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HOW TO PURCHASE ONLINE in Cebu Real
Estate Properties
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HOW TO PURCHASE ONLINE in Cebu Real Estate
Properties - Flow |
1) First, you will choose a property
you like. This is after you have browsed some
information from our
website and have communicated and
decided 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 Broker 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
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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.
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4)
Send a copy of your deposit slip duly
signed by the bank officer either via FAX or email
attachment to the Real Estate Broker who is serving you. A copy
of this deposit slip will be used by the Broker to show and
proof 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 Broker will check
with the developer if the deposit is cleared and by
then, the Broker 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 Broker 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 Broker or the developer 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 Developer or
your Broker.
Mailing time for this is also expected to be two (2) weeks. |
9)
After the Broker 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. |
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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 Broker.
Timing is everything. When you are abroad at
present while interested in some properties presented in our
real estate 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 property 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 Broker 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 Brokers are bonded and their names can easily be
traced at the office of DTI and since it's his/her carrier at
stake, it is unlikely that he/she will place his/her carrier at
stake for a small reservation fee from a buyer. Besides, the
reservation deposit does not go into the hands of the Broker 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.
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