI Homes will issue to the unit owner a Deed of Absolute Sale once the owner has completed their paymentterm and fully paid for the unit

Clearance to Transfer (CTT)

After paying the necessary taxes, DMCI Homes will then submit all proof of payment to the Burueau of InternalRevenue, and in turn, the BIR will issue a Clearance to Transfer the Title (CTT) from the company to the buyer.



Issuance of New Title

DMCI Homes will then bring the DOAS and the CTT to the Register of Deeds where the property is located.

After transfer fees arepaid, then the Registry will issue a new Title naming the buyer as the owner of the unit.

II. PROCESS TIME

How long does the Transfer of Ownership take?The processing time for the complete Transfer of Ownership and the issuance of a new title is usually ninety days

(90) from the full payment of the unit and transfer fees. And the immediate return of the DOAS after the client

has signed it.

V: Homeowner Rights and Responsibilities

I. CONDOMINIUM CORPORATIONS

What is a Condominium Corporation?

Essentially, a condominium or apartment complex is a corporation where every resident is a stockholder. A

Condominium Corporation is a corporation formed and organized for the purpose of holding title of all common

and limited areas and managing the residential project.

The individual owners of the condominium units are the stockholders of this corporation. The terms of reference,

rules and regulations and other provisions governing this corporation are governed under Republic Act No.4726.

What is the difference between a House-and-lot and a Condominium Unit?

There are 3 basic differences between a house and lot and a condominium unit.

Legal Proof of OwnershipFor a house-and-lot, the legal proof of ownership is a Transfer Certificate of Title (TCT). For a condominium

unit, the legal proof of ownership is a Condominium Certificate of Title (CCT).

Boundaries of Ownership

For a lot, the owner has exclusive ownership and rights of ownership within the boundaries of the lot property. In

a condominium, your ownership and rights of ownership are limited to the area bounded by the floor, walls and

ceiling of your condominium unit. The land on which the building or unit stands is owned by the Condominium

Corporation which, in turn, is owned by the unit owners of the condominium development.

Common Areas Ownership

The Condominium Corporation owns all of the common areas of the property such as the clubhouse, the

swimming pool, the AV room and other facilities. Therefore, the maintenance and enhancement of these common

areas will be the responsibility of the Condominium Corporation’s Property Management Office rather than the

individual unit owners.

II. PROPERTY MANAGEMENT OFFICE

What is the Property Management Office?



The DMCI Homes Property Management Office is the entity through which the Condominium Corporation

exercises its prerogratives.

The Property Management Office provides services to the residents such as:

Security

Landscape maintenance

Coordination with Utility service providers for the residents (water, phone, electricity, TV, etc.)

Janitorial services for cleanliness of common areas

Assistance with regards to minor unit repairs and maintenance

The Property Management Office is largely funded by the Association Dues paid by the condominium residents.

III. ASSOCIATION DUES

What expenses are included in the Association Dues and assessments billed by the Condominium

Corporation?

Association Dues are collected monthly and they include the unit owner’s share of the following expenses:

Salaries and wages for the employees of the Condominium

Corporation, such as the Property Manager, security guards, property janitors, gardeners, etc.

Utility expenses for the common areas

Garbage Collection Fees

Office Expenses of the Property Management Office

Periodically, Association Dues are also used to pay for the following additional expenses:

Insurance expenses to cover the amenities and buildings in the project

Real estate taxes on the common areas and facilities

Major repairs and special maintenance of the buildings in the project, when necessary

Permits and license fees paid to the government

When do I start paying Association Dues?

Once the unit has been turned-over, the owner/tenant will be obliged to pay the association dues, whetherthe unit is occupied or not.

(For example, if a unit has been turned over in January but the tenant does not move-in until February, the tenant

is still obliged to

pay the Association Dues for January.)

What will happen if I fail to pay my Association Dues on time?

The payment of Association Dues is the responsibility of the unit owner. Failure to make the payment on time will

hamper the effectiveness and efficiency of the Property Management Office. This will, in turn, result in the

deterioration of the project development in general, lowering the value of the condominium units in the property.

Therefore, for every delayed payment or nonpayment of Association Dues, a penalty fee will be added to the

overdue amount for the next billing cycle. This penalty fee varies according to the rules and regulations of each



specific condominium complex.

How much are the monthly Association Dues for each project/complex?

Please note that monthly dues are computed based on the total area (in square meters) of the unit you are

purchasing. For more updated rates, please contact the Property Management Office of the specific project you

wish to inquire after.

IV. HOMEOWNERS RIGHTS AND RESPONSIBILITIES

What are my responsibilities as a unit owner?

According to Philippines law, upon acceptance of the unit, you automatically become a member a member of the

condominium

corporation. As such, the buyer is responsible for the following:

1. Association Dues

2. A one-time Membership Fee3. Insurance Premium for the unit

4. The buyer’s share of the Insurance Premium for common areas and facilities

5. Real Property Tax

6. Other assessments deemed necessary by the Board of the Condominium such as repairs

Do I have to pay Real Property Tax?

As stipulated in the Contract to Sell(9.2), the purchaser shall immediately be responsible in paying the Real

Property Tax from the date whichever is earlier of the actual acceptance or deemed acceptance of the buyer.

What are my rights as a unit owner?

As a unit owner you have the right to sell, transfer, lease or otherwise dispose of the condominium unit. You can

mortgage, pledge or encumber the unit and have it appraised. You also have stockholder’s rights in the

Condominium Corporation and can participate in the operation and decision-making processes of the

condominium corporation.

Can I use my unit for commercial activities?

DMCI Homes units are registered as a residential development. Therefore no commercial activities are allowed

within the condominium units.

If I have concerns as a unit owner, to whom shall I address them?

The most appropriate place to air your concerns is the local Property Management Office. Depending on the

nature of your concerns, the PMO will either address them directly or refer you to the concerned groups such as

Marketing, Sales, Construction or Treasury.

Can I have my unit rented out?

Yes, you may decide to have your condominium unit rented out. You may opt to directly find a lessee for your

unit. However, you must inform the Property Management Office about the details of your lease agreement. The

Property Management Office can also assist you in finding a lessee for your unit through our Asset Management

Program. Please see Property Management Office for more details.



V. FACILITIES

What do I need to do if I want to use the facilities of the condominium complex?

The exclusive use of the clubhouse or any of its functions rooms, audio-visual rooms, billiards tables, etc. by the

unit owners and their guests are subject to minimal charges to cover the maintenance or replacement costs of the

area and equipment, as well as utility expenses. Use of the swimming pool by the unit owners and/or residents is

free. Unit owners can endorse up to five (5) guests in the use of the swimming pool and shall be responsible for a

minimum fee.

In case the unit owner decides to use the clubhouse for an exclusive party or affair, the Property Management

Office shall be more than willing to assist them for the reservation and payment of the rental.

VI. PARKING

How do I get my own parking slot?

Parking slots are sold separate of your condominium unit. Although there is a limited amount of parking slots ineach development, the number of parking slots you may buy is not restricted. Parking slots are available on a

“first-come, first-served” basis.

What do I do if I do not get a parking slot?

Only authorized guests and visitors are provided with free use of the parking slots for a maximum of two hours.

An hourly rate will be charged to the guests and visitors for use of the parking slot beyond the specified time.

Unit owners who did not purchase parking slots may opt to rent parking slots from the Property Management

Office or from other unit owners who are not using their parking slots.

VII. PETS

Can I keep pets in my units?

As a general rule, pets are not allowed in condominium projects. It is usually not allowed because of noise

disturbances, or the hygienic dangers of keeping animals in confined spaces. However, he Property Management

Office of each development decides on the rules and regulations with regards to the keeping of pets; therefore, itis important to consult with your Property Manager first before making any decisions.



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For inquiries, site visits and price computations kindly contact:

BRENDA C. TUAZON

DMCI HOMES Division II:

Mobile: (+63) 917 – 274 – 55 -94

E-mail: [email protected], [email protected]

Address:DMCI Homes Corporate Center

1321 Apolinario St.

Bangkal, Makati City

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