An Equity is another term for a ” down payment” which is a more popular term in the Philippine Real Estate market. Usually a developer requires a certain percentage of the total contract price as Equity divded a certain number of months/years to make it affordable for the client.
Generally, a home owner can move in to their unit once the following conditions are met:
- Equity is fully paid
- Full compliance of documentation requirements
- Approval of Bank or Pag Ibig loan( with Letter of Guarantee from Bank)
- Turnover of unit to the owner
- Payment of Move in Fees
To be able to reserve a Unit in any projects and developer you would need to have the following:
- 2 Valid Gov’t ID’s
- Reservation Fee payment( Defers based on developer requirements)
- Completion of Reservation Agreement Form (Provided by the developer)
Certain developers MAY have more requirements but Generally you need to have readied the above mentioned list to be able to book your unit.
No. Reservation fees are non-refundable and it is clearly stated once you sign the Reservation agreement form.