Frequently Asked Questions

 

3-Step Process

1. RESERVE

  • Call us or fill-in our FREE Site Tripping Form
  • Attend project presentation or actual site tripping
  • Choose your house model
  • Choose your house location

2. DOCUMENT

  • Read the FAQs.
  • Review the Cash, Deferred Cash, and Financing Requirements.
  • Meet your BSHomes agent to submit all requirements to the developer.
  • Hear the developer’s counseling for re-validation of the booking details.
  • Buyer will be given a complete set of documents whether cash or financing.

3. MOVE IN!

  • On or before the 24th of the month, the buyer will be notified about any necessary meetings with the developer or the bank regarding any additional document that needs to be updated/signed or related.
  • The Buyer will be notified about the house inspection schedule with the site engineer by Profriends
  • The Buyer inspects the house and will be given a chance to request any necessary improvements if any.
  • After house acceptance, the house keys are turned-over to the now became a Home Owner.
  • For house renovations, or improvements after house turn-over, the home owner can submit a proposal to the PRO-FRIENDS site Engineering Office subject for approval.

Remark: For your peace of mind, your BestSellingHomes agent is committed to assisting you at least once on every main part of the home-buying process.

 

Frequently Asked Questions:

  1.  Reservation Agreement ( RA ) identifies the property you will purchase and its specifications. For example:
    • Project
    • Block and Lot No.
    • Lot Area
    • House Type
    • Floor Area
  2. Total Contract Price ( TCP ) is the total amount you will pay for the property you are buying ( includes the Legal & Miscellaneous Fees).
  3. Reservation Fee ( RF )
    • The Reservation Fee closes the sale (on a first come, first served basis) and holds the unit for the buyer.
    • It forms part of the Downpayment(DP)
    • It is non-refundable in case the account is cancelled.
  4. Downpayment ( DP )
    • The DP is a percentage of the Total Selling Price ( TSP ) plus the Legal and Miscellaneous Fees ( LMF ).
    • It is payable over a prescribed period and does not bear interest.
  5. Payment is due on the 5th or 20th  of the month depending on the date of reservation:
    Reservation Date                        Hit Date
    6th to 20th day of the month         20th day of the following month
    21st to 5th day of the month         5th day of the next following month
  6. Important reminders on Downpayment ( DP ):
    • Non – Payment of the first DP automatically cancels the reservation and all payment made are forfeited.
    •  Penalty for delayed payment : 1/10 of 1% per day of delay.
    •  Legal and miscellaneous Fee ( LMF ) is computed at 8.0% of the Total Selling Price (TSP).
  7. Legal and Miscellaneous Fee ( LMF ) covers the following :
    • Premiums for the first year coverage-mortgage redemption insurance  ( MRI ) & Fire Insurance.
    •  Real Property Taxes for one year.
    •  Blue print of House ( one set )
    •  Home Owners Association ( HOA ) dues for preventive maintenance
    • Administrative Expenses.
    •  Transfer of TCT in the buyer’s name
  8. Grounds for Cancellation of the Reservation Agreement :
    • Failure to appear in person for loan Counseling.
    • Failure to pay the first DP, in which case the Reservation Fees( RF ) is forfeited.
    • Failure to remit any three(3) consecutive monthly installment or amortization.
    • Failure to submit within the prescribed period any of the documents that may be required by Pro-Friends of the financing institution.
    • Willful misrepresentation or falsification of any document submitted.
    • Voluntary withdrawal from RA for any reason whatsoever.
  9. Financing Terms:
    Downpayment ( DP ) : At least of 12.5 % of TCP
    Maximum DP Term : 15 Months
    Loan Amount : Maximum of 87.5% TCP
    Loan Term : Maximum of 25 years for Local Employees, 15 years for OFWs (Subject to prevailing bank terms)
    Interest Rate : 10% ( Indicative rate only, subject to prevailing bank terms)
    Repayment : Equal monthly amortization of principal and interest through postdated checks or through automatic debit  arrangement. The insurance premiums (for fire and mortgage redemption) form part of the monthly amortization.
    Penalty : 1/10 of 1%(compounded) per day of delay
  10. Company Policy on Payment
    •  All check payment must be made in favor of PROPERTY OF FRIENDS, INC
    •  Payment must be made directly to the authorized cashiers for the proper issuance of a provisional receipt ( PR ) or an official receipt ( OR ).
    •  Agents and brokers are not allowed to receive payments.
    •  Payments made through agents and brokers shall be the responsibility and risk of the buyer, and shall not be the liability of PRO FRIENDS.
  11. Taxes
    • The buyer is bound to pay the real estate taxes and special taxes levied or that may be levied on the property during the time the CTS is in force.
    • The buyer shall be required to submit post-dated checks ( PDCs) for this purpose
  12. Eligibility Requirements for Bank Financing ( Subject to prevailing bank guidelines )
    • Age Requirement:
      • Borrowers must be at least 21 years old but not more than 65 years old upon loan maturity
      • If OFW, must not be more than 60 years old upon loan maturity
    • In case application for bank financing is disapproved, the account shall be automatically converted to in-house financing.
  13. Documents Required
  14. Delivery
    • PCFI shall deliver the unit to the buyer on________.
    • The period may be extended if there is a delay in construction due to unforeseen circumstances.
  15. Occupancy and Possession
    • PCFI will issue a notice of  House Inspection with Clearance for Inspection ( NHI with CFI )  to the buyer stating the date of the unit shall be ready for inspection and/or occupancy.
    • The buyer is given 60 days from receipt of NHI with CFI within which to inspect the unit. If the buyer fails to inspect the unit within this period it shall be deemed accepted in good condition.
    •   Any loss or damage to the unit after it is deemed accepted or after PCFI issues an Authority to Move in ( ATMI ) shall no longer be the responsibility of PCFI .
  16. Use of the Property
    • The property shall be used exclusively for residential purposes. PCFI does not allow the property to be converted for other uses or purposes even after the unit has been transferred in the name of the buyer. This is contained in the terms and conditions in the Master Deed of Restriction to which the buyer is bound.
  17. Management and Administration
    • The buyer is enjoined to maintain order and keep the property in a good condition. Should the buyer fail to do so , PCFI reserves the right to enforce its policies regarding the upkeep of the property
    • The buyer shall bear all cost which PCFI shall incur to keep the property in good condition.
  18. Improvements / Alteration  
    • The buyer shall be allowed to make any alteration or additional construction to the unit only after final house acceptance.
    • The buyer shall be required to submit the proposal buildings plan for any improvement or alteration and pay a deposit fee which will serve as a construction bond, to be refunded after modification is complete and all deductions for damages ( if any ) have been made .
    • PCFI reserves the right to make modification on the plans and specifications during the course of construction . These may include :
      • Subdivision and housing components in any part of the project may be required under national or local government laws and regulations
      • Modifications necessary for the enhancement for the entire project .
  19. Membership in the HOA
    • Upon acceptance of the unit or once the buyer has taken possession of the unit , the buyer automatically becomes a member of the Homeowners Association ( HOA ) and is required to pay the monthly dues. Possession shall mean any one of the following
      • Unit is deemed accepted
      • House keys have been turned over the buyer
      • Actual move in has taken place
      • Alterations or improvements on the unit have been implemented.
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