|Most often, best deals can't wait. Hot properties that are available today become sold out that buyers often regret the missed opportunity. In today's modern world of online communications and hi-tech online resources, your quest for getting the best property within your budget can be achieved through the help of your competent Online Real Estate Agent. Timing is everything. When you are abroad at present while interested in some properties presented in our website and if you wait until you come over personally to purchase the property you like, chances are, the property you like is already sold.
|On the other hand, it is also understandable that you are worried with your hard earned money when you are going to send money to somebody you have not met before which you might consider risky. Nevertheless, it is very important to strike a balance between risk and opportunity. The balance should be to your side and that is - to minimize risk and maximize opportunity. For example, if you are interested in a specific propery as you have seen in our website and when you come over personally to see and possibly buy this property, you will have to consider your expenses and time lost from work or business just to own the property you like. But when you have transacted this online, and just come over at your scheduled vacation time or when you have the time at your own leisure, it would be more cost efficient. Your goal then is to minimize the risk in purchasing online.
To minimize the risk, it is best to just send the minimum required reservation fee.This may vary from a small 10,000 pesos up 100,000 pesos depending on the property and/or the developer's requirements. Your agent will be able to advise this. But before sending the reservation deposit, make sure that the Real Estate Agent is licensed / duly authorized by the Department of Trade and Industry (DTI). The Agent should be able to send a copy of his/her license via email attachment. Licensed Real Estate Agents are bonded and their names can easily be traced at the office of DTI and since it's his/her carrer at stake, it is unlikely that he/she will place his/her carreer at stake for a small reservation fee from a buyer. Besides, the reservation deposit does not go into the hands of the Agent but goes directly to the account of the developer (bank to bank). The processes of online purchase can be documented and the flow of funds can be traced every step of the way so you can have a worry free purchasing online. The following are the steps to outline the online purchase process.
HOW TO PURCHASE ONLINE:
1) First, you will choose a property you like. This is after you have browsed some information from our website and have communicated with us concerning a specific housing project. You may request a price list, or detailed information including quotation with detailed payment terms and conditions.
2) After choosing your property, you can reserve it online. Upon your request, or when you signify intention to purchase, the Real Estate Agent who serves you will send you an advice to deposit together with the bank details of the developer. These details should include the following:
- Exact name of the developer (recipient of the money)
- Address of the developer
- Name of Bank
- Address of Bank
- Bank Account Number
- Type of Account
- Address of Bank
- Swift Code
3). Make the deposit for the reservation fee (on any bank in your local area known internationally to send money to the Philippines) direct to the account of the developer. Please keep your deposit slip as proof of payment. Clearing period usually takes 3 to 4 days.
4) Send a copy of your deposit slip duly signed by the bank officer either via FAX or email attachment to the Real Estate Agent who is serving you. A copy of this deposit slip will be used by the Agent to show to the developer that such deposit that went into their account at such specific amount and date really came from you.
5) Your Real Estate Agent will check with the developer if the deposit is cleared and by then, the Agent will send you an official receipt and two documents: RESERVATION AGREEMENT & CUSTOMER INFORMATION SHEET via email attachments. The original receipt will be temporarily in the hands of your Real Estate Agent for safekeeping pending your advice as to how it should be sent to you. Usually these official receipts will be mailed to you together with the contract documents that will be sent to you via post mail. You can expect these documents to be sent via email attachment within 3 days from the date your deposit is cleared.
6) You are then requested to send these two documents with your signature on them via email attachment or Fax. Please note that this online processing of documents is for the purpose of reservation only and preparing the original contract papers. This will make the developer decide to keep the property you want in your name for at least 30 days while contract papers are being prepared. What is legally binding is the original signing of original contracts. This will bring to the next step.
7) Your Real Estate Agent will send the original contract papers to you by post mail. This usually takes seven (7) working days on the average from the time your deposit is cleared. Mailing time usually takes two (2) weeks for a registered mail via post office.
8) When you receive the mailed original documents, and after reading and affixing your signatures on these documents, you are requested to mail them back to the address of the Agent. Mailing time for this is also expected to be two (2) weeks.
9) After the Agent receives the signed original contracts from you via post mail, these documents will be handed over to the developer who will affix their signature/s and then have these documents notarized by a lawyer. You can then expect to receive a copy of the notarized contract.
10) You will then pay the monthly installment on a bank to bank deposit from your end. Some developers may require submission of post dated checks or pay through your assigned (SPA ) special power of attorney such as your relative. If you do not have a checking account or checks to issue the required post dated checks, your relative or any SPA in your behalf, can open a checking account here in Cebu or anywhere in the Philippines and your relative can just issue the post dated checks in favor of the developer's name for safekeeping while they are not yet due. When the checks become due, you just have to fund these checks a few days before they are due with bank to bank payments from abroad direct to this checking account your relative has opened in his/her name but for you to deposit on a monthly basis.
Author: Engr. Manuel R. Arengo Jr.
PRC Broker’s License No. 000708