Monday, January 21, 2019

Info on the Pre-selling Affordable Condo: Gateway Regency Studios in Boni/Pioneer

Hey there. I'd like to share the newest affordable pre-selling property available for you, your family and friends.

Payment terms are as follows:

A. 10% down, 20% in 59 months (Monthly Amortization [MA]), 70% bank financing or cash
B. 20% in 60 months (MA), 80% bank financing or cash.
C. 100% deferred payment.

Sample pricing and computation:

Unit size: 20 sqm
Total Contract Price: P3.6M (USD 69k, EUR 60k, JPY 7.5M)
Reservation fee: P25k (USD 479)

Payment term A: 

  • 10% down:  P328k
  • MA:  P12k in 59 months
  • 70% balance:  P2.5M

Payment term B:

  • MA: P11.7k in 60 months
  • 80% balance: P2.9M

Payment term C:

  • P55.4k in 61 months

Payment terms may change by next month (February) so this January is one of the best times to reserve a studio unit for investment and future use. 😊

Parking is P1M and subject to availability. 17 sqm units are sold out at the moment but can reopen anytime or when other units are opened for sale.

For more details and site trips feel free to set an appointment with me anytime this month. 😊


Sun / Viber: +63932 1800 937
Globe / Telegram: +63917 768 8444
Email: LucyRLC(at)outlook(dot)com

Note: Details are subject to change without prior notice.

Originally posted on Steemit.

Saturday, January 12, 2019

This January is one of the Best Time to Grab & Reserve Your Future Home & Investment in Top Metro Manila Locations!

Hey there! Are you looking for a strategically and conveniently located home in the city? Do you prefer a concierge service no other condo property can provide? Look no further! We have Ring Rob concierge in every Robinsons Residences property.
I am happy to present to you general information on the current condominium properties you and your family or colleagues can reserve and own ASAP. We have several that you can choose from in various areas of the National Capital Region, Philippines.
Below are our notable Robinsons Residences properties.

The Trion Towers is composed of three towers. All are already sold out, even the third still pre-selling tower to be turned over this year. Should you prefer a unit there, once a unit reopens and you have provided me the needed documents and cheque/s then you have a chance to own a much sought after residence in BGC!
The Radiance Manila Bay has two towers along Roxas Blvd. and still has several units left. The South Tower will be turned over by 2021. This is best for those wanting to live a relaxed life near the beautiful sunset of Manila Bay or start a rental business via AirBnB, Booking, etc. Units still available are purely 1 bedrooms, 40 sqm at around P37k+ to P40k a month. Price is around P7M.
The Sapphire Bloc currently has two towers. It is walking distance or one ride away to almost anything a person may need or want. Best for people who want to live near where they work and play. The West Tower was turned over in June 2017 and is located in the heart of the Ortigas Business District. There are several 2 bedroom units still available, ranging from 70 to 72sqm. Price range is more or less P12M.
The Magnolia Residences is made up of four towers and is very near the LRT Gilmore station and jeepney route. It currently has pre-selling 1 bedroom units available in Tower D. It will be turned over by 2021. This is best for those looking to live near where they work. Also great for those looking to invest in rentals for students, current or future doctors/nurses and anyone who prefers to own unit/s and live beside the wonderful Robinsons Magnolia mall and across St. Paul University. Units range from 33 to 40 sqm at P6M to P7M. Monthly amortization ranges from P32k+ to P40k.


Each property has a P50,000 reservation fee should you, your family or colleagues be interested to reserve and purchase a unit. Corporate or bulk purchases are accepted. Parking slots are on a first come first serve basis too.
This January is the best time to buy and reserve a unit as the monthly amortization period will shorten starting February. Meaning the monthly payment to own any unit will get higher after January.
Feel free to share this with your family and friends. Get in touch with me today, set a meeting and viewing appointment this month and I'd be glad to meet with you and provide more details with no commitments. :)
Reach me via the following:

Sun / Viber: +63932 1800 937
Globe / Telegram: +63917 768 8444
Email: LucyRLC(at)outlook(dot)com

Disclaimer: Details may change without prior notice.
Originally posted on Steemit.

Thursday, December 27, 2018

How To Buy a Condominium Unit in the Philippines

So you're done reading my Q&A articles on buying condominiums in the Philippines, now I will tell you the usual process of purchasing condominiums.

If you have not read the basic FAQ on buying a condominium unit in the Philippines, kindly read Part 1 and Part 2 first before reading further below.

After you've read both, here's the usual step by step process you go through in order to buy a condominium unit in the Philippines.

1. Contact a real estate agent or broker.

You can either do it online or offline like going on Facebook or dropping by the property itself. Or if you happen to pass by a mall booth with agents then that's fine too. Ask us for details on the property you are interested in.

2. Set an appointment to know more about the property and visit the site.

Should you not have enough time, simply set an appointment to meet the agent/broker and view the property. This is for you to know more about the condominium you are interested in. During site visits, you will be shown the show rooms/model units if the property is in pre-selling stage or you can view the actual units, amenities and more once it is ready for occupancy.

3. Determine the best payment term based on your finances.

If you've read my first and second newbie condo buying guide articles, you can determine which is the best option before you even plan on purchasing a condo unit.

Or you can answer some of these questions: Can you pay the unit with cash in 30, 60 or 90 days? Are you going to have to loan 50% of the total contract price thru a bank? How much can you pay monthly? Will you need your family members or relatives' help to pay for it?

4. Decide on which unit to live/invest in.

Please read the first part of my Philippine Newbie Condo Buying Guide article if you still haven't yet. Once you read it, you will know how to decide on what to purchase, among other things.

Otherwise you can also ask yourself the following: Do you want to live near the top floor? Are you afraid of heights so you prefer a lower level unit? Do you have the final say or you need to talk to family and friends first before reserving?

It's okay to take the time on buying a property. While still deciding, the best thing to do is also provide your agent/broker a time frame of when the reservation will be done or if you won't go through with it.

If it's not your first time to buy and invest in condos, then what are you waiting for? Contact me now and add a wellness and luxury condo unit to your growing property investments. :) Or keep reading so I can help you learn more about the process.

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5. Once decided, pay the reservation fee (RF).

The RF will be deducted from the total contract price. Usually it is deducted from the first down payment if you did not choose the cash payment option. Make sure to get an official receipt (OR) for it too.

6. Provide the required identification documents.

You will be asked to provide a photocopy of your government IDs like passport and driver's license. Other documents required will be proof of Tax Identification Number (TIN), marriage license if married, proof of billing, etc. Make sure to present your actual IDs and other required documents too. Requirements may vary depending on the developer and property you will purchase.

If you will purchase using your company then the corporate documents will be what has to be provided.

7. Fill in booking forms and sign buyer documents.

You will be required to fill in a Buyer's Information Sheet and a Reservation Application. You may need to sign two or three of the same forms for safety and to avoid the hassle of having to sign again if there's any mistake done on the first forms. Each developer or property may have their own terms for the documents too. Your agent/broker will be the one to provide various forms for you to sign.

If you are unavailable to sign such documents, for example you are out of town or outside the country there are two ways to submit the papers. (a) Send the pictures of the scanned signed documents via email or other social media/apps. Then send the actual signed documents by mail as a follow up to your agent for it to be legally booked in your name. Or (b) have whoever has a consularized Special Power of Attorney signed by you to sign the booking/reservation documents for you.

8. Prepare the down payment and/or cash/check payment/s.

For example you decided to get a Westin Manila luxury and wellness-centered residential unit. If you chose a 10-40-50 payment term, that means a 10% spot cash/check down payment, 40% in 59 months (monthly amortization or MA) and 50% bank financing or cash payment. Based on this example, for MAs, you will be required to submit 59 post dated checks (PDCs) up to a month after your down payment.

Don't forget to get the OR for each monthly payment.

9. Ask for the statement of account and schedule of payment from your agent or the developer administration department.

Don't forget to get those two important documents from your agent or the developer admin people. Those are important for you to know and document what you've paid and when you should make a payment.

10. Expect the Contract To Sell (CTS) upon down payment and the Deed of Absolute Sale (DOAS) once unit is fully paid.

The CTS will have to be signed by the developer, and you (the buyer/s), and then notarized before you finally receive it. Depending on the developer, you will be asked to sign each page of the CTS before or after the downpayment has been made.

A CTS is a contract indicating the developer is agreeing to sell the unit to you and you agree to buy it. It also states that the unit will be delivered to you, or you will fully own it, upon full payment of the total contract price agreed upon.

It can take 30 to 45 days or more for it to be delivered or given to you. Rest assured you will receive it after it has been notarized.

As for the DOAS, you will get it after you have paid the unit in full.

And there you have it folks. That's the 10 steps to buying a condominium unit in the Philippines! I'm sure you didn't read this because you'd like to build and plan your own small house in the suburbs. Living in the city is something else too so it's important to have a city home in a condo.

Have you experienced every step in this list? Will you be doing all of these soon? Let me know in the comments. :)

Saturday, December 15, 2018

Newbie Condo Buying 101: All About Buying Condominium Units in the Philippines (2 of 2)

Welcome to the second part of my newbie condo buyer Q & A article! In the first part of this series, I answered some important newbie condominium buyer questions for local and international buyers and investors. Now here are the rest of it.

By the way, bear in mind the information here and in the first part are for first time condominium buyers in the Philippines. All of what I wrote are also meant for those planning to purchase a brand new condominium unit only. Meaning almost everything I write about is related to a general condominium purchase that is not a resale, not a foreclosed property, has no legal issues or anything of the sort.

Are you ready to know more? Below are the questions I answer in this article:

  • Why Do We Need to Do Business with Agents or Brokers?
  • Can I Change Agents/Brokers Anytime?
  • Are We Required to Reserve First Before We Can Buy a Condominium Unit?
  • What Can I Use To Pay For A Condo?
  • Can I Use my Business or Company to Purchase a Condo Unit?
  • What Happens After I Reserve and Buy the Condominium Unit/s?
  • What Else Should I Expect Once I Own The Unit?

Let's start!

♠ Why Do We Need to Do Business with Agents or Brokers? ♠

I know this question have passed your minds at some point. Why can't we directly purchase the condominium property from the developers or the real estate companies responsible for developing land into real estate properties? Speaking from my experience as an agent and as gathered across the world wide web, here's why:

1. Agents/Brokers save you time and energy.

Real estate agents/brokers are the best property assistants and consultants. You won't need to worry about the hassle of documentation too. No need to spend lots of time and energy that can be used elsewhere. We will provide all the important details of the property, the fees and calculations of whatever you need to pay for. That's it. We may even remind you of your payment due dates from time to time even if we have provided the payment schedule. What more can anyone ask for, right? (^_^) This is one of the reasons why we are paid commissions per sale.

We can even send you detailed information about the property if needed. Yes there are a lot of things you can read online but not everything is up to date. An agent will always have the latest details on any property we handle that cannot be found online or in the streets. No need to spend too much time doing your research, go directly to us agents/brokers and you're done.

2. Agents/Brokers are trained and licensed to sell properties and have more experience in the real estate industry.

No need for you to learn everything about the do's and don'ts or legalities of Philippine real estate. Everything we do is based on what we learned during training or upon getting a real estate degree. We also act within the boundaries of the law. We do no guess work or hocus pocus. Almost everything will also be processed by your agent/broker for you. Just provide the necessary papers, IDs, etc., and then you can sit pretty. Having an agent/broker is really more convenient.

You definitely won't need to spend a lot of time learning everything about the property you're interested in. It's your broker and/or agent's job to know all about the properties. This is why we do presentations and set site viewing appointments with potential buyers. Doing so enables us to provide all the information you need. Don't be afraid to go to open houses or set appointments with agents to find out the best property to live/invest in.

Any question you have will be answered easily. If not, it can be answered in time. The rest of the information will be in the fine print of documents you will receive. Don't forget to read through the legal papers.

3. Agents/Brokers do the negotiation for you (if there is a need for it).

We do all the necessary negotiation for you. Developers set a price range and we help you with the maximum allowable discounts and such. We're also your buffer to anything that may or may not go wrong when purchasing a condo unit.

Also, not everyone has the time to talk and negotiate. Developers are busy people and you cannot get in touch with them directly anyway. If there are a big number of buyers and only a few people who are the owner/developers, how can they assist everyone? You will need to go through secretaries and assistants and all that if there were no agents or brokers. It's the same thing so why think of not having a broker or agent at all?

♠ Can I Change Agents/Brokers Anytime? ♠

First of all, know that any agent can assist you when purchasing a condo. If not the agent themselves, they will always have a manager/broker who knows more than them since they usually have more experience than the agent.

Let's say you have spoken with a new in-house real estate agent and are not satisfied with their service. Remember the times when you were new at anything and be patient. Give them a chance to answer your questions even if they can't answer it well or are unsure about their response. Anyway proactive new agents will always ask their managers in case they still need help in assisting anyone. If their superior is not present during your meeting, ask to also speak with their manager should you need immediate assistance. If you're still not satisfied for any reason then just be as professional as you can. Always remember this: no one is perfect.

Be aware that if you decide to do business with another in-house agent, you have to inform the second in-house agent about it. Disclose it to prevent any internal issues with fellow agents and the rest of the sales teams. If you have signed a prospective buyer's info sheet with the first agent, that means they have first dibs on you as a buyer. It is only good up to a certain time since you signed it though.

The best thing to do when you decide to reserve and buy from another in-house agent (if you've signed a prospect sheet) is to provide a signed letter specifically stating such. However if you are dealing with a general brokerage agent/broker but then decide to buy from an in-house agent, or vice versa, there's nothing to worry about. As a courtesy, just inform the first agent/broker that you won't be pushing through with the purchase from them. That's it.

Once unit reservation is done, you generally don't need to change agents anymore. After all, you will only buy from the person you've decided to trust and can help with everything. Make sure to decide who to really buy from before reserving a unit because once the reservation fee is paid it cannot be refunded. But of course it still depends on the developer's policy too.

In case the agent you get is amazing and have been selling condos for years then that's great! No need to look for other agents. I'm sure they will even get recommended to your family, friends or anyone you know. Of course if you have a new agent, be patient and he/she will get better in time.

♠ Are We Required to Reserve First Before We Can Buy a Condominium Unit? ♠

A reservation fee (RF) is required in order to have the first claim on the unit. Especially if it is a hot property, a purchase will always be on a first come, first served basis. Without a reservation how can you say anyone has the right to buy a property first as opposed to another person who also wants it? Falling in line makes everything orderly and so reserving a unit is the perfect queueing method to avoid problems.

The amount to be paid will depend on the kind of condominium you are planning to purchase. Usually, we can determine if it is a low-, mid-, high-end or luxury condominium depending on the fee.

For example, there may be condominium units you can reserve for as low as P10,000. Other affordable properties can also be at P20,000/unit like Chimes Greenhills. Sometimes the amount also depends on the developer too. A mid- to high-end condominium can have an RF of P50,000/unit. An example would be The Magnolia Residences in New Manila. Whether it is a 1, 2, 3 bedroom or penthouse unit you will still have to reserve one at P50,000 each.

As for luxury properties, the RF can be higher. An example would be The Residences at The Westin Manila Sonata Place (RWMSP) rising in the heart of the Ortigas Business District, National Capital Region, Philippines. It has a P100,000 RF which is at around $1,800 or $1,900 depending on the conversion rate. This is a prestigious development by Robinsons Land Corporation (RLC) in collaboration with Starwood Hotels & Resorts which already merged with and was acquired by Marriott International in 2016.

A five-star and international hotel and resort chain would of course be the best of the best, thus the RF amount is not surprising. It's also the first-Westin branded residence in Southeast Asia. An exclusive wellness and luxury branded property is definitely worth the amount you will pay for. πŸ˜‰

What makes it a luxury brand? Well if you don't know what Westin Hotels is then you're missing out. Haha. Watch this video to learn more.

RWMSP also already includes the parking slot/s in the price. No need to worry if you will have a place to park your vehicles as it has a 1:1 ratio of units to parking slots as opposed to non-luxury properties.

Condominiums usually have a separate price for parking slots and are at a 1:3 or 1:5 unit to parking slot ratio. It can be vary depending on the developer and property too. If you have a private vehicle, always check if there's still available parking slots left when you reserve and buy any condo unit.

♠ What Can I Use To Pay For A Condo? ♠

The RF can be paid using cash, credit card or check. You can even pay online by providing your credit card details to your chosen in-house real estate agent. This is convenient if in case you are suddenly out of town/country. Otherwise just go to the developer's cashier and have your agent/broker process the RF.

As for the down payment, you can't use your credit card with RLC properties. For other developers, be sure to ask your agent to know more as it may differ per developer. One thing is for sure, you will be required to provide post dated checks (PDCs) for the monthly amortizations (MA). This is to ensure that each month you will be able to pay the MA. Should your payment term be in Cash in 30, 60 or 90 days, you won't need to provide a lot of PDCs. Only the retention balance PDC will be required before the condominium is finished and turned over to you.

If you are purchasing through general brokerage, you may not need to go to the developer's office. Paying thru the brokerage office may suffice so be sure to check with them first before paying anything. Be careful and make sure to transact with reputable brokerage companies.

♠ Can I Use my Business or Company to Purchase a Condo Unit? ♠

Yes of course, you can buy any condominium unit using your company or business. Buy in bulk too if you want, like if you are planning to start a staycation business. One perfect property for this would be the Radiance Manila Bay along Roxas Boulevard.

The preselling one bedroom units still available in the South Tower are perfect for starting a staycation business. You can rent it out via Airbnb or whichever website you prefer to list it on. The condo corporation won't be handling the rentals so you have free reign over your future rental business.

To be safe, always ask your agent/broker about bulk or corporate purchases. Requirements and discounts may vary from purchasing as an individual and a corporation so better let your agent know about it too.

Foreigners will be subject to certain limitations. Remember, here in the Philippines, 40% of the total condominium units is the maximum that can belong to non-Filipino citizens. In case the limit has been reached there is another way to buy. If you own a company/business in the country and have up to a maximum of 40% share in it, use it to buy a condo.

♠ What Happens After I Reserve & Buy the Condominium Unit/s? ♠

After reserving, paying the down payment, MAs and taking a bank loan or making a cash payment, what's next? Before the property has even been completely transferred to you upon full payment, there are other things you should look forward to.

First, you should have gotten a notarized Contract to Sell. After that, prepare for your property-owner responsibilities! (Doesn't that sound exciting? Hahaha.) What does this mean? Read on!

  • Before you've completely paid off the condo unit, you will have to pay the miscellaneous fees. This includes the transfer tax, documentary stamp tax, etc. Usually you can pay this before your last MA. Check your payment term and ask your agent/broker for more details.
  • There will also be monthly condominium dues. The amount of the condo association dues will depend on the size of your purchased unit. The funds will be used to pay for the maintenance of the common areas you will enjoy like the pool, gym, elevators, etc.
  • Installation fees for electricity, water, cable, telephone, etc., is a separate thing. Depending on the developer and property, most likely you will be responsible to pay for the installation of various utilities. Do not expect it to be shouldered by the developer unless it is specified in the reservation application and other contracts you signed. Always skim and/or read through all the property documents before signing anything.
  • Ask your agent/broker for other things that might not be listed here.

♠ What Else Should I Expect Once I Own The Condo Unit? ♠

Now imagine you already paid off your new condo unit, hurray! Congratulations! Hahaha. What else should you get after it's fully paid? See below:

And that's it! To find out if there are other things not written here, you can ask me more or ask your agent, a licensed broker or contact the developer. (^_^)

If you still haven't read my first article, are an expat and/or an overseas Filipino worker (OFW), watch this video for more advice on buying a condominium in the Philippines.

Want some more info? You can also choose to watch this video in Filipino before you buy a condominium unit. Some of the things discussed in it are in the first part of this article series.

If you have other questions feel free to comment below.

And there you have it folks! Now are you ready to reserve and buy your own condo unit? Contact me now if you are. 😁 I'm your helpful neighborhood Metro Manila luxury condo agent at your service! Hahaha.

Reach me via the following:

Sun / Viber: +63932 1800 937
Globe / Telegram: +63917 768 8444
Email: LucyRLC(at)outlook(dot)com

Facebook | Instagram | YouTube | Telegram | Email

Disclaimer: These articles are for general information purposes only. For the exact, complete or specific details always ask your trusted agent/broker before purchasing any condominium unit.

First and fifth images are mine. Condo images from RLC marketing dept, the rest of the images from Pixabay.
Originally posted on Steemit. All rights reserved.

Wednesday, December 12, 2018

Newbie Condo Buying 101: All About Buying Condominium Units in the Philippines (1 of 2)

Looking to buy a condominium anywhere in the Philippines? Read through some of the questions below and find some answers to common newbie buyer questions.

Here's an overview of what's in this article:

  • What is a Condominium?
  • What To Know Before Buying a Condominium Unit
  • I'm a Filipino Living Abroad, Can I Still Purchase a Condo in the Philippines (PH)?
  • I'm a Foreigner, Can I Buy/Invest in Condominiums in the PH?
  • What Documents are Required to Own a Condo?
  • Should I get a Broker, Can a Real Estate Agent Assist me or Do I Hire a Lawyer to Buy a Condo Property?

Now that I got that covered, let's start!

(Photo credit: Pixabay. Edited by Lucy Stephanie)

♠ What is a Condominium? ♠

A condominium (or condo for short) is a vertical structure or building which is composed of several condo units per floor. The building can be a low, mid or high rise depending on the number of floors. It also holds various common areas and amenities owned and shared by residents like the elevators, lobby, swimming pool, gym, etc.

A unit can stand as an individually owned home within a floor together with other units beside each other. It can be a studio, a garden unit, a one, two or three bedroom unit or a penthouse unit. Parking slots can also be purchased and are either in several levels of the basement or a parking podium.

Price can range from the most affordable or low priced to the really upscale and then most luxurious condominiums. There are plenty to choose from so you have to narrow down your choices and check your finances or else you will be overwhelmed.

As an example, here's a short video I took last year. It shows some of the really affordable condominium properties in Boni/Pioneer, Mandaluyong City, NCR, Philippines.

These are already sold out but there's a very new pre-selling affordable condo soon to rise there and it's all studio units. (I have the project details of course.) 😁

The above is an example of a purely residential condominium complex. Other such properties can also have commercial and residential units combined in one building. Some developers have properties with separate buildings each for commercial units and residential units. Others have a combination of hotel and residential units either in just one building or separated into two or more.

An example of a combination of hotel and residential units in one condominium would be the Chimes Greenhills by Robinsons Land Corporation (RLC). It is still affordable but it is an affluence inspired condo. It has five floors dedicated as hotel rooms while the upper floors are residential units.

Another mixed-use condominium development example would be The Residences at The Westin Manila Sonata Place, a wellness-centered and luxury property. It's the only Westin-branded residences in Southeast Asia and as such has two main structures within the property. See below.

The shorter building is The Westin Manila Sonata Place hotel at 30 stories high. It is a Westin hotel through and through with amenities from the ground level to the fourth floor. All the rooms above it are for guests to check into. Across it would be The Residences which will be 50 stories high. Its first to fourth floor would be the entire exclusive amenities area while the 5th floor going up are purely residential units.

Now that you know what a condominium is, how will you know which one to buy?

♠ What To Know Before Buying a Condominium Unit ♠

First things first, you need to know your wants and needs when buying a property. There are several factors you need to consider. Should it be entertainment, sports or family oriented? Do you prefer convenience? Do you want a garden unit in a condominium so it will feel more like a house? Or what are the things you are looking for in a condo property? Remember you are not only buying a unit to live or invest in, you are also buying the benefits it offers. Plus, you will have quick access to anything else surrounding it so choose well.

Think about everything then decide by knowing most of the answers to the following:

  • Location: Have you chosen a specific range or area to live and/or invest in? Do you want a park, malls, a renowned hospital or prestigious universities nearby? Should it be near where you work?
  • Purpose: Why buy it? Is it for you, your family, your friends, significant other or relatives? Will you sell it after 5 years? Is it for investment like rentals or what will you do with it in five or ten years?
  • Number of bedrooms: Who will live in it and/or who will pay and own it? Do you prefer to live in a unit with or without parking slot/s and/or balcony?
  • Pre-selling or Ready for Occupancy (RFO): Do you need to live in it or lease it out now or can you wait until construction is finished after a few years? Can you pay for an RFO unit or a pre-selling one?
  • Budget: How much can you pay monthly? How many units can you afford? Is your salary and other sources of income enough to pay for a condominium of your choice over several years or more than a decade? Who will pay for the property, just you or including someone else? Can your company buy bulk units?
  • Developer: Which company is developing the condominium? Is the property developer reputable? Do they have a great track record or are they new to the business? Are they known for any bad condominium developments? Are the amenities focused on families, entertainment, sports, health or is it a generic development?
  • Lastly, are you willing to compromise on certain wants and needs? I mean, not everything you prefer can be in just one condo property right? If it is then buy in it, if not you will have to compromise and prioritize some things over others.

Consider things like if pets are allowed or if it's possible to use it as a commercial or rental unit in the future, etc. Commercialization of residential units is usually not allowed but some can be turned into leased units depending on the property and developer. A prime example of a residential condominium with units you can convert to a rental one would be The Radiance Manila Bay along Roxas Boulevard.

With regards to pets, not all condominiums allow animals in the building. Most condos do not but The Residences at The Westin Manila Sonata Place in the Ortigas Business District will allow small pets like chihuahua or cute little poodles. Even cats or small birds can live with you too. All other animals may need to be declared and approved first before you bring it in upon turnover.

The Westin Manila hotel will also offer pet services to guests among other things, thus the unit residents can avail of it as well!

♠ I'm a Filipino Living Abroad, Can I Still Purchase a Condo in the PH? ♠

The answer is a big resounding YES! Even if you are an Overseas Filipino Worker (OFW) or just prefer to live outside the country, you can still buy a property here in the PH. There's no problem with it. Just have someone represent you legally here if you cannot go back and forth from abroad.

Get a Consularized (consulate notarized) Special Power of Attorney (SPA) and the person named in it can also be the one to sign documents on your behalf here in the PH. Otherwise provide a locally notarized SPA before you leave the country temporarily or permanently.

In case you are a natural-born Filipino who have changed citizenship and are living abroad, you can still purchase a condo unit in the PH. As per Batas Pambansa 185 (BP 185) and Republic Act No. 9225 (R.A. 9225) your children can also purchase a condo in their name because you are a Filipino by birth. Therefore, your offspring retain Filipino citizenship even if they were born outside the country. All or most of the immediate family members can also file for Dual Citizenship at the nearest Philippine Embassy/Consulate.

♠ I'm a Foreigner, Can I Buy/Invest in Condominiums in the PH? ♠

Yes of course! There's no one stopping you but you. Haha. If you are not a Filipino citizen, just make sure the condominium you will purchase from can still accommodate you. Foreign ownership per condominium is at a 40% maximum. Meaning only 40% of the total condominium units of any condo can be sold to foreigners, 60% will belong to Filipinos.

Section 5 of the Republic Act 4726 (R.A. 4726) or The Condominium Act states the following:

Any transfer or conveyance of a unit or an apartment, office or store or other space therein, shall include the transfer or conveyance of the undivided interests in the common areas or, in a proper case, the membership or shareholdings in the condominium corporation: Provided, however, That where the common areas in the condominium project are owned by the owners of separate units as co-owners thereof, no condominium unit therein shall be conveyed or transferred to persons other than Filipino citizens, or corporations at least sixty percent of the capital stock of which belong to Filipino citizens, except in cases of hereditary succession. Where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws.

Otherwise if the condominium property already reached the 40% foreign ownership limit then there are only two other ways to buy a unit. You would either have to be a foreigner married to a Filipino citizen or you should have a Special Resident Retiree’s Visa (SRRV). Another option would be if you are part owner of an at least 60% Filipino owned business/corporation in the country. You can then buy local properties or lease land where you build a property. That's advanced information though and may be discussed in detail at another time.

For bank loans/mortgage, a foreign national must have been living in the country for three years or have a business here. You can also check with BDO bank to know more about the loan requirements.

If you need more info and some advanced details, you can also watch this video published in 2014. It is mostly in English so you can still understand what they are talking about.

♠ What Documents are Required to Own a Condo? ♠

Developers may have a bit of difference in requirements. As a foreign individual, you will surely need to have a passport, government IDs plus a one-time Philippine Tax Identification Number (TIN) from the Bureau of Internal Revenue (BIR). For Filipinos, you will be required to present 2 valid government IDs as well as proof of billing and proof of TIN among other things.

For a complete list of requirements, inquire from your agent or broker. We'd be happy to provide you details on everything that is needed.

♠ Should I Get a Broker, Can a Real Estate Agent Assist me or Do I Hire a Lawyer to Buy a Condo Property? ♠

A broker and an agent are usually two different people in the Philippines. Only a real estate broker is licensed to sell properties while an agent has a sub-license to sell. Meaning a real estate agent (like me) must be under a licensed broker and/or work in-house with a developer in order to be legally able to sell any property in the country. They both also have to be registered with government agencies like PRC and HLURB.

Until only several years ago, Filipino agents, brokers or anyone without a license could still just sell properties left and right. Imagine what kind of and how many shady dealings were happening back then. Lol. This is why the Philippine real estate industry is getting better and better because of the improvement in regulations happening over the past few years.

Both a broker and an agent can help you in acquiring a condominium unit. Either of the two is fine. Some brokers will have an agent assist you while others will help you out themselves. On top of that, a broker can have several agents working for and together with him. He/she can hire agents to sell properties he/she is handling and are accredited to sell.

Legally, an agent cannot sell a property to anyone if they are not under a broker or developer. Bottom line, agents are usually the ones who will assist you (buyers) with most of the things you need in order to acquire the condo unit.

FYI, there are two kinds of real estate agents: a general brokerage agent and an in-house agent. A general brokerage agent is someone who can sell you any property their broker handles and are accredited to sell. Or they can sell any other propery to you, not handled by the same broker, as long as they have their own broker's consent. On the other hand, an in-house real estate sales agent (like me) would be someone who is hired and works directly for a developer like RLC. Most of the time this kind of agent is not allowed to sell any other property to anyone unless it is by the developer they work for.

As for lawyers, correct me if I'm wrong but they are not allowed to sell any property to anyone unless they are also licensed real estate brokers/agents or they have a notarized authority to sell letter and an SPA. You can hire lawyers to buy in your behalf subject to certain conditions but they cannot sell properties to you without the aforementioned conditions. There are a few more possibilities but that's a topic for another day. But of course they can handle the documentation afterwards once the condo and all the required papers have been turned over to you by the developer or the broker.

Hiring a lawyer is best if there are complications to buying (and even selling) a property, not when purchasing a freshly launched pre-selling or brand new RFO condominium. For example the property is foreclosed, there's a legal case against the developer, or it already has a title and is/was mortgaged but the owner is dead then those are matters they can help you with. You can also choose to work with a reputable brokerage company instead. They can deal with complicated purchases too.

Buying a new condo unit/s shouldn't be difficult at all. To make it easier, talk to any property agent in mall booths and at the property site or find one online, like me. 😁

So, do you think you are ready to purchase a condominium unit in the Philippines now? Oh but I know there are a few more questions to answer! In the next one I will share more questions and answers to some common or newbie condo buyer questions. Stay tuned!

If you'd like to inquire about the properties mentioned here contact me and I'll be glad to assist you. 😎

Reach me via the following:

Sun / Viber: +63932 1800 937
Globe / Telegram: +63917 768 8444
Email: LucyRLC(at)outlook(dot)com
FacebookFacebook Page | Instagram

Should you have other newbie Philippine condo buying related concerns, wait for my next post or ask me in the comments. (^_^)

This has been your helpful neighborly real estate agent Lucy Stephanie at your service!

This article was originally posted on Bitlanders.

Robinsons property images courtesy of Robinsons Land Marketing dept. Other images are from Pixabay.

All rights reserved.

Sunday, December 2, 2018

Your Southeast Asian Dream Wellness and Luxury Condo Home in the City is Here!

So tell me, what is your city dream home and lifestyle? Is it living at a walking distance from everything you need? Do you like to be near malls/entertainment centers, prestigious schools, offices/businesses, hospital and health centers, hotels, restaurants, banks, parks and museum, etc.?

Do you want to live high up among the clouds seeing everything below? Or are you wishing you can live in an amazing hotel home everyday?

How about sleeping daily on a heavenly bed and being rained on in the shower too? Is your dream home where you can swim, dance, jog and get fit anytime? Or is it where you can work efficiently alone or with a team, then have fun with friends while playing golf, watching movies. Why not relax at the heavenly spa too?

Perhaps you also want to live where you and your family can eat delicious superfoods rich in antioxidants for optimum health anytime? Would you like a home where you can enjoy the company of your small pets too? Well then, now is the perfect time to own the keys to a heavenly city future home such as this. πŸ˜ŽπŸ”‘

Set an appointment with me, reserve and come home to it very soon as it is already rising in the heart of the Ortigas Central Business District, in the capital of the Philippines. It is the only Westin-branded residences in Southeast Asia created in collaboration with Marriott International.

The Residences at The Westin Manila Sonata Place is all you need to experience everything I mentioned. Don't miss the luxurious daily priviledge of a wellness lifestyle very soon, exclusively at the Westin Manila Residences.

Plus, get a Starwood Preferred Guest (SPG) Gold card good for 5 years! All you have to do is set an appointment with me right now before it's too late. ⏳

Own a 1 bedroom unit at 48sqm for as low as P191k/month (around $3,600) for 61 months. Or avail of the 10% down payment, 40% in 59 months payment term where your monthly amortization is as low as P82k/month (around $1,600). Reserve now for only P100,000 (around $1,900) and you'll even have your own parking slot!

2 and 3 bedroom as well as penthouse units are also available.

Turn your dream into reality! Reach out and say hello to your luxury dream city home agent today. πŸ˜‰

→ INQUIRY and NON-appointment form.:

Lucy Stephanie
Sun / Viber: +639321800937
Globe / Telegram: +639177688444
Email: LucyRLC(at)outlook(dot)com

Blog | Facebook | Instagram

Say hello and share why you will grab this golden opportunity now. Ask me and reserve then prepare to receive the "keys" to your future heavenly dream home in Southeast Asia. πŸ˜‰

Related: Top 3 Reasons to Live or Invest in the only Westin Residential Property in Southeast Asia

Disclaimer: Details are subject to change without prior notice.

Friday, November 30, 2018

Happy Bonifacio Day! It's a Philippine Holiday!

Since it's Bonifacio Day here in the Philippines, let's take a break from Metro Manila property details. Find out 11 quick facts about our revolutionary hero below.

1. Aguinaldo ordered Andres Bonifacio and sibling's death.
2. Bonifacio was hacked to death with a bolo.
3. He made his first declaration of independence inside a cave.
4. Bonifacio was a part-time theater actor.
5. Bonifacio had a "SOKA” (State of the Katipunan Address).
6. Bonifacio was a middle-class Filipino.
7. Bonifacio was self-educated.
8. His favorite food is nilitsong manok sa zaha. (Grilled chicken in banana and sampaloc leaves)
9. His only existing photograph is of him wearing a coat and tie.
10. Bonifacio once dressed as a woman to conceal his identity during a Guardia Civil checkpoint.
11. He fought with a revolver, not a bolo.