CONDO 101: A Guide Through Owning Your Own Condo
Everyone surely wants a place to call their home. But, not everyone automatically prefers a house because more and more people are now choosing to own condominium properties which could be more convenient and worth it for them. However, many people also become hesitant because they are not aware of the process that they need to overcome when purchasing their own condo. So here, we will discuss and help you out with the process.
Proceeding to the buying process, it is said that the experience is usually just similar to all developers. It is ultimately important to go through the process thoroughly and surely. And part of this process is dealing directly with a developer or hiring an agent that will assist you all throughout.
The part where the buyer and the agent negotiates and interacts is crucial because it will define the entire outcome of the transaction. There are key needs that you have to know and make sure your agent knows when looking for a condo. These are the location, type of unit, floor area among many others.
After this, the transaction will push through a scheduled appointment for the presentation of details of the project as well as the payment terms. And this will be followed by a site visit for the client to see the actual unit or the area where the unit will be. (If it is pre-selling.)
Now it is important that all other requirements, such as valid ids and proof of billing will be complied and it should be fully documented to be kept by the client to make sure there will be no problem with the negotiations.
Now, the contract to sell should be given to the client after being able to provide al requirements. This is the part where the signature of the client is very important on the reservation agreement. Aside from this, the client should fully accomplish the buyer’s information sheet and present at least two valid government-issued identification cards. If the buyer is married, he/she and spouse should sign and submit identification.
This is the part where you must have issued all the checks and signed all the necessary documents. But, this is not the end of it because the client must re-check the final payment computation as to confirm if closing fees or move-in fees have been included.
It is also ultimately important to make sure that the final payment computation will cover taxes and other fees such as notarial and documentation fees, and other administrative and handling fees related to the transfer of the title to your name.
Upon turning over of the unit, the owner will also receive an assessment of joining fees, Meralco deposit, water meter deposit, association dues, and other charges. All of these actual computations should be presented to the new owner prior to the turnover of the unit.
After the condo unit is turned over, most commonly it is bare and it all depends to him to make improvements on the unit. If necessary, additional and detailed budget for construction, labor, and materials for this purpose should be prepared. But there should be a separate budget for expenses, payable to the property management office as well.
District 23 is a real-estate consultancy services that can help you throughout your real-estate journey. Our tea of experts can provide you insights regarding the best place to invest your hard-earned money. Contact us today.