You are now very eager to purchase that condominium you’d been searching for. It has the perfect location, great amenities, excellent community and offered at the best price.
That’s a great Deal!! Now, what’s next? What do I need to prepare?
Glad you asked.. The next process would be requirements gathering. Your broker, or agent, should ask from you the some documents that’s needed to validate your authenticity. These documents would also be helpful during your loan application in the near future.
Here are the following requirements
1. Term Sheet
This is the first document you are presented with. This is a formalized document of the sample computation. It contains the list price plus the charges and summed to get the total contract price. It also shows the computation of equity and an estimated of the monthly amortization. And most of all, it shows the terms of payment ( when and how much you will be paying ). You would have to sign this if you agree with it.
2. Filled-out information Sheet
This is a simple information sheet for your profile. This is much like a bio-data. This is for profiling and records for the developer or your broker.
3. Reservation Agreement
This document would contain all the terms and condition in reserving the unit. It would clearly show the project and the unit you are going to reserve. If signed, this document will serve as proof that you are reserving the stated unit and have paid the reservation fee; usually it’s 10,000 - 15,000 pesos.
4. 2 Valid government-issued ID’s
You should present 2 valid government-issued IDs like your, SSS Id, Driver’s License, PAG-IBIG Id. Having a passport presented would be much better.
5. 3 pcs of colored picture
Have your picture taken, look good like the unit you are going to own. :)
6. Tax Identification Number / Income Tax Return (ITR)
Make sure you have the latest ITR baring your TIN. This is for BIR purposes and makes sure you’re a good paying citizen.
7. Birth Certicate / Marriage Certificate
It’s good to have a birth certifcate on hand. This is the most common requirement. If you are married then a copy of your marriage certificate is also needed. This will be used as a support document for the titling, and when the unit will be titled after your name.
8. Certificate of Employment and Compensation
Contact your employer and get a copy of your employment certificate. It should also show your compensation.
9. Latest 1 month payslip
Check your email for last months payslip. This is additional proof that you have the capacity to pay for it.
10. Bank Statement
To support your proof of capability you can get a copy of your bank statement from your favorite bank. This is also necessary as a supporting document during loan application.
For Overseas Filipino Workers, you need additional documents.
11. Special Power of Attorney (SPA) duly notarized
In case you are not present during the execution of the SPA, the document should be notarized in the nearest embassy in the country you are working in.
12. Copy of passport with date of entry/departure duly stamped
the date will serve as proof that you are present during the execution of SPA.
Some developers may not be requiring all of them or would require additional requirements than the above mentioned, but these are the common documents we have noticed from most of our transactions.
If all is set and done, then sit back and relax and watch your unit built. Request updates from your agent regarding how the construction is doing.
My Assistance to you
If you need help, I can always assist you. You can easily reach me through my mobile 0917-631-2463 or you can also email me through [email protected] or like and chat with me on our facebook page. Hope to hear from you.