SUMMARY OF TERMS & CONDITIONS

RESERVATION FEE- non-refundable and non-transferrable. Within thirty(30) days from DATE OF RESERVATION, failure of the Buyer to pay 1st Installment of Down payment would result to immediate forfeiture/expiration of the Reservation Fee;

MODE OF PAYMENT - All amounts payable shall be covered by post-dated checks. The PURCHASER binds himself/herself to immediately submit said post-dated checks within thirty(30) days from date of Reservation;

EFFECTIVITY OF CONTRACT PROVISIONS - Non-delivery of a copy of the Contract to the PURCHASER shall not delay the commencement of the payment of the monthly installment as well as the effectivity of the provisions of the Contract;

NOTICES -. All notices and correspondence of any nature sent to the PURCHASER at his/her given address shall bind him regardless of actual receipt, unless written notice has been received by the DEVELOPER on the new address.

- Sending of notices starts onceaccount is 5 days past due. Demand letter is sent to 60 days past due accounts;

OTHER FEES:

  1. PENALTY ON LATE PAYMENTS - three percent (3%) per month of the unpaid amount, for every month of delay.
  1. MISCELLANEOUS FEES - computed as 5% of the Total Selling Price exclusively borne by the PURCHASER;
  1. MOVE-IN FEES - 1) a Joining Fee or Membership Fee to the Condominium Corporation equivalent to Php500.00 per square meter as revolving fund for the initial operations of the building; 2) 3 months advance condominium dues which shall be determined by the Property Management; 3) fire extinguisher and other required safety equipment to be installed at the unit; 4) and other fees as may be specified;
  1. MORTGAGE REDEMPTION INSURANCE(MRI)-premium on the insurance covering the entire Contract Price balance;
  1. CONDOMINIUM DUES – monthly participation for security, maintenance of the buildingand other common areas;

TURN-OVER REQUIREMENTS:

  1. Updated account and payment of not less than twenty percent (20%) of the Contract Price;
  1. Payment of Move-In Fees;
  1. Post Dated Checks covering the whole balance (minimum of 12 postdated checks – 11 checks for the monthly amortization and 1 check covering the remaining balance to be replaced before date of check);
  1. Clearance from Sales Admin – issued upon settlement of all the above requirements;

REQUIREMENTS TO BE SUBMITTED WITHIN 30 DAYS FROM RESERVATION DATE:

1. BIS- duly accomplished with original signature2 ID pictures (2x2)

2. Approved Reservation Application6. Post Dated Checks – covering the whole amortization;

3. Contract to Sell duly approved by the Buyer/s & witnesses7. BIR T.I.N.

4. Photocopy of 2 valid IDs 8. Special Power of Attorney (if buyer/s is represented)

5.Proof of Income9. If Married: Photocopy of 2 valid IDs of Spouse

  • The notarized CONTRACT shall be released upon compliance of the above- requirements.

PAG-IBIG OR BANK FINANCING:

  • Upon approval of PAG-IBIG or BANK FINANCING, the PURCHASER shall settle the following:
  1. The remaining balance of the Contract Price after deduction of approved loan;
  2. Miscellaneous Fees computed as 5% of the Contract Price;
  3. Expense for the annotation of the Purchaser’s Mortgage Contract;
  • The DELOPER shall only assist the PURCHASER in the processing of his loan application. All incidental expenses of said loan application shall be borne by the PURCHASER.

CANCELLATION OF CONTRACT & FORCIBLE ENTRY - Failure of the PURCHASER to pay three (3) consecutive monthly amortization shall entitle the DEVELOPER to cancel the Contract, without need of court action and the DEVELOPER to have the right to enter and take possession of the property;

TRANSFER OF RIGHTS - Any assignment by the PURCHASER of his rights and obligations under the Contract requires submission of a duly notarized Deed of Assignment, payment of Php15,000.00 transfer fee, reimbursement of creditable withholding tax paid, provided that the title of the property is still in the name of the DEVELOPER.

DEFAULT IN PAYMENT & CANCELLATION OF CONTRACT - Default shall take place upon the occurrence of the following:

-Failure or delay to pay the entire amount on its due date for any reason whatsoever without need of demand;

-Failure of the PURCHASER to comply with any covenant to be performed or undertaken stated in the contract;

-Cancellation of the PURCHASER of the sale for any reason whatsoever;

-Concealment or misrepresentation of a material fact or information by the PURCHASER;

  • Subject to the provisions of Republic Act No. 6552, should the PURCHASER failed to pay any amount due covered by the Contract with the penalty thereon within a period of sixty (60) days from due date, the DEVELOPER shall, without need for judicial recourse, have the following rights against the PURCHASER in accordance with the following provisions:
  1. Default for less than two(2 year payment of installment. – (a) Cancellation of Contract on the 31st day from receipt by PURCHASER of cancellation notice (b) all amounts already paid by the PURCHASER shall automatically be forfeited. (c)the PURCHASER shall be obliged to immediately return full, actual and physical possession of the Unit in its entirety and surrender the key/s to the DEVELOPER.
  1. Default for at least two(2 year payment of installment. - Failure to update account after lapse ofgrace period (1month for every 1 year of installment paid), the DEVELOPER shall: (a) cancel the Contract, and (b) refund to the PURCHASER, without interest, fifty percent (50%) of the total payments made less other charges stated in the contract.

REQUESTS – All requests must be in written form, respectively signed by the buyer or his authorized representative.

DELAY OF DELIVERY – The buyer may at his option suspend his regular monthly payments until the delivery of his unit.

CHANGE OF ARCHITECTURAL PLANS - DEVELOPER has reserved its rights to control the architectural plans of the project and may introduce modifications and alterations provided it does not result in the diminution of the area of the unit sold and the inclusion as presented to the PURCHASER.

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