Deed of Restriction would differ from one subdivision to another. Generally, your use is restricted for the well being of all homeowners such as the height of the house is limited to prevent the blocking by neighboring houses of a nice view. It also limits the use to residential purpose and disallows livestock, poultry, the building of factory. Also, it covers easement on each side etc. The Deed of Restriction for each project is made available to you upon request before signing any contract.

The first step is to choose a credible Developer with proven track record of developing projects that are finished on time. We can help screen out these developers and recommend to you those whom you can trust. We are accredited by virtually all developers in Cebu, and being not exclusive in any one of them, we can disclose everything for you positive or negative about the developer.

If the contract is already signed and payments already made and still eventually, the project is not completed on time, we can impose a provision of law in the Philippines that if the Principal/developer fails to complete the project on time, 100% of all payments shall be refunded less penalty interest plus interest legal rate.

Very few subdivisions disallow this. Normally, these are the one who develop large projects and cannot allow delays due to changes of plans. There are developers who are moderate about this and entertains changes in plans by sitting with the buyer one time and agree on changes of plans. But majority entertain changes by buyers from time to time and without much restrictions.

Reservation which is usually a very small amount ranging from P10,000.00 and up will entitle you to 30 days hold of your unit in your favor. Since the developer refuses to sell this to anyone interested within the period of reservation, the reservation is equitably not refundable. All reservations are deductible to the selling price.

Generally, you can choose from one of the following:

(a) In-house financing
(b) Bank financing
(c) Pag-ibig loan (HDMF)
(d) Cash purchase with discount

Availability of financing would depend on which type is conveniently adapted by developer. Some developers are superior on one financing scheme and appear to be disadvantageous on other types of scheme. It is ideal that you contact us for more detailed information of each developer’s financing scheme offer and we can disclose to you the advantages as well as the disadvantages.

Availability of lowest price and smallest size may change everyday. It is ideal that you contact us thru email so we can send you a subdivision map showing availability of lots of different sizes as well as the lowest price in the area.

This would depend on the Subdivision you have chosen. Association dues are usually very minimal which would normally range between P300.00 to P500.00 per month. This represents your share of the maintenance of the subdivision which includes salaries of the guards, garbage disposal, repair and maintenance of amenities and facilities. But the developer does not impose this on the residents. Once the project is completed, the residents shall form a homeowners association and you being one of the members/officers, will be among those who will govern the subdivision and determine how much association dues to impose on each homeowner.

Condominium maintenance fees are usually higher and are based on the floor area of the unit occupied. You may contact us for a more specific amount of maintenance fee for each condominium.

Foreigners do enjoy absolute ownership of a condominium unit. Ownership is evidenced by Condominium Certificate of Title (CCT).

The ownership of land and house and lot are allowed only to Filipinos and foreigners who are formerly natural born Filipino Citizens. If a foreigner is married or related to (for example) a Filipina, the title shall indicate the Filipina name “married to (name of a foreigner)”. Whatever happens along the way, there are ways to get back the money invested by the foreigner.

There are banks who do not allow if you are permanently residing abroad but there are banks who will. For example ChinaBank allows provided that you submit the needed documentary requirements and the credit check will be though phone. The rate is between 10.5% to 14% interest depending on the bank of your choice and also depends on the number of years fixing. Yearly fixing offers lower interest than a 3-year or 5-year fixing.

If you are abroad, you may appoint somebody you know here, a friend or relative whom you can trust and send to him the money for the reservation through any courier. A notarized special power of attorney is required duly authenticated by the nearest consul in your area. Since it normally takes one month for the authentication, you may fax the notarized copy just to process the reservation. The authenticated copy will follow later. If you choose to pay not though somebody, you may pay “bank to bank” direct to the developer’s account. We can send you the bank account of the developer as well as the developer’s contact numbers for your confirmation of the authenticity of these numbers and personalities. As soon as you make the deposit, please notify us right away so we can trace the incoming deposit and immediately issue an official receipt. The copy of the O.R. shall be attached to an email right away while the original shall be sent via post mail.

All of these projects have title on the land and in cases of new project development, most developers only have a mother title. Although some projects do not have individual titles yet and shall be titled upon full payment of the land. your protection shall be based on the sales contract between you and the developer., On the other hand, there are developers who as a matter of policy, do not sell land unless it has individual title. It’s ideal that you contact us to give you a more detailed information of each developer.

It depends on the type of condominium. Hilton Cebu for example charges P45.00 per square meter floor area per month, so for a 100 square meter floor area, that would be P4,500.00 per month. Citylights Gardens charges slightly higher with P50.00 per square meter per month. Other condos with much lesser amenities also charge less.

The advantages of in-house financing are:

1) Simplicity of documents required. You need not be subjected to thorough background/credit check as compared to banks or pag-ibig. A Filipino wife who has no or inadequate income for herself can be approved for in-house housing loan if she has a husband such as a foreigner who can support the monthly amortization. Since the title does not bear the name SPOUSES ….. but only the name of the Filipina married to ….. (foreigner’s name), banks do not approve loan nor Pag-ibig if the wife does not have enough income to pay for the monthly amortization.

2) Maceda Law or R.A. 6656 – mandates the developer to refund 50% of your payments if you have paid at least 2 years installment even if you are delinquent. Refund is not applicable in mortgage with banks or Pag-ibig.

3) Interest charges remain constant no matter what happens to the economy. If contracted to 16%, it shall remain at that throughout the period of the contract. Bank interest rates on the other hand are floating. In times of crises, it can shoot up.

The prime advantage however with Bank financing and Pag-ibig are that of lower interest rates which range from 10.5% to 14% per annum but there are also fees such as processing fees and appraisal fees which are not existing in the in-house financing.

This will depend on the specific developer of subdivision you have chosen to buy from. The fastest developer here like Crown Asia and Nexland Inc. can finish a house construction in 6 months while others would take about 12 to 18 months to finish depending also on how large the project is and the type of facilities/amenities to be built.

Where is it located? Is it accessible to public transportation?

The Verona model of Lacittadella located in Talamban, Cebu City is the lowest price single detached as of this date at a price of P2,928,791 It is readily accessible to public transportation (just one ride from downtown Cebu.)

Yes, as of December 1, 2005, available ready for occupancy are South Point Manor in Banawa, Bella Terra Townhomes in Lahug, Vista Pueblo in Beverly Hills, Pacific Grand Townhomes in Mactan, Pacific Grand Villas in Mactan.

Yes, as of December 1, 2005, available ready for occupancy are North Singson Flats, Maryville Condominium, Hilton Cebu Resort & Towers, and just 2 months to finish is the Lancaster Cebu Resort Residences.

This would depend on the developer concerned. Normally, developers offer easy down payment such as 20%. (Others go as low as 10%) if the project is pre-selling. Pre-selling is an offer to sell when the construction of the Subdivision or Project is on-going and your unit will be scheduled for construction upon full down payment and will be completed at a time frame disclosed to you. Some developers offer one year to pay for the down payment of 20% for on-going projects and the monthly amortization for the balance will only take effect after the full payment of this down payment.

Under the law, all prices shall include the VAT and should not be indicated separately in the pricing, thus, the prices quoted herein may already include the VAT. But there are developers/sellers who still emphasize the VAT to be added to their list price

You don’t have to pay for the capital gains tax. All developers/sellers are required to pay this or an equivalent of creditable withholding