Nope, smdc had it returned to me....it didnt reach the bank because as per my phonecall with smdc i didnt have any checks for that date, so im thinking the checks were pulled out immediately when they were submitted to smdc initially
Glad to have found this thread. I recently bought a unit from DMCI at their Sheridan Tower project. Started paying for the downpayment via auto-debit from my bank account. I didn't know that was possible! It beat the hassle of opening a checking account.
Future SMDC Grace Residences unit owner here Neighbor, anyone? Turnover will be on 4Q 2018 (Tower 4). All I did after opening a checking account with BDO (+1 for SMDC endorsement) was to sign the post-dated checks. Broker's secretary did all the handwriting just sat beside her in their main office in MOA.
Ayala autodebits from your BPI account--saved me from writing and using all those checks I have to sign up for a big loan from them later this year to cover the balance of the condo, and the thing is, I really don't have any collateral to show except my forthcoming retirement pay, and they said, "Shouldn't be a problem--since it's all in-house, your unit will be your collateral."
In the case of Ayala condo projects, its affiliate company contractor, Makati Dev't Corp, guarantees the completion of the construction project which allows buyers to submit for mortgage to a bank, property which does not technically exist yet. This is necessary since in some pre-selling deals, the balloon payment requirement comes BEFORE the unit is ready for turnover. This gives rise to a dilemma where a buyer that wants to mortgage his unit to avail of a loan does not have a ready unit to mortgage yet. But through this guarantee from the contractor, a mortgage becomes possible and a loan application can be approved. This guarantee is what assures the banks (not just Ayala-owned BPi) that they have to something to run after in case a buyer defaults in his/her loan payments.
Again... Based on experience... If you want BPI, you should ask the agent if they can arrange it for you... (Sometimes they can't) You cannot go to your preferred branch directly since the developer will not be able to send all necessary documents for the loan... (A friend who's working for a developer once told me the lot is actually on loan and they can only release all required documents once all units are sold) So if your agent says that they are accredited by your preferred bank (not specific branch), they can make the necessary arrangements for your loan...
Hi Everyone Glad to have found this thread. Been lurking for awhile. We are on the process of purchasing a condo and have actually already paid for the reservation fees. We have not submitted any forms/documents yet except for IDs TIN and proof of billing for the reservation. Our situation is that we are located at a different city and have so far only transacted online and via emails/phone calls/SMS with the sales team. For those who have auto debit payments, how soon do they issue/send the official receipt? How do we check if the payment was properly documented into our units? I guess my concern is that we want to make sure the unit will be under our names while we make the down payments and installments. I have already checked with the bank on the veracity of the account number of the developers and according to the property sales manager there will be a form to be filled out for the auto debit arrangement. I think that's about it.. unless there's something I missed..or things that we still need to double check.. would appreciate any feedback ☺️
^With Ayala, we signed a kind of temporary contract and then got the full paperwork a few months later. Auto debit; we get a receipt in the mail every month.
Mm..if possible, request courier delivery of official receipt for the reservation fee for your unit. All developers are required to issue an official receipt (BIR registered). That is your legal proof that you have made the reservation fee. Do the same for the down payment and monthly installments that you will be making. Also, once available, demand a copy (original, not photocopied or scanned) of the developer's contract to sell which must be signed by you and the developer's authorized representative, properly notarized of course. This will prove that you have a valid contract for the condo (or any property for that matter) that you are purchasing. Parang sigurista ka, arrange to visit the developer's head office and verify everything.
Thank u all for the replies! Developer is Ayala (Avida). Their project is a joint venture with (i think) a local group in Cagayan de Oro. Note taken on the receipts. Will make a request to have it sent thru mail. As well as the contract to sell. Not sure if we can make an actual visit to the head office to verify everything. We are in Southern Mindanao... One thing the BPI bank manager advise me pala is to make sure to inform them once all payments have been kasi minsan daw their system will still continue to debit our account. We are thinking of opening a separate account just for this purpose in order to avoid mispostings.
Mm...communicate directy with the developer (do they have a branch office near you or the condo site?) and find out from them how. For a major purchase, surely you can make the trip even once. Iba pa rin face-to-face.
Totally agree with you on that sir. That was the original plan- site visit. Kaya lang na fast track yung pag reserve dahil konti nalang naiwan units sa floor levels na gusto namin and price range na kaya namin. And to be honest, knowing our purchase will be from a reputable developer.. medyo kampante kami.. So I hope with the official receipts and the contract to sell will be sufficient enough protection for us...
Mm...not a question of trust but more a matter of prudent record-keeping on your part. It does not matter if it is an Ayala company or not.
Can anybody recommend a good Contractor / Interior designer? My unit is aroun 47sqm. Would want to renovate the condo. Just the bathroom and updating the interiors. Would like all the lights to be LED, and minimalist / modern design. Buying an inverter ref and inverter aircons.
Same here... for minor renovations, do you recommend a separate contractor/interior designer, or do you go in-house?
For those who stays in DMCI Condominiums... Do they provide overnight parking for visitors? Around how many lots? (est) and how much? We once rented a SMDC unit and they only have less than 40 slots for paid parking
