Upon reservation of a condo unit at Pico de Loro Cove, you will be asked to fill up a Buyer’s Information Sheet
and a Reservation Agreement Form
. This should be duly accomplished together with a reservation fee of Php 50,000.00. The reservation fee
is non-refundable and is valid for 30 days only
To complete your reservation, the following documents and requirements must be submitted within 30 days:
- Signed reservation agreement indicating payment terms
- Photocopy of passport and one (1) government-issued ID showing picture and signature
- Tax Identification Number (TIN)
- Two (2) Recent 2x2 ID Pictures
- If applicable, two (2) original copies of Special Power of Attorney if buyer is transacting through an attorney-in-fact. If the buyer is out of the country, it has to be consularized
- Valid ID of the Special Power of Attorney holder
- Court-approved guardianship bond if the property will be registered under the name/s of minors
- If applicable, photocopy of marriage certificate
- If the buyer is a widow/widower, photocopy of spouse’s death certificate
- If legally separated, certificate of finality/entry of judgment of the court order granting legal separation
- Certificate of finality/entry of judgment of the court granting annulment if the buyer’s marriage has been declared null and void
After completion of required documents, you will be asked to sign a Contract to Sell. Please make sure to submit all requirements within 30 days from date of reservation to avoid cancellation of your reservation.
There are three available payment terms for purchasing a condo unit:
- Cash (With 10 % discount)
- Deferred Payment
2.1. 20 % cash DP, 80 % balance in 24 monthly payments, with 5 % discount
2.2. 10 % cash DP, 90 % balance in 24 monthly payments with 4 % discount
- Bank Financing
10 % cash DP, 10 % balance in 18 monthly payments, 80 % balance take out on the 20th month of payment, with 0% discount
You will be required to start paying your downpayment 30 days after the reservation date. Downpayment will be based on your selected payment scheme indicated in your reservation agreement or contract to sell.
Available modes of payment are:
- Cash or dated checks
- Post dated checks, to cover monthly amortization.
- Auto debit available to foreign based clients only.
Outlined below are the requirements for hand over:
- Minimum payment of at least 40% of total contract price (TCP)
- Issuance of required post dated checks (PDCs) for the remaining amortizations
- A guarantee check for the loanable amount if buyer is under bank financing scheme. Requirement for guarantee check may be waived only if the buyer has a Letter of Guarantee from the financing bank.
- Buyer who is paying via auto-debit and wire transfer must shift his/her mode of payment to issuance of PDCs.
- Buyer must submit duly signed Contract to Sell (CTS)
- Buyer whose payment is less than 100% must submit duly signed Addendum to the CTS, a copy of which is attached for quick reference.
- Payment of the following fees and deposits:
7.1 Service deposits for electricity and water utility.
7.2 One-time telephone connection fee
7.3 Association dues and fees
7.3.1 One time joining/membership fee (equivalent to two month's association dues)
7.3.2 Monthly association dues
7.3.3 Other Condominium Corporation dues and assessments.
(to be done by Unit Buyer or his representative)
Fit-out shall only be allowed to Unit Buyers who have paid at least 70% of total contract price (TCP) and after his/her acceptance of the unit. The Unit Buyer shall advise the Property Management Office of the forthcoming renovation. This notice shall be submitted together with the following requirements:
- If not yet fully paid, Addendum to the CTS and Deed of Undertaking of the Buyer
- Fully accomplished Pre-Fit-out Checklist
- Two (2) sets signed and sealed plans (including specifications). Please note that this is subject to review and approval by the Property Manager.
- Floor plan
- Construction plan
- Electrical and plumbing plan
- Detailed scope of work
- Construction schedule
- List of names of contractors and workers
- Construction Bond and Administrative Fee
A refundable construction bond equivalent to Php 100,000.00 is required to ensure compliance to fit-out rules. Penalties/Sanctions for violations of construction rules and regulations shall be automatically deducted from said bond.
Php 3,000.00 Administrative fee shall cover expenses of the Association relating to vetting of plans, monitoring of renovation works and other administrative functions.