Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search.
How do I avail or purchase a property?
In order to avail a house and lot, you must first and foremost inquire either directly through your preferred Real Estate Agent or through their website www.dkrealty.ph after an inquiry has been made; the Agent who assisted you will ask you if you want to be scheduled for a tripping or site viewing. This will allow you to appreciate and experience the project more personally. If you decide to push through with the purchase, an interview will be made between you and a marketing officer. After the prequalifying interview, you may now pay the reservation fee for your desired unit. Reservation fees are non refundable and non transferable but is deductable to your down payment.
How big is a house?
You have a lot of options with DK Realty because we are accredited to all developers nationwide: from the cozy, value for money homes with a minimum of 40 sq m floor area for starting families or independent young professionals, to a luxurious home that has a maximum of 166 sq m for growing families. DK Realty offerings are flexible for your family’s needs based on your space and budget requirements.
What is RFO?
The term RFO stands for Ready for Occupancy Units. These type of units are already built or house construction already finished after paying the total downpayment and after loan approval, the house will be turn-over to the clients.
Most of the units are still NRFO or Not Ready For Occupancy Units.These type of units are not yet built or house construction will commence after paying certain amount of the total contract price.
What are the standard requirements?
-Photocopy of birth/marriage certificate
-Two (2) pieces 2×2 ID picture (for principal/spouse/co-borrower/Attorney-in-fact)
-Community Tax Certificate (applicant/spouse/children)
-Post dated Checks (for equity and amortization)
-Photocopy of Two (2) Valid Identification Cards (Company & Government)
-Proof of billing, Local Address (Utility Bills)
-Tax Identification Number
Aside from the standard requirements, what are the additional requirements for OFW (Overseas Filipino Worker)?
For Overseas Filipino Worker:
-Original Certificate of Employment & Compensation (Consularized)
-Photocopy of Contract of Employment (valid 6mos after reservation)
-Photocopy of Passport (w/entries)
-Photocopy of Seaman’s Book
-Proof of Remittances for the last six (6) months
-Payslips for the last three (3) months
-Bank Statements for the last six (6) months
-Special Power of Attorney (w/ Consular Seal if notarized abroad)
-ITR latest two (2) years (resident abroad)
Aside from the standard requirements, what are the additional requirements for Locally Employed?
For Locally Employed:
-Photocopy of latest Income Tax Return (ITR) If filed separately, spouse ITR also.
-Original Certificate of Employment and Compensation
-Payslips for the last three (3) months (applicant and spouse)
-Bank Statements for the last three (3) months
-Vouchers for the last six (6) months (commissions)
Aside from the standard requirements, what are the additional requirements for Self-Employed?
-Photocopy of Business Registration (DTI/ SEC)
-ITR for the last two (2) years
-Franchise/OR/CR (for taxi/jeepney/bus operators)
-PTR (for practicing professionals)
-Bank Statements for the last six (6) months
-Picture of Business Establishments
-List of clients and suppliers with contact nos.
-Company profile (if applicable)
– Leasing Contract (if applicable)
-Secretary’s Certificate/ Board Resolution (for corporation)
-Articles of Incorporation (for Corporation)
What are the terms or financial schemes available?
Usually, there are five (5) types of financing available Spot Payment, Bank Financing; In-house Financing, Deferred Cash and PAG IBIG Financing. But it varies in each developer.
SPOT PAYMENT – paying the whole amount of the total contract price within 7 days will give you as much as 12% Cash Discount.
BANK FINANCING – after paying a certain amount for the downpayment, the balance will be financed by the bank with a maximum term of 15 years with an interest rate around 6-7% per annum.
IN-HOUSE FINANCING – after paying a certain amount for the downpayment, the balance will be financed by the developer with a maximum term of 10 years with an interest rate around 15-19% per annum.
DEFERRED CASH – after the payment of the reservation fee, the balance will be paid for 24 equal installment per month without interest.
PAG-IBIG FINANCING – after paying a certain amount for the downpayment, the balance will be financed by a Government Institution, HDMF, with a maximum term of 30 years with an interest rate around 6-7% per annum.
NOTE: Terms vary in each developer
How do you pay the down payment?
To complete your 15% down payment, buyers are usually given 12 months to pay. If payment is through Post dated checks, Full down payment is disclosed starting House construction for clients.
Who Processes the loan approval?
The developer will assist the client in securing the loan approval for the bank. The client will provide necessary documents for the loan application.
Who pays for the transfer of title?
Usually, Transfer of title is included in the total contract price. But if not, it will be disclosed by the developer during the reservation interview.
Who applies for the utilities such as power and water connection?
For the Utilities, water is for client’s application and power connection is applied by the buyers.
When can I apply for house extension / fencing?
Upon unit turnover, House Extension and Fencing plan should be approved by site engineers.
When is the house turnover / move-in?
House Turnover is upon loan release and completion of documents and payments.
Can a home depreciate in value?
Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.
If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.
Is an older home as good a value as a new home?
This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.
Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less then older homes. Most new homes will not have any backyard landscaping and some don”t include any front landscaping either. With an older home, the landscaping is normally already completed and could have 10”s of thousands of dollars in landscaping done, which is included in the purchase price.
Taxes on some older homes may also be lower. Some people are charmed by the elegance of an older home but shy away because they”re concerned about potential maintenance costs. Consider a home warranty to get the peace of mind you deserve. A good Home Warranty plan protects you against unexpected repairs on many home systems and appliances for a full year or more after you move in.
In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident”s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.
New-home designers can use new building materials such as glazed Energy Star windows, thicker insulation and other technology that will lower future energy costs for the owner. Most states now have minimum energy-efficiency requirements for new construction. Kitchens and laundry areas in new homes are designed to house more efficient energy-saving appliances. Older homes, unless they have undergone an energy retrofit, usually cost much more per square foot to air-condition and heat.
Builders have to follow very strict guidelines in new-homes and additions, especially in the West and Northwest, where earthquake safety standards must be observed. In general, new homes are usually more fire-safe and better accommodating of new security and garage-door systems.
Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.
As you can see there are advantages and dis-advantages to each, but it really comes down to what fits you and what you are looking for in a home.
What is a broker?
An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker.
What is the difference between being prequalified and preapproved for a loan?
If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.
If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!
You will usually be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.