What is the difference between a reservation payment and a down payment?

A reservation payment is valued between P25,000 and P100,000. Upon receipt, it is used to secure your preferred unit against other buyers.

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 paid upon delivery of your unit.

How soon after I reserve the unit will I begin paying the down payment or monthly amortizations?

Normally, the down payment 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.

I need to take out a loan to pay for my unit. Does Megaworld provide in-house financing solutions?

Megaworld does not provide housing loans, but its payment terms are among the most flexible in the industry. For more information, please inquire with a property consultant.

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 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 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.

What are the taxes and fees I should be aware of after the turnover?

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 the property management?

First Oceanic Property Management, a sister company of Megaworld, 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.

Is the building environment-friendly?

Megaworld is moving toward greener development with 8 Campus Place, the company’s first LEED Gold-Certified development.

This office complex in McKinley Hill will be the first of many green ventures that Megaworld will explore.

Is the building equipped with handicap access?

All Megaworld projects are equipped with handicap access.

Is my pet allowed in the building?

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 a property consultant.

Is the development equipped with Wi-Fi internet access?

All McKinley West properties offer Wi-Fi internet access at the reception lobby and amenity areas.

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.

What does “What is the garbage disposal system in the building? Why was this system chosen by Megaworld?

Megaworld has opted for a garbage pickup system by the building staff. This avoids the hazardous nature of garbage chutes in high-rise buildings and also prevents the spread of odor onto each floor through the chute area. For developments that do not use this practice, a garbage room can be found on one of the lower/basement levels.

What does “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.

I would like to rent out my unit. Does Megaworld provide leasing services? Is there a leasing office in the building?

Megaworld does not officially provide leasing services for unit owners. You may however, ask for assistance from your building administration by leaving them with your contact information should potential tenants inquire with them. Otherwise, we recommend the use of reliable online platforms such as lamudi.com.ph or property24.ph. For tips on renting out your unit, please read our blog articles here

I would like to resell my unit. Does Megaworld provide brokerage services?

Megaworld does not provide brokerage services. For references, you may contact your property consultant or make use of reliable online platforms such as lamudi.com.ph and property24.ph.

FINANCING

Let’s face it: condos don’t come cheap. More often than not, potential investors have to turn to alternate financing methods to get the home of their dreams. What’s more is that the current high-performing state of the Philippine real estate market sees substantial increases in these prices in the coming years. The current prices for pre-selling condos already fall in the millions and, given the current situation, bank loans aren’t uncommon.

Determining a mode of finance, in the form of bank loans, is the easiest part. Going about actually obtaining the money can be more difficult. While some developers, like Megaworld at The Fort, has made applying for financing easy, it is getting bank approval that is actually difficult. Find out how you can get your much-needed bank loan with the least amount of difficulty below.

Get Qualified

At the very least, most banks adhere to certain standards for lending. You will have to meet the minimum criteria they set for their borrowers. There’s a certain picture of yourself you’ll want to paint to make it more likely for banks to trust that you can and will pay them back. The first criterion will be whether or not you have a stable job. Being currently employed with a moderate to high-range salary means that you’ll be able to shoulder the periodic payments your loan requires. Regular remittance of taxes is also a point in your favor. Banks will look at your assets and liabilities and, from there, assess your eligibility for a loan.

Shop for a Bank

On the other hand, you may well be qualified to take out a loan but you need to read the fine print. Banks will differ when it comes to the type of loan and terms of payment you receive. You’ll want to get one that fits your budget and income mode. You’ll need to become familiar with terms like fixed and variable-rate mortgage, which mean a lot when it comes to the type of interest you amass on a loan. Some banks can even create custom plans depending on your credit standing and how long you’ve been investing with them. Make sure that you explore all your options before committing to any bank.

Condo Credentials

It’s not just you who needs to meet the bank’s criteria. In some cases, your condo’s association has to be worth the investment as well. Banks are more likely to lend to investors who are in for a great opportunity. This time it’s your building association that’s under scrutiny. They’ll need to be able to produce a good track record of properties they’ve successfully managed. Though you’re totally out of this decision-making process, you can have a hand in it by knowing a thing or two about your property developer. Do your research well before deciding on a place to call home. These days, who builds your residence is almost as important as the place itself.

Waiting Game

Even when everything is all in order, you’ll still have to wait quite some time before you get your loan approved. This is, perhaps, the most stressful time for investors who can’t wait to get their much-needed financing. You’ll have to fight against the temptation to make multiple loans thinking that bank isn’t processing your current one. First of all, trust that the process is proceeding as it should and there really is a long wait between filing a loan and actually getting it. What’s more, all of these additional loans will show up on your credit record. Most banks will consider this a sign of desperation and it could even count against you getting your loan in the first place.

Prepare all your financial records and, preferably, approach a bank that you’ve had a long-running relationship with. If you meet all their requirements and produce all the necessary documents, there’s no reason you shouldn’t get the financial assistance you need.

TURNOVER PROCESS

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