LOT PLUS HOUSE CONSTRUCTION PACKAGE
BF PARAÑAQUE, BF RESORT, MEADOWOOD, TOWN AND COUNTRY, WINDSOR
What is the Lot plus House Construction package?
Uniquely a ServeQuest Inc. concept, the Lot plus House package is a 2 step transaction where the buyer first purchases the property of a lot owner. Once the title is transferred in the name of the new owner/s, construction of house commences on purchased lot.
How is purchasing a Lot plus House different from buying a House & lot?
Purchasing a house and lot normally is a single transaction entered into by the buyer and the house and lot owner. The lot plus house method makes the process cheaper with regards to title transfer, permits and miscellaneous fees.
Can existing lot owner of the village request SQI to build a house using the design?
They may do so and choose from the designs we offer. There is no need for a down payment just as long as the lot owner passes the bank’s income requirements and the clean title is used as collateral with the bank.
Do you sell lot only?
No. We only offer the lot plus house construction as a package.
Reservation Procedures and Documentary Requirements
How much is the reservation fee?
Php 10,000 for the lot payable to the Lot Owner
Php 10,000 for the house payable to ServeQuest Inc./Ecoland Builders
Php 25,000 for the lot payable to the Lot Owner
Php 25,000 for the house payable to ServeQuest Inc./Ecoland Builders
Why are the payment for the Lot & House separate?
The Lot plus House concept involves the selling of the lot to a new owner then construction of the house on the newly acquired property. These are two different agreements. One between the lot owner and the buyer. And another between the new owner and the contractor. Thus, the two checks being paid to two different personalities.
What are the documents needed to reserve the unit?
We will require a completely filled up Client Information Sheet, signed Reservation Agreement (for both lot owner and SQI/SQP), the reservation fee of Php 50,000/Php 10,000 and photocopy of valid IDs with 3 specimen signature
What contracts need to be signed by the buyer?
- Contract to Sell (CTS) care of lot owner
- Construction Contract of SQI
- Deed of Absolute Sale (DOAS) care of lot owner (if with bank approval)
- Deed of re-conveyance (if with bank approval)
- Deed of Assignment
Financing Requirements and Procedures
What are the terms of payment?
From the Total Contract Price, Twenty Percent (20%) down payment is payable in 3, 6, 12, or 18 months (less Reservation) and Eighty Percent (80%) loanable through bank.
What is the bank process and who will process it?
The client must submit their complete requirements within thirty (30) days and sign the Contract To Sell. ServeQuest will then submit these documents to the bank for processing. The bank will inform both ServeQuest and the client whether they qualified for the pre-approval of the loan. Within the downpayment stage, the client will have to update such items like their Income Tax Return, payslip, COE (Certificate of Employment with Compensation), etc. to process the approval of the Letter Of Guarantee. After the approval, the client will need to go to the bank and sign the bank documents for the LOG. Once the LOG is issued to ServeQuest, the title will then be transferred to the client. Client will then sign the Deed of Sale and other requirements for the bank take out.
Who handles the requirements and processing?
ServeQuest, Inc will handle all bank processing, transfers, appraisal fee and other charges on processing the loan.
Why don’t you offer Pag-Ibig financing for the lot plus house package?
We encourage the client to choose Bank Financing because there are less requirements needed and they offer lower interest rates.
How long does it take the bank to approve a loan?
The usual estimate given to the client is 1 month, as per the bank.
Are discounts given?
A 5% discount is given for spot down payment & also a 5% discount for spot cash of the total selling price.
Can I request for an extension for my down payment terms?
This request has to be done in writing and will be subject to approval of the management.
Is there any chance to apply our loan through banks other than those accredited by your company?
There are specific agreements between developers and accredited banks that your bank may not agree to. However, if the client insists, he must be fully aware of and agree to pay the corresponding bank fees and charges of accrediting the property he wishes to purchase to his chosen bank.
Is change of unit or transfer of location allowed?
YES. Provided that the ff. are observed:
- Transfer fee of P10,000.00 is required
- Same selling price
- Original schedule of payment will be followed
Is there a possibility of cancellation or forfeiture of account?
Yes. The ff. are the grounds for cancellation:
- Failure to pay any equity installment or to complete the down payment
- Failure or refusal to sign the Contract to Sell within 5 days from the date of notice
- Failure to submit all documentary requirements within 60 days from payment of the reservation fee
- Willful misrepresentation or falsification of any document submitted
- Failure to appear for loan counseling
- Withdrawal from the Agreement for any reason
Construction and Turnover
What method of construction is used?
The method of construction used is called cast in place construction. Removable metal forms are assembled together according to the shape and specifications required to follow the house design. Mixed concrete is then poured between the metal forms and allowed to cure before these are disassembled and reused for the second level. This method spread out the load of the house to all the walls as compared to the traditional building where posts and beams carry the load of the house. That is why the cast in place system allows the walls to be very strong and can withstand 2,500 psi (pounds per square inch) as compared to hollow block walls that can only withstand 600-800 psi.
When does the construction of the unit take place?
Construction of the unit will start upon the loan take-out from the bank. Completion of construction is 6 months after the loan take-out
What are the specific timelines on each process until turn over of house?
After full down payment has been made and financing loans (through bank or Pag-ibig) have been approved, it will take 3 months to process the building permits and transfer of title. When both the building permit and bank take out have been released, the house will be constructed in 6 months before it is formally turned over to the client.
What are the causes of the delay of construction?
The construction schedule is based on the individual status of buyer’s completion of documents, approval of financing loan, transfer of title and processing of building permit. If and when these items have been met, construction will start and be done in 6 months after the loan take-out and release of building permit. Delays in construction concerns are forwarded to the contractor for answers when the need arises.
What is the most common misunderstanding between the buyer and the agent regarding the actual finish of the unit?
Most buyers assume that since they have completed their downpayment and discrepancy amount between the contract price and loan amount approved (if any), construction will start right after. Construction will start only after the loan takeout (Bank or Pag-Ibig) and release of building permit. This means that the lot has been paid, the title of the property has been transferred to the new owner and the local government has approved construction of the unit. Delays in the Transfer of Title or non-approval by the lending institution (Bank or Pag-ibig) that causes the delay in the release of the loan does not require the contractor to begin construction.
Can I request for any alteration or changes of the unit?
Based on the construction contract, there will be no alteration whatsoever of the unit before turn over. Once the property has been delivered, the client may make changes to the unit according to the Homeowners Association rules and restrictions.
Are there association dues, electricity fees or water fees that need I to pay?
Fees like association dues and application fees for water and power will be the client’s responsibility after turnover. The total contract price includes only the miscellaneous fees (transferring of the title, bank fees and etc.)
MONTE CARLO RESIDENCES AND ONE SAN ANTONIO RESIDENCES
What unit types are available?
There are Commercial, Studio type, 1 Bedroom, and 2 Bedrooms units.
How much is parking?
For OSA, Php 350,000.00. 20% down payment is required and 80% balance can be thru In-House Financing or included in the Pag-Ibig Loan.
Is there space for laundry?
For OSA, the roof deck has laundry cage for each unit. Also placed on the roof deck is a solar panel. Stored electricity will be utilized to light the common areas to help lessen monthly dues.
Financing Requirements and Procedures
What are the Terms of Payment?
Down Payment then Pag-Ibig scheme
For OSA, Down payment of 15% – 20% for a maximum of 18 months; Balance of 80-85% loan from Pag-IBIG. If client prefers in-house financing scheme, down payment of 20% for a maximum of 6 months, the balance of 80% spread out over 15 years (10% interest on the 1st year and 15% interest starting on the 2nd year up to the 15th year. There is no Bank Finance Scheme.
For MCR, 20% Down payment payable in 30 to 36 months
80% Remaining Balance loaned from a Bank, Pag-Ibig , or In-house
Is there a discount given for cash payment?
A 5% discount is given for cash payment for both Down Payment and Total Selling Price.
Construction and Turnover Process and Payment Obligations
Do you accommodate special requests like modifying the unit or expansion?
We do not accommodate unit revising or modification. The owner can do as he wishes after turnover of unit but, the Homeowners Association may have some restrictions.
Do you have move-in fees?
For OSA, The approximate amount for move-in is Php 18,836.80 as broken down below:
- Water Connection– Php 2,000.00
- Mortgage Redemption Insurance – Php 5,565.00
- FIRE Insurance – Php 3,271.80
- Processing Fee – Php 3,000.00
- Start-up fund – Php 5,000.00
The client processes the connection for the utilities of the unit:
Approximately Php 10,000.00 for power, depending on Meralco
How much is monthly dues?
For OSA, At the moment, monthly dues is at Php 20 per sqm
CAPITOL HILLS AND BELVEDERE
Renovation and Turnover Process
How long does it take to renovate the unit?
After the release of the Notice of Approval from Pag-ibig, it takes 30 days at most to renovate the unit.
When can I move in?
Clients may move after the release of the Notice of Approval.
HOUSE CONSTRUCTION PACKAGE
EXCLUSIVE TO BF HOMES, PARAÑAQUE LOT OWNERS
What is the “Build Your Dream House” (House Construction) package?
This program is offered to lot owners of BF Homes, Parañaque. The package permits ServeQuest to construct a 166sqm three bedroom single detached house on their vacant lot.
Do you offer this package to lot owners of other subdivisions?
No. This package is exclusive only to BF Homes, Parañaque.
How much do i have to shell out for this package?
No downpayment is required. The processing fee of P20,000 will initiate the progress of this project.
How will the construction of the house be financed? When will it begin?
The lot owner is required to furnish necessary documents for the application of a home loan from any of our accredited banks. Once the bank has approved their loan, ServeQuest will pay the bank fees and will assist in securing the necessary permits needed for construction. Estimated completion of house construction is 6 months.
How much is the monthly amoratization when the house is turned over?
Estimated monthly amortization for 20 years is P24,368.66 at 6% interest.