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Old June 30th, 2016, 07:55 PM   #181
azumiii
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@Pulch

read your Contract To Sell and Reservation Agreement. The 7% GMTOE (Govt Mandated Taxes and Other Expeses) is called Move-In Fees or Turnover Fees with other developers. It should be indicated in the Schedule of payment, look for it in the lower part of the page after the Turnover Balance. You can also ask the developer for the breakdown of the GMTOE so you know where it went such as Titling, utility meter deposits, etc.

This should always be discussed with buyers before they reserve but some agents might be lazy, oblivious or just plain stubborn that they miss out explaining this especially for first time property buyers. Seasoned investors do due diligence, demand detailed computations and read the fine prints before parting with their money. For sure, the 7% GMTOE was indicated in the documents but the fonts were too small to read and we really dont bother reading them as we trust that the agent already gave us the details we should know. This is why for the benefit of all my clients who invested in Century, I have been complaining and demanding that the fonts to be used in the CTS should be at least size 10, my God the Azure North CTS used size 6! I would have understood if it was a generic CTS mass printed but its not; I told their Documentations Department that if they cannot enlarge it to save on bond paper, then just send me softcopy and I'll be the one to print on my own printer but they refuse so I also refuse that ridiculous CTS format.

On the 1sqm increase in floor area-DONT PAY. Review your Contract To Sell, there should be a clause there for adjustments that if in case your actual unit turns out to have +/- 2sqm, there wont be any refund or additional cost. Unfortunate for those who got a unit 2sqm short for they wont get a refund. Lucky for those who will get an excess of up to 2sqm for they wont be charge extra. Yours is just addtl 1 sqm so you wont have to pay extra as it is still within considererable allowance.

I dont know if your CTS says otherwise but for the CTS of my clients, up to 2sqm is negligible.
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In business terms, assets are your pros and liabilities are your cons. You need assets to offset your liabilities.
The simple definition of an asset is something that puts money in your pocket. This is accomplished through four different categories, one of which is real estate. When I say real estate, I don’t mean your personal residence, which is a liability. What I mean is investment real estate, which is a great investment because it puts money in your pocket each month in the form of rent. -RK

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Last edited by azumiii; June 30th, 2016 at 08:02 PM.
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Old July 1st, 2016, 08:54 AM   #182
azumiii
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To add, some agents also dont know about the turnover fees or move in fees esp those first time in real estate. They themselves are surprised when their clients complain to them about this. That is why as a responsible investor, do not just rely on agents about legalities. They sure know details of the project, but the policies and laws surrounding the deal is diff story. Next time, choose also an agent who is not just a seller but also who has tried investing so he/she can share to you the buying experience and much better if na experience na din niya mai-turnover ang binili niyang property sa kanya.
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In business terms, assets are your pros and liabilities are your cons. You need assets to offset your liabilities.
The simple definition of an asset is something that puts money in your pocket. This is accomplished through four different categories, one of which is real estate. When I say real estate, I don’t mean your personal residence, which is a liability. What I mean is investment real estate, which is a great investment because it puts money in your pocket each month in the form of rent. -RK

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Old July 15th, 2016, 05:34 AM   #183
RickVarg
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I am newbie here. Just want to ask, anong common question dapat itanong sa agent mo?
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Old July 15th, 2016, 08:15 PM   #184
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Quote:
Originally Posted by RickVarg View Post
I am newbie here. Just want to ask, anong common question dapat itanong sa agent mo?
Ask him if the condo project that he is selling has LTS. If yes, get the number and call HLURB to verify. Check also at HLURB if the project has CDO. Never buy if the project has no LTS and has CDO with HLURB.
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Old August 23rd, 2016, 05:56 AM   #185
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SUPER AGREE. Now I'm having problems with Century Properties. Fully paid na last July but they wont allow me to inspect my unit until November. Ipinagmamalaki pa nila na 6months daw talaga ang turnover process. May batas ba regarding this? Nakak-stress especially if nagrerent ka pa outside, doble doble na gastos.

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Originally Posted by Coniocondo View Post
You know what is missing? -- A law that protects the buyers of properties, a document that is FOR the buyer's best interests that seller has to sign and abide to. In the same way that a seller's contract protects the seller with remunerations in cases of payment default late payments and the like, the buyer's contract should protect the buyer with remunerations in cases of construction default, late turnovers and the like.

Sure we may have a law already that covers that but why not supplement that with a law that institutionalizes the signing of a buyer's contract by the seller on closing date. This way, the buyer can hold the seller accountable inasmuch as the seller holds the buyer accountable for his/her part.

Developers and sellers get away with a lot from breaking promises (which is a contract in itself) on delivery dates and specifications. With all the hassle of going after them by getting all the documents after the fact, the buyer would just give up instead. However, an enforceable signed buyer's document resolves this. Imagine if the seller promises a turnover date of say 12/31 and failed. The document would calculate an accruing and compounding penalty fee for each day that passes, much like in the event a buyer fails to pay amortizations on due dates.

When a buyer finds difficulty to pay, he/she can not ask for extension of due dates. The due dates stipulated by the Seller's contract (Deed of Sale) are final and enforceable. However, when builders find difficulty to meet turnover dates, all they do is issue a notice of delay and they go free.
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