A condominium unit is a property and an investment. Documents and paperwork are sure to come with your purchase to finalize the legalities and transactions of the property. Once you’ve decided on a condo to buy, have these documents prepared before moving into your home:
Reservation application
A reservation application solidifies that you’ll settle in your decided condo unit. This elaborates important information for the property such as the complete address, condo unit type, floor area, floor plan, financing way, payment terms, and conditions, among others. Once you’ve completed the form, you’re likely to agree on the down payment terms.
This is a very important document as no other prospective buyer can purchase the unit unless you fail to process other legalities or fail to pay your obligations.
Contract to Sell
Once you’re done with the reservation application, the developer or broker will give you a draft of the contract to sell in exchange. This is the first process to legalize your purchase, which will then be used as the basis for the Deed of Absolute Sale. This will then be finalized and notarized, and a physical copy will be sent to you.
Before paying for the unit on any financing option, make sure to have this form with you. This ensures you’re paying for your property and for others’ units.
Tax Declaration
Every property has tax, and the same thing goes with a condo unit. You have to go to the City Assessor’s office and request to issue a Tax Declaration under your name. This requires you to pay tax obligations or amliyar, which value may vary depending on your property. You pay tax for the lifetime of your property.
Letter of Guarantee
For the financing of your condo unit, you have to secure a formal copy of the Letter of Guarantee from the bank. This should detail your home financing loan, including the amount, payment terms, date of release, interest, among others. It’s very important for this to match with the Contract to Sell to future complications.
Deed of Absolute Sale
Finally, a Deed of Absolute Sale is submitted to the Registry of Deeds. They issue a certificate title, indicating the ownership of the condominium unit under your name. Multiple copies of this must be notarized and presented to the developer, Registry of Deeds, you, and other parties involved.
You can do this process yourself or through a broker. If through a broker, make sure to supervise the steps so you also know what’s happening with your property purchase.
For spacious condominiums located strategically across Southern Luzon, choose Elanvital Enclaves. They also have world-class amenities swimming pools, country clubs, and parking spaces that everyone in the community can enjoy.
For more information, visit Elanvital Enclaves or contact its sales at +63 9271440196.
