Reservation and Compliance

Reservation and Compliance

Making Reservation is easy if you have a planned decision to avail of a property. Here in the Philippines, we have very affordable reservations to attract more buyers as part of a developer's strategy but this reservation payment is non refundable nor transferable to others and client should be aware before doing so.

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So far, most of the clients I had were ready with all the requirements needed to comply with the developer's requirements. If clients are planning to avail in Spot Down Payment, either 10%, 20% or 30% they should have prepared their documents and brought it during reservation date to avail of the maximum discounts and promos as possible. That's the best option, but developers has stretched Down Payment usually from 12 months to 24 months.

Clients may also be busy and if all documents are not yet prepared, there are tendencies they would ask for extension from developers and may get charged of penalty fees or worst, reservation may get forfeited.

What are the requirements to comply, please see the link, whether you want Bank Financing, Pag-IBIG Financing, In-House Financing, or you want to pay Spot Cash Payment or Deferred Cash at 0% Interest.

During Reservation the clients could make Cash reservation or Check payment, though if you want an instant Official Receipt, pay your reservation in cash. Same with your Spot Down Payment, you can pay it in cash to get the Official Receipt. If it would be a check, then you will be given an Acknowledgement Receipt, usually it takes 3 or more working days to clear your check payment with the bank.

If check payment, make sure it's named to company as payee, make sure the amount in words and in numbers matches. Make no mistake with the written words in your checks or else, the Agent will called up to meet with you and rectify your check details, here is a Guideline in Writing Checks.

At this moment also, the Contract to Sell and Deed of Absolute Sale are to be processed.



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About the Author

Jerome Morada

Realtor & Webmaster

Good day! I'm Jerome, your friendly Real Estate Broker with PRC License 0012399 and HLURB registration. Just sharing simple tips, please share if you find it useful! Thanks!

2 (mga) puna:

  1. Hi Sir,

    I just have a question. Assuming nagreserve, then after a couple of days before magclear ang check, nagbackout ako then I remove the funds from the check para di na matuloy, what are the possible consequences nito?

    Thanks po

    ReplyDelete
    Replies
    1. Magiging bouncing check po yon at alam nyo naman ang charge ng bank at sa developer side pwedeng i-blacklist kayo, yon lang naman po.

      Kapag may cases ng bouncing check ay pwede ring maka apekto sa housing loan nyo next time dahil isa yan sa dahilan ng maraming client na hindi naapprove ng banks or kahit Pag-IBIG. Salamat

      Delete

 
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