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A BALIKBAYAN'S GUIDE TO BUYING REAL ESTATE IN THE PHILIPPINES
Filipinos away from home who
want to invest their money in real estate would do well in familiarizing themselves with the laws that govern land acquisition
in the Philippines as stated in the Constitution. There is no better way to secure
a brighter future than to have a place of your own here at home.
Here are some facts that you
will need to know before you proceed with any transaction and buy your dream residence in the Philippines :
- Only Filipino citizens
and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.
- Foreigners and balikbayans
may purchase condominiums provided the distribution of ownership of the whole project is maintained at 60% Filipino and 40%
Foreigner
- Children born to a
Filipino parent, whether legitimate or illegitimate, may inherit the property of the Filipino parent, even if the child is
not a Filipino citizen.
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HOW TO AVAIL OF A UNIT VIA THE CO-DEVELOPMENT CONCEPT:
For Clients based in the Philippines:
- Your servicing Solicitations
Manager shall assist you in project viewing, selection, and closing of Unit, collection and documentation of purchase, and
after-sales requirements.
- Once you have chosen
a Unit, a Pro-forma covering Unit details, Total Contribution Cost for the specific unit, and Contribution Terms shall be
prepared by your Solicitations Manager. This Pro-forma, in triplicate, shall then be sent to you for confirmation together
with a Co-Developer's Information Sheet for your completion.
- Upon signing the Pro-forma,
kindly retain a copy for your file and return the remaining two (2) copies to us together with a P 50,000 check payable to
CENTURY PROPERTIES, INC. as initial reservation contribution and
the completed Co-Developer's Information Sheet. (For provincial clients, all documents must be sent to us via courier service
(Aboitiz, FEDEX, UPS, DHL)
- Once we receive your
signed Pro-forma, completed Co-Developer's Information Sheet and Reservation fee, the Unit shall be reserved under your name.
We shall then send you a Reservation Commitment for your signature together with the Acknowledgement Receipt for your signature.
- Upon signing the Reservation
Commitment, please return the same to us for our Officers to sign and for notarization, together with your complete post-dated
checks to cover your monthly contributions. Once this is done, we shall send you a copy of said document and an Acknowledgement
Receipt.
- Upon full completion
of the Initial Contribution and submission of complete post-dated checks, a Construction Management and Coordination Contract
shall be prepared and sent to you for your signature. Upon signing, please return all copies to us for us to sign and notarize.
We shall send you a copy as soon as this is notarized.
For Clients based abroad:
- Your servicing Solicitations
Manager shall assist you in project viewing, selection, and closing of Unit, collection and documentation of purchase, and
after-sales requirements.
- Once you have chosen
a Unit, a Pro-forma covering Unit details, Total Contribution Cost for the specific unit, and Contribution Terms shall be
prepared by your Solicitations Manager. This Pro-forma, in triplicate, shall then be sent to you for confirmation together
with a Co-Developer's Information Sheet for your completion.
- Upon signing the Pro-forma,
kindly retain a copy for your file and return the remaining two (2) copies to us together with a P 50,000 check payable to
CENTURY PROPERTIES, INC. as initial reservation contribution and
the completed Co-Developer's Information Sheet. (For provincial clients, all documents must be sent to us via courier service
(FEDEX, UPS, DHL)
- Once we receive your
signed Pro-forma, completed Co-Developer's Information Sheet and Reservation fee, the Unit shall be reserved under your name.
We shall then send you a Reservation Commitment for your signature together with the Acknowledgement Receipt for your signature.
- Upon signing the Reservation
Commitment, please return the same to us for our Officers to sign and for notarization. Using the schedule of payments stipulated
in the Reservation Commitment, you may now remit your monthly amortizations as per the guidelines on bank remittances. (Please
refer to instructions below for procedures on bank remittances.) We would appreciate receiving an email from you regarding
details of each remittance for proper booking of payments.
- Upon full completion
of the Initial Contribution and submission of complete post-dated checks, a Construction Management and Coordination Contract
shall be prepared and sent to you for your signature. Upon signing, please return all copies to us for us to sign and notarize.
We shall send you a copy as soon as this is notarized.
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WHERE
TO SEND DOCUMENTS: |
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CENTURY PROPERTIES, INC. |
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21/F Pacific Star Building |
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Sen. Gil Puyat corner Makati
Avenue |
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Makati
City 1200 |
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Attention: |
Your Servicing Agent
Position |
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WHERE
TO REMIT PAYMENTS:
You can make payments through the following banks. Please choose only
one. |
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- 1 - |
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Bank: |
Philippine National Bank |
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Branch: |
Gil Puyat |
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Address: |
G/F Petron Plaza Sen. Gil Puyat Avenue,
Makati City, Phils. |
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Account Name: |
Century Communities Corp. |
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Account No.: |
Phil. Pesos SA No. 265-601298-9 |
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Swifft Code: |
PNBMTHMM |
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Telephone No.: |
(632) 886-3377 |
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Attention: |
Ms. Marie Dimaano |
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Incoming Charges: |
US$ 5.50 |
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- 2 - |
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Bank: |
Equitable PCI Bank |
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Branch: |
Pacific Star |
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Address: |
G/F Pacific Star Bldg. Sen. Gil
Puyat corner Makati Avenues, Makati City
, Phils . |
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Account Name: |
Century Communities Corp. |
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Account No.: |
2279-01077-1 |
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Swifft Code: |
PCIB PHMM |
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Telephone No.: |
(632) 811-5939 / (632) 811-5225 |
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Attention: |
Tony Fortunato |
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Incoming Charges: |
$10 bank correspondence, 1/8 of 1% (.00125) of amount over $10,000 |
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Bank: |
RIZAL COMMERCIAL BANKING CORP. |
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Branch: |
Ayala Ave. |
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Address: |
Ground Floor Yuchengco Tower 1, RCBC
Plaza Ayala Ave. Makati City |
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Account Name: |
Century Communities Corp. |
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Account No.: |
3-001-01290-7 |
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Swifft Code: |
RCBC PHMM |
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Telephone No.: |
(632) 894-9082 / (632) 878-3307 |
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Attention: |
Ms. Maj T. Dellosa
Senior Personal Banker |
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Incoming Charges: |
A fixed charge of $5.00 for remittance $8,000 and below, 1/16 of 1% incoming charge for remittance over $8,000 |
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GUIDELINES ON BANK REMITTANCES:
- Monthly dollar contributions
should be remitted to the same bank account.
- Said contribution
shall then be converted to Philippine Pesos at the exchange rate of the day the amounts are received by the chosen Bank.
- The amount credited
for the Unit shall be net amount received by our company, after bank charges for the remittances.
- To ensure that your
contributions are received in full by our company, you may wish to add the following to your remittances:
- An estimated $ 5.50
for the Philippine telegraphic charges
- Plus $ 5-15 bank
charges that your respective banks may charge you
- Kindly fax us a copy
of the confirmation receipts of your respective banks at (632) 811-5588 or (632)6700-7686. Attention : Rolland Aquino
- Any differences in
the dollar-peso exchange rate, whether it be an overpayment or under-payment shall be reconciled in your last monthly remittance
for the Initial Contribution.
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SITE TRIPPING:
If you have friends or relatives
based in the Philippines, you may want them to see South of Market on your behalf, we may
be reached via telephone nos. (632) 893-2372 or (632) 917-9996179 for viewing appointments. Pls look for Mr. Rolland Aquino.
Again, thank you for your continued interest in South of Market. Please do let us know how we can better serve you. |
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