FAQs about owning your DMCI Homes unit
Frequently asked questions:
1. How much is the reservation fee?
- Reservation fee for the unit is P20,000.
- Reservation fee for the parking is P10,000.
- Deductible from list price.
- Payable in cash or check (DMCI-PDI).
2. Is the reservation fee refundable or transferable?
- Reservation fee is non-refundable (valid only for 30 days from the date of reservation).
- Reservation fee is non-transferable.
- DMCI Homes is looking forward to doing business with serious buyers only.
3. How can I reserve if I am located abroad?
- You can reserve through wire transfer, trusted representative, or special power of attorney.
- Kindly check our buyer’s guide page.
- Please call or email us for more assistance.
4. What are the complete requirements for reservation?
- A photocopy of 2 valid government-issued ID’s with 3 specimen signatures
- Php20,000 unit reservation fee (which is deductible from list price)
- Php10,000 parking reservation fee (which is deductible from list price)
- Client Registration Form (to be provided by Mikko or Noemi)
- Reservation Agreement Form (to be provided by Mikko or Noemi)
- Tax Identification Number (TIN) / Proof of TIN
- Proof of Billing
- Signed computation (to be provided by Mikko or Noemi for client’s signature)
- Special Power of Attorney Form (if needed/for international clients).
- Please call or email us for more assistance.
5. What are the payment terms/financing schemes?
- Cash
- In-house financing
- In-house financing convertible to bank financing
- Bank financing
- For buyers abroad, we suggest that you pursue In-House Financing for your convenience.
6. What are Closing fees?
- Closing fees cover Documentary Stamp Tax, Transfer Fees, Registration Fees, notarial and documentation fees, and other administrative and handling fees in order to transfer title to your name.
7. Can a foreigner purchase a condominium unit in the Philippines?
- Yes. The Condominium Act of the Philippines expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.
8. Can a foreigner purchase a house & lot in the Philippines?
- By law, foreigners don’t have the right to acquire land in the Philippines. Only Filipino citizens can own land. The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.
- Exceptions:
- Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:
- * Acquisition before the 1935 constitution.
- * Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.
- * Purchase of not more than 40% interest in a condominium project.
- * Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)
- * Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.
- Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house was built.
- Setting up a corporation with 40% of the stocks in the foreigner’s name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.
- Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:
9. When can I move in?
- You can move in within 45-90days after you have fully accomplished the following:
- Complete requirements
- Signed Contract to Sell (for buyers under financing) or Deed of Absolute Sale (for Cash Buyers)
- The minimum required downpayment to move in (for buyers under financing)
- Release of clearance from DMCI Homes Documentation Department.
- Finishing of your unit will only start upon release of clearance from the Documentation Department.
- If your unit is already ready for punch listing, a Turnover Group Assistant will call you for your unit’s punch listing schedule. Please coordinate with the Turnover Group Assistant for your turnover schedule.
- Provided all the move-in requirements and move-in conditions are met, you can move in to your unit once it is “dressed” and the finishing touches have been completed. The preliminary inspection of the unit shall be conducted with you based on the specified turnover conditions set by DMCI Homes. Arrangements on the installation of the water, electrical, cable and telephone units will also be conducted at this point. Your Condominium Corporation officer shall be more than willing to assist you in this matter.
- If you plan to move in upon acceptance of the unit, please inform our Turnover Group Assistant so that the necessary arrangements can be made to facilitate your move-in.
- In case the buyer fails to inspect the unit within thirty days from the date of notice, it shall be deemed that the buyer has automatically accepted the unit.
- Confident of the quality of DMCI construction, All DMCI Homes developments come with a warranty against construction defects and workmanship within one year from the date of acceptance/turnover by the homeowner. Warranty concerns shall be forwarded to the Property Management Office. However, please take note that the normal wear & tear or misuse by homeowners or tenants is not covered by this warranty.
10. Are there fees after I move-in?
- Yes, unit owner should provide the payment for your own Meralco Meter deposit (the Meralco Meter will be under your name), the Monthly Association Dues, and other miscellaneous fees from the Property Management.
11. When do I start paying Association Dues?
- Once the unit has been turned over, you will be obliged to settle the association dues, whether the unit is occupied or not.
- For example, if a unit had been turned over in July, but you did not move in until August, you are still obliged to settle the Association Dues for July.)
12. If I opt to have my unit leased out, can DMCI Homes manage the lease of the unit for me?
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Yes, DMCI Homes has a leasing management department that takes care of your leasing requirements.
Send us a message!
If you have any questions, want to meet up, or need more information, send us a message.
Noemi Reyes-Pajota
Licensed Real Estate Broker
PRC License 0027***
- 0915-868-7576 (Globe)
- noemi@noemixrealty.com
Mikko Pajota
Licensed Real Estate Broker
PRC License 0027***
- 0927-984-9675 (Globe)
- mikko@noemixrealty.com
