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BUYERS' GUIDE to owning a DMCI Homes Property

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BUYERS' GUIDE to owning a DMCI Homes Property
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  BUYERS’ GUIDE  to owning a DMCI Homes Property   32 Buyers’ Guide to Owning a DMCI Homes Property Thank you for making the smart choice by choosing DMCI Homes. We are truly honoured to be part of your family. Allow us to welcome you by guiding you through  the important steps of owning a home. Here, each step has been detailed and outlined to make owning your new DMCI Home a truly hassle-free experience.  About DMCI Homes DMCI Homes is a company of innovative builders and engineering experts that develop modern day living solutions for urban families. Each of its developments is built with world-standard craftsmanship borne from almost 60 years of expertise in the construction and development industry. Its corporate philosophy is anchored on a deep understanding that buying a home is more about investing in a better way of living. Thanks to feature-rich, ideally located communities, residents can finally enjoy a more comfortable and meaningful way of life where they can feel real good to be home. Disclaimer  : The contents herein are subject to change without prior notice and do not constitute an offer of contract. TABLE OF CONTENTS Documentary Requirements and Procedures • Cash Payment Term ........................................................................... 4 • In-House Financing Payment Term .................................................... 5 • Bank Financing Payment Term ......................................................... 6 • Payment via Remittance .......... ........................................................ 8 • Closing Fees ....................................................................... ..... .......... 9 • Clearance for Turnover .................................................... .... .............. 9 • Title Transfer .......................................................... ..... ...................... 10 Requirements and Procedures on Amendments in Documents • Change of Name or Transfer of Ownership ..................................... 11 •  Additional Ownership ...................................................................... 11 • Omission of Name ........................................................................... 12 • Change of Personal Information ........................................... ..... ........ 12 • Transfer of Project or Unit ............................................................... 13 Financing Requirements and Procedures • Statement of Account ...................................................................... 14 • Official Receipts ............................................................................... 14 • Holding of Checks ........................................................................... 15 • Pull-out or Replacement of Checks ............................. .... ................ 15 • Penalties ........................................................................................ .. . 15 • Loan Restructuring ........................................................... ..... ........... 16 • Cancellation of Accounts ......................................... .... .................... 17 • Backout on Unit Purchase ............................................................... 17 Turnover Process and Payment Obligations • Turnover Process ............................................................................. 19 • Unit Warranty .................................................................................. 19 Property Management Services and Payment Obligations • Property Management Office .......................................................... 20 • Property Management Office Responsibilities and Services .............. 20 •  Association Dues ............................................................................. 21 • Real Estate Property Tax on Unit .................................................... 22 • Special Assessment Fees ............................................... ...... ............. 22 1. Insurance Expenses 2. Real Estate Property Tax on Common Areas3. Major Repairs and Maintenance4. Permits and Licenses • Leasing of Units ............................................................. ...... ............. 23   DMCI Homes Hotline Numbers ............................................ 24  54 Days 1 to 7 from Reservation Date Upon reservation of your chosen unit, a welcome letter shall be given to thank you for choosing DMCI Homes and remind you that all documentary requirements and payments must be completed within thirty (30) days. Otherwise, your reservation will be forfeited and cancelled. To complete the reservation transaction of your unit, you must submit the following documents to your sales agent to facilitate the documentation process: • Signed Reservation Agreement and Reservation Fee Receipt • Signed Client Registration Form • Signed Computation Sheet • Either a photocopy of your Tax Identification No. (TIN) or BIR Form 1904 • Photocopy of passport/any valid Government issued ID/s with signature • Notarized Special Power of Attorney (SPA), for local accounts and consularized SPA for international accounts (if applicable) • Deed of Undertaking for international accounts (if applicable) • Proof of Billing Address (must be the latest billing statement)Once all your requirements have been submitted, your sales agent shall endorse your documents and all other necessary requirements to the Documents and Inventory Control Department for the preparation of the Deed of Absolute Sale (DOAS). CASH PAYMENT TERM DOCUMENTARY REQUIREMENTS AND PROCEDURES Days 8 to 15 Once your documents have been properly endorsed, it will usually take one (1) to  three (3) working days to prepare your DOAS. While your DOAS is being drafted,  we will send you a copy of the Reservation  Agreement. Days 16 to 30  At this time your DOAS will be released  to you. You shall be given fifteen (15) days  to review the DOAS. Should the documents be in order, you will need to sign the DOAS and return this to your Sales Agent. RELEASE OF DOAS Photocopy of DOAS  After one (1) to two (2) days upon request Notarized DOAS One (1) year from the date of full payment along with the transferred title and tax declarations in your name.Upon clearance of the full payment, you  will be issued a Clearance for Turnover.  You will then be endorsed to our Turnover Department so that you can inspect your unit. Days 1 to 7 from Reservation Date Upon reservation of your chosen unit, a  welcome letter shall be given to thank you for choosing DMCI Homes and remind you  that all documentary requirements and payments must be completed within thirty (30) days. Otherwise, your reservation will be forfeited and cancelled. To complete  the reservation transaction of your unit,  you must submit the following documents  to your sales agent to facilitate the documentation process: • Signed Reservation Agreement and Reservation Fee Receipt • Signed Client Registration Form • Signed Computation Sheet • Either a photocopy of your Tax Identification No. (TIN) or BIR Form 1904 • Photocopy of any valid Government issued ID/s with signature • Notarized Special Power of Attorney (SPA), for local accounts and consularized SPA for international accounts (if applicable) • Deed of Undertaking for international accounts (if applicable) • Proof of Billing Address (must be the latest billing statement)Once all your requirements have been submitted, your Sales Agent shall endorse  your documents and all other necessary requirements to the Documents and Inventory Control Department for the preparation of the Contract to Sell (CTS). Days 8 to 15 Once your documents have been properly endorsed, it will usually take one (1) to three (3) working days to prepare  your CTS. While your CTS is being drafted,  we will send you a copy of the Reservation  Agreement. Days 16 to 30  At this time your CTS will be released to  you. You shall be given fifteen (15) days to do the following:1. Review and evaluate the terms and conditions in the Contract to Sell (CTS) 2. Prepare the required number of Post-Dated Checks (PDCs) covering  your down payment: • If unit is still under construction, PDCs should cover the entire down payment period • If unit is ready for occupancy (RFO), minimum of 24 PDCs • If terms of payment is cash upon  turnover (RFO or NON-RFO), PDCs should cover the entire down payment period and balance • If payment is through bank financing, PDCs should cover the entire down payment period • If payment period is under 10 years in-house financing, PDCs should cover  the entire down payment and the first 5 years monthly amortization.Should the documents be in order, you  will need to sign your CTS and return this  to your Sales Agent. IN-HOUSE FINANCING PAYMENT TERM  76For direct bank financing, a duly accomplished loan application form with the following pre-approval requirements must be submitted to your preferred accredited bank or DMCI Homes Bank Financing Helpdesk four (4) months before the first monthly amortization for processing of your bank loan approval: BANK FINANCING PAYMENT TERM 1. If Employed within the Philippines • Certificate of Employment (COE) stating annual salary and position • Latest Income Tax Return (ITR) • Pay Slips (past 2 months) • Proof of Billing Address (must be  the latest billing statement) • Bank Statements2. If Overseas Filipino Worker (OFW) • POEA Authenticated Contract (seaman) • COE Authenticated by Philippine Consulate (direct hired)3. If Self-Employed • Business Name (DTI) or SEC Registration •  Articles of Incorporation and By-laws with SEC Registration Certificates • List of Trade References (At least 3 names and contact numbers of major suppliers and/or customers) •  Audited Financial Statements for  the past two (2) years • Bank Statements for the past six (6) months • Proof of Billing Address (must be  the latest billing statement)4. If Practicing Doctor  • Clinic address/es and schedule • Bank Statements for the past six (6) months5. If income is from Rental of Properties— • List of tenants and rental amount • Complete address/es of properties being rented • Bank Statements for the past six (6) months When approved by your bank, you will be issued a Letter of Guaranty (LOG)  which must be submitted to the Financing Department. Notarized CTS Thirty (30) days from the date of closing the sale with complete documents.Upon clearing of the required down payment, you will be issued a Clearance for Turnover.  You will then be endorsed to our Turnover Department so that you can inspect your unit.Release of your loan proceeds normally  takes five (5) to seven (7) working days from receipt of conformed LOG, settlement and submission of the following post-approval requirements. 1. Conformed Letter of Guaranty (LOG) and Deed of Undertaking (DOU)2. Signed Loan Documents • Deed of Assignment • Promissory Note • Real Estate Mortgage • Special Power of Attorney  Note: Signed & settled to the bank prior release of Bank Guaranty (bank process) 3. Other requirements • Post-dated checks or Auto-Debit  Agreement • Mortgage Redemption Insurance (MRI) • Insurance of the property to be financed • For Condominiums (Fire/Earthquake insurance endorsement), policy and  photocopy of the official receipt can be obtained from the Property Management office of  your project • For completed House and Lot, insurance should be obtained  from a reputable and accredited insurance company  Note: Signed & settled to the bank prior release of Bank Guaranty (bank process) 4. Payment of bank charges, which include Documentary Stamp Tax, Notarial and Mortgage Fees Note: Signed & settled to the bank prior release of Bank Guaranty (bank process) 5. Developer Requirements • Post-dated check (PDCs) covering  the required down payment amount based on the restructured computation sheet (if applicable) • Full settlement of unpaid down payment • Full settlement of closing fees • Signed Contract to Sell (CTS) and conformed restructured computation Note: Signed & settled to DMCI Homes prior to loan released. (DMCI Homes process) Upon clearing of the required down payment and bank loan release, you will be issued a Clearance for Turnover. You  will then be endorsed to our Turnover Department so that you can inspect your unit.To request for change of payment terms for the balance from in-house financing to bank financing, same procedure shall be followed. However, upon submission of Letter of Guaranty (LOG) to Financing Department, it will be endorsed to the Credit & Collection Department for the issuance of latest statement of account & to the Remedial Department for facilitation of your restructured computation sheet, which normally takes ten (10)  working days to release from the date of receipt. The restructured computation sheet requires your conformity within five (5) days from the date of issuance. All checks that will mature within thirty (30) days from the date we received the Letter of Guaranty will still be deposited and considered in the computation as part of payments made.  Accredited Banks • BDO • BPI • Chinabank  • HSBC • Malayan Bank  • Metrobank  • PNB • PSBank  • Security Bank  • UCPB  983. Inform Collection Center Agent of the remittance amount in peso  value. Agent shall convert the peso amount to the equivalent foreign currency 4. The usual remittance bank charges or service fee will be for the account of the buyer. The service fee will depend on the charges applied by the srcinating foreign branch or office5. A validated official receipt (as proof of remittance) shall be issued to the buyer by the Bank’s foreign branch or office/remittance center 6. Remittance will be credited to DMCI Homes account within 24 hours from date of remittance. Thus, remittance must be made at least one (1) working day prior  to amortization due date to avoid incurrence of penalty due to late payment. DMCI Homes will issue Official Receipt (OR) as proof of payment for the purchased DMCI Homes property based on the date payment was credited to DMCI Homes account7. It is best to keep copy of remittance slip or validated official receipt issued by the remittance center/tie-up bank in case there will be a need  to reconcile actual remittances madeNote: Your payment will be applied in  the following order: • To the expanded value added tax, if any  • To the penalty due and outstanding • To the interest due and outstanding • To any other outstanding charges In order to promptly and properly monitor your remittances, DMCI Homes has made arrangement with banks in facilitating remittances with the following procedure:1. Go to your nearest remittance center / bank tie up2. Fill-out remittance slip form / remittance applicationMandatory fields Description Remitter name Name of person sending the payment Beneficiary name DMCI Homes Subscriber name Name of buyer  Subscriber number Remitter code / Policy number  Document number Reference number  Amount of remittance Total amount of amortization payment in PhpRemittances made without the above required information will not be processed by tie-up bank’s foreign branches and offices / Remittance centers.Collection Center Agent shall encode the account number. If correct, agent shall proceed  with the transaction. If not, “Invalid Account” shall appear on the screen and the agent will not accept the remittance. Note: Your remitter code is your policy number. Please do not lose this account number  . PAYMENT VIA REMITTANCE FOR INTERNATIONAL BUYERS CLOSING FEES  Your clearance for unit turnover will automatically be processed and released by the Documents and Inventory Control Department to Turnover Department once the following requirements are submitted and complied: CLEARANCE FOR TURNOVER 1. Complete documentary requirements based on availed payment term2. Full settlement or cleared minimum down payment requirement of the project 3. Release of loan proceeds for bank financing term4. Updated payment status (current)5. Complete PDCsClosing fees are classified as other charges or fees payable to the Developer for the transfer of  title from the Developer to the Buyer’s name.For Sales with Reservation date of July 15, 2008 onwards, the closing fees are already included in your schedule of payment / CTS Annex.Depending on your term of payment, closing fee rates ranges from 3.6% - 6% of the total contract price. It includes fees and charges for Documentary Stamp Tax, Transfer fees, Registration fees, Assurance fund, Administrative and Processing fees and LGU/IT Service fees. (taxes, closing fees, and other assessment on the property) • To the outstanding principal balanceIf you have multiple unit and/or parking slots, payment will be applied in the same manner as above, i.e. on all outstanding penalty, interest and other charges of each account prior to allocation on principal
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