Frequently Asked Questions on Acquiring Property at Moldex Realty Marketing, Inc.

FAQs

RESERVATION

What are the requirements to reserve a property?

• For Individual Account
• For Corporate Account
• Are foreigners allowed to purchase a property? What are the requirements?
• If my husband/wife is a foreigner, are we allowed to purchase a property? What are the requirements?

ACCOUNT ADJUSTMENTS

• Can I restructure my payment terms? What are the requirements?

DOCUMENTS

• What is a Reservation Agreement?
• What is a Contract to Sell?
• Why do I have to sign the original Contract to Sell (CTS) issued to me even if I want changes from my original purchase?
• Can I authorize a representative to sign the Contract to Sell (CTS) on my behalf? What are the requirements?
• When can I get the notarized copy of CTS? Addendum for the purchase of Parking Slot?

BANK LOANS

• What is an LOG (Letter of Guarantee)?
• If I want to apply for a loan, what should I do?
• Why is LOG an insufficient document to serve as justification that I have paid on the required date indicated in the CTS and to allow me to move-in? Why must loan proceeds be received?

TURNOVER / MOVE-IN

• How do I know when the unit is ready for turnover?
• When can I occupy the unit? What are the requirements to move-in?
• What are covered by Miscellaneous Fees?
• What is the Transfer Tax and Registration Expenses (TTRE) for?
• What is a Transfer Certificate of Title (TCT)? Condominium Certificate of Title (CCT)?
• What is a Deed of Absolute Sale?
• What is a Tax Declaration?
• How do I obtain my Condominium Certificate of Title (CCT) and/or Transfer Certificate of Title (TCT)?
• How do I obtain my Tax Declaration?
• What is Real Estate Property Tax (REPT)?

MISC

• If ever I want to transfer or change the nominee of my purchased unit, what will I do? Can I transfer or change the nominee for the unit purchased?
• Can I assign the unit that I purchase under my children's name even if they are below ten (10) years old?
• Can you give me a special computation on my payment scheme?

Requirements to reserve a property » Individual Accounts:

1. Fill up Reservation Application (form to be given by your Broker/Agent)
2. Fill up Individual Buyer Information Sheet (BIS) - (for all buyers, spouse included, if married)
3. Payment of Reservation Fee (either thru cash, check, remittance or auto-debit)
   Note: If payment is made thru check, check should be made payable only to Moldex Realty Inc.. If payment is made thru cash, this should be made directly at the Moldex Realty, Inc.'s cashier.
4. Submission of valid government-issued ID with picture and signature (for all buyers, spouse included, if married)
5. Submission of Tax Identification Number (TIN) ID (for all buyers, spouse included, if married)
6. Submission of Community Tax Certificate (CTC) for the current calendar year or Valid Passport (for all buyers, spouse included, if married)
7. Proof of Billing Address (should be the same address as indicated in the BIS)
8. Sign Floor Plan/ Layout of the reserved Property

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Requirements to reserve a property » Corporate Accounts:

1. Fill up and sign Reservation Application by the duly authorized signatory/ies of the corporation.
2. Fill up Corporate Buyer Information Sheet (BIS)
3. Submission of the following corporate documents:
• Secretary's Certificate/Board Resolution adopted by the members of the Board of Directors of the company allowing the company to purchase a property with MRI and designating the authorized signatories for and on behalf of the company (original copy).
• Articles of Incorporation and By-Laws (certified true copy).
• SEC Registration (certified true copy)
• Valid government-issued ID with picture and signature of the members of the Board of Directors, Corporate Secretary and authorized representatives/designated signatories.
• Tax Identification Number (TIN) ID of both the company and its authorized representative/designated signatories.
• Community Tax Certificate (CTC) for the current calendar year or Valid Passport of the authorized representatives/designated signatories.
4. Proof of Billing Address (should be the same address as indicated in the BIS).
5. Signed Floor Plan/ Layout of the reserved Unit.

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Are foreigners allowed to purchase a property?

Foreign nationals are allowed to purchase condominium units provided that at least 60% of the Project is owned by Filipinos and foreign nationals ownership shall not exceed 40%. Foreign nationals are prohibited from acquiring and owning land in the Philippines. 

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If my husband/wife is a foreigner . . .

If one of the spouses is a foreign national, the following rules shall apply:

1. Purchase of Condominium Unit:
   Both spouses can acquire condominium units.
2. Purchase of House and Lot/Townhouse Unit:
   Only the Filipino spouse can acquire the house and lot or townhouse unit, but the Filipino spouse must indicate in all the documents related to this transaction the name of the foreign spouse.

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Account Adjustments

Note: Complete and updated information is essential for mailing of documents and/or correspondences related to your purchased unit, in bank documentation, and in the title transfer process. Should there be any information you wish to amend or change, please fill out the Buyer's Information Sheet and send it back to us together with your request letter and other required documents. 

Can I restructure my payment terms? What are the requirements?

Restructuring of payment terms may be allowed prior to the turnover of unit subject to compliance with the following requirements:

1. Request letter signed by the buyer/s on record.
2. New Reservation Application signed by the buyer/s on record.
3. Latest Statement of Account (SOA).
4. Copy of the notarized CTS covering purchase of the existing unit.
5. Complete Post-Dated Checks for the total monthly amortization including the balance.
6. Photocopy of Unit Acceptance Form of the new buyer (if applicable).
7. Cleared Association Dues (Clearance must be certified by the Building/ Estate Administration) if applicable.
8. Updated payments (including Transfer Tax and Registration Expenses, Miscellaneous Fees and Association dues, if applicable).
9. Processing fee payable to MRI.

Note: The approval of any request for the restructure of payment terms is subject to the sole discretion of MRI. As such, not all requests may be allowed and requirements may change depending on the circumstance. 


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Documents

What is a Reservation Agreement?

A Reservation Agreement (RA) is a document executed by the buyer, declaring his intent to purchase a specific Unit/House and Lot, together with his payment of the Reservation Fee, and subject to the approval by MRI. 

What is a Contract to Sell?

A Contract to Sell (CTS) is a contract governing a purchase of a specific Unit/House and lot whereby the terms and conditions of the sale, such as but not limited to the payment terms and transfer of ownership, are stated. 

Why do I have to sign the original Contract to Sell (CTS) issued to me even if I want changes from my original purchase?

For proper documentation, the initial document should be processed and completed prior to processing of any amendment. 

Can I authorize a representative to sign the Contract to Sell (CTS) on my behalf? What are the requirements?

Yes. Should the buyer wish to authorize a representative to sign the Contract to Sell on his/her behalf, the authorized representative should present and submit an original copy of a duly notarized (or consularized, if executed outside the Philippines) Special Power of Attorney (SPA), together with the buyer/s’ valid government-issued ID as well as his/her own for validation. 

When can I get the notarized copy of CTS? Addendum for the purchase of Parking Slot?

The CTS and/or Addendum (for the purchase of Parking Slot) for the buyer's signature shall be available five (5) working days from the date sale was accepted by MRI while the notarized CTS and/or Addendum shall be available forty-five (45) working days from receipt of the signed CTS by MRI office. 

The notarized CTS and/or Addendum shall be given to your Broker/Agent for subsequent transmittal to you. 

Note: Turn-around time may vary depending on the circumstance that may arise. 


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Bank Loans

What is an LOG (Letter of Guarantee)?

A Letter of Guarantee (LOG) is a written guarantee from the bank that the buyer/s has complied with the bank requirements for the release of loan to cover payment for any portion of the purchase price. 

If I want to apply for a loan, what should I do?

The buyer/s can inquire only from MRI's accredited banks for their detailed loan application process for any MRI project. These accredited banks take on the purchase price of your unit as its appraised value. 

Note:

1. The buyer/s should only obtain financing for any portion of the purchase price from any financial institution that is accredited with MRI.
2. The buyer/s undertakes to submit to MRI the LOG on or before six (6) months prior to the due date of the amount to be covered by the financing.
3. In case the buyer/s fails to submit the LOG on the said date, MRI shall have the option to:
   • Collect from the buyer/s all amounts due under such payment schedule and terms as my be required by MRI
   • Cancel the contract and forfeit all payments made

Why is LOG an insufficient document to serve as justification that I have paid on the required date indicated in the CTS and to allow me to move-in? Why must loan proceeds be received?

An LOG is merely a guarantee letter to pay and not yet an actual payment. Thus, it is insufficient to facilitate clearance to move-in until the actual loan proceeds is received and cleared by MRI. 

Note: The loan proceeds must be received on or before the required due date as indicated in the CTS. Otherwise, penalties will continue to accrue until such time that the proceeds are received. 

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Turnover / Move-in

How do I know when the unit is ready for turnover?

A Notice of Inspection (NOI) will be transmitted to you to the address indicated in your Contract to Sell (CTS) via courier or registered mail. 

The NAUT will also indicate a detailed guide on the "move-in" process, which indicates the steps to be undertaken in order to obtain the keys to your unit. 

When can I occupy the unit? What are the requirements to move-in?

After viewing and acceptance of your unit, you will be requested to accomplish the following to complete your records and pertinent documents:

1. Clearance of Full Payment [Total Contract Price, Miscellaneous Fees and Transfer Tax and Registration Expenses]. If payment is made via personal/manager's cheque, the cheque should be cleared. If payment is made via financing thru MRI's accredited banks, the loan proceeds should be obtained by MRI and the corresponding cheque should be cleared.
2. Sign the Certificate of Acceptance Form at the site.
3. Signed Deed of Absolute Sale (DAS), together with required documents for title transfer.
4. Steps 1, 2, and 3 should be completed in order for MRI to issue the Authority to Move-In (ATMI). The ATMI is an internal document which prompts the Building/ Estate Manager to release the keys to you.
5. Claim the keys to your property from the office of the project Building/Estate Manager ten (10) business days after Steps 1,2, and 3 are completed. The Building/Estate Administration shall release the keys of your unit to you. The Building/Estate Administration shall release the keys only to the buyer/s on record.
   
   Should you wish to send a representative to claim the keys for you, your representative must present an original copy of a duly notarized (consularized, if executed outside the Philippines) Special Power of Attorney (SPA) for the said purpose and two (2) valid IDs to the Building/Estate Administration.
   
   Note: Obtaining the original copy of the SPA, which might have been submitted initially to view the unit and in support of the Contract to Sell (CTS) and/or Deed of Absolute Sale (DAS), shall not be allowed as this will later on be submitted to the concerned government agencies to facilitate the title transfer process. As such, we suggest you to execute the SPA in duplicate copies or more to avoid any inconvenience in executing another SPA to claim the keys.
6. Transfer Certificate of Title (TCT)/ Condominium Certificate of Title (CCT) and Tax Declaration under your name will be delivered once these are available. The Real Estate Tax pertaining to the property for the current calendar year shall be prorated between the parties according to the respective period of possession of the buyer within the said year to be reckoned from the date notice of availability of unit for turnover is given by Moldex Realty, Inc. to the buyer.

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What are covered by Miscellaneous Fees?

The miscellaneous fees is inclusive of the fees assessed for providing provisions for power, water, cable and other utilities plus the Condominium Corporation/Homeowners Association one-time membership fee. 

What is the Transfer Tax and Registration Expenses (TTRE) for?

The Transfer Tax and Registration Expenses (TTRE) is the fee assessed by the City Government for the transfer of title from MRI to the buyer/s' name. 

What is a Transfer Certificate of Title (TCT)? Condominium Certificate of Title (CCT)?

A Transfer Certificate of Title (TCT) is a legal document which serves as an evidence of ownership over a parcel of land issued by the Land Registration Authority. It states the technical description, location and area of the land as well as the name/s, civil status, citizenship of the registered owner. It is an indefeasible and conclusive proof of absolute title to and ownership of the property. 

A Condominium Certificate of Title (CCT) is a legal document which serves as an evidence of ownership over a condominium unit issued by the Land Registration Authority. It states the number of the specific unit and the name of the condominium, as well as the name/s, civil status, citizenship of the registered owner. It also states the TCT Number of the land where the condominium unit stands. 

It is an indefeasible and conclusive proof of absolute title to and ownership of the property. 

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What is a Deed of Absolute Sale?

The Deed of Absolute Sale (DAS) is a contract executed by the seller and the buyer whereby the seller unconditionally transfers to the buyer all its rights, interests and title to the property subject of the sale and the buyer thereby accepts it. 

What is a Tax Declaration?

A Tax Declaration is a city or municipal document containing the lot/unit number, area, and location of the land/house/condominium unit as well as the name/s, address of the declarant. 

It also states the classification, market value and the assessed value as well as the assessment level of the property. This document is used to determine the real estate tax due over the property. 

How do I obtain my Condominium Certificate of Title (CCT) and/or Transfer Certificate of Title (TCT)?

The buyer will be notified once the Condominium Certificate of Title (CCT) and/or Transfer Certificate of Title (TCT) is transferred from MRI to the buyer/s' name. 

The transferred CCT and/or TCT can only be obtained by the buyer/s on record at MRI offices. 

How do I obtain my Tax Declaration?

MRI shall facilitate the issuance of the Tax Declaration by the City or Municipality where the property is situated. Thereafter, MRI shall notify the buyer once the Tax Declaration for the property has been issued under the buyer's name. 

What is Real Estate Property Tax (REPT)?

The Real Estate Property Tax (REPT) is a tax levied by the Local Government Unit where the property is situated. It is computed based on the assessed value of the property. 

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Miscellaneous

If ever I want to transfer or change the nominee of my purchased unit, what will I do? Can I transfer or change the nominee for the unit purchased?

You will make a written letter conforming that you are changing the nominee of your purchased unit. You are required to submit a copy of notarized Transfer of Rights. You will also pay Php 25,000 for the transfer fee. 

Can I assign the unit that I purchase under my children's name even if they are below ten (10) years old?

You can assign the unit that you had purchased under your children's name even if they are under age, provided that you are required to submit a notarized copy of Oath of Undertaking. 

Can you give me a special computation on my payment scheme?

We can always accommodate our clients' financial capability, that's why we are offering a flexible payment scheme. 

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