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FREQUENTLY ASKED QUESTIONS
How to Reserve A Unit
HOW TO RESERVE A UNIT?
Once you have finalized your chosen project, unit type, and payment terms, we can now proceed with the reservation of the unit for security that the unit will be blocked under your name on the database and won't be offered to another buyer.
REQUIREMENTS:
- Signed Reservation Agreement or R.A. (provided by the company)
- Signed Background Information Sheet or B.I.S. (provided by the company)
- Photocopy of Valid IDs (1 Valid ID per owner)
- Reservation Fee (P30,000 or P50,000 depending on which project)
Reservation Agreement and Background Information Sheet are given to the buyer for them to affix their signature. On the Reservation Agreement, it reflects the project, unit, and payment schedule details while the Buyer Information Sheet is filled up by the buyer to provide their basic information for the database of the company.
Photocopy of your ID will be received by the agent and the reservation fee will be collected by the agent. Reservation fee can be paid via CASH, CHECK, or SWIPED CREDIT CARD. After paying the reservation, an acknowledgment receipt will be given as proof that a representative of the company has already received the payment.
*direct deposit of reservation fee to Megaworld Corporation BDO Savings Account is also acceptable*
Types of Payments
WHAT ARE THE ACCEPTED MODES OF PAYMENT?
For RESERVATION FEE, payment can be done through CASH, CHECK, and SWIPED CREDIT CARD. Payments done in the showroom/office will receive the acknowledgement receipt on the same day. If buyer directly deposits the reservation fee to Megaworld Corporation's BDO Savings Account, it is also acceptable provided that the buyer will send the remittance slip to his/her agent's email address after to validate the payment.
For the MONTHLY AMORTIZATION, the Megaworld only accepts payments via submitting complete POST DATED CHECKS to the company after the reservation, or through direct bank deposit to Megaworld Corporation's BDO Savings Account provided that for each payment, the buyer will send the remittance slip to his/her agent to validate the payment.
For INTERNATIONAL TRANSACTIONS applicable for RESERVATION FEE and MONTHLY AMORTIZATION, Megaworld Corporation accepts Peso and USD. Payments can be done via direct deposit to Megaworld Corporation's BDO US Dollar Account and the buyer should send the remittance slip to his/her agent to validate the payments.
Foreigner Acquisition
CAN FOREIGNERS ACQUIRE A PROPERTY IN THE PHILIPPINES?
For condominium ownership, YES. The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.
For land ownership, NO. However, there are cases on which they allow foreigners to acquire a piece of land as long as it's not outright 100% ownership. The simplest of which is having a Filipino spouse and the Filipino is registered as the principal owner. Another way is to have an existing corporation or partnership that is at least 60% Filipino owned makes it entitled for the buyer to acquire land in the Philippines.
VAT-Inclusive Properties
ARE MEGAWORLD PROPERTIES VAT-INCLUSIVE?
YES. The total price given on the price list and unit computation already includes the 12% VAT. The only payment that the buyer needs to pay in addition to the total contract price is the TAXES and FEES. The taxes and fees are paid on the turnover date and is settled along with the turnover balance. If the buyer wishes to loan the turnover balance, the taxes and fees can also be covered by the bank loan approval and will be included to the loanable amount.
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The amount of TAXES and FEES may differ since it is mandated by the government and is estimated to be between 3-5% of the net contract price. This includes the payment for Documentary Stamp Tax, Registration Fee and Assurance Fund, Transfer Tax, Estimate Real Estate Tax, Processing Fee, Meralco Deposit, Water Installation, and Move In Fees.
Reselling Property
CAN I RESELL MY PROPERTY BEFORE THE TURNOVER?
YES. For the cases of some buyers, this is the main purpose why they acquire a property. Acquiring a property during the pre-selling stage and reselling it before the turnover is called property flipping and gives early investors 70-100% potential profit.
It is allowed by the company as long as the 40-60 rule still applies (residential towers can only accommodate 40% foreign buyers and 60% or more should be local buyers).
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Property flipping is one out of the many ways on how to earn profit from a property investment. It is the process of acquiring early and waiting for the market value to increase and then reselling it for an income with a price that is below market value. The process of name transfer to the new owner will be facilitated by a company representative and there is a payment called the Assignment Fee amounting to a fixed price of P300,000 regardless of the unit size.
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