+i am a Foreigner or a Filipino Immigrant, can i purchase property in the Philippines?
A Foreigner will not be able to purchase lots in the Philippines. However, he/she may be able to buy properties that has a “condo title” – legally known as “Condominium Certificate of Title” such as 1. Condominium units; 2. Townhouse units. 3. Duplex/Triplex. This, so long as the foreign ownership of said property is not more than 40% of the Condominium Corporation. A foreigner may also own land in the Philippines through a 60% Filipino/40% Foreign corporation.
A Filipino Immigrant, without dual citizenship status, will have the same rights to Philippine Real Estate properties as a Foreigner. This is the reason why, a Filipino Immigrant must apply for Dual Citizenship, which usually takes only one day at the Philippine Embassy. After which, the Filipino Immigrant, now with Dual Citizenship status can buy any property i.e Village Lots, Commercial Lots, House and Lots, Condominium Units, Etc.
+Is the reservation fee refundable?
The Reservation Fee is non-refundable. So it is imperative that you make a final and solid decision before making a reservation – as property investments are long-term commitments.
+Is the reservation fee transferable across Ayala Land brands?
Yes, you can transfer to another lot/unit within a 30-day period for the same project. You may also transfer the reservation fee to any project of the “same Ayala Land brand” until the end of the tax calendar year, which is November. The process, however tedious, is possible.
+Will the developer be responsible for securing the Certificate of Title and register the Property on our behalf?
Yes, since you will pay the other charges, stipulated in the official payment computation, which are the facilitation fees for title transfer. Ayala Land will then be the one responsible in making the necessary applications and transfer of the Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) to you.
+If so, when will we receive the Certificate of Title?
The TCT or CCT will be received 120-240 days after notarization of the deed of sale. The deed of absolute sale will be received upon full payment. More on this below
+What is the timeline post-reservation so we can anticipate the process?
Below is the schedule of document processing starting from step 1 – reservation.
- Reservation Agreement Forms, and if property paid by installment – Installment Purchase Application Forms, must be provided first before the remittance of the reservation fee to the ALI BPI PHP or USD account. After which, the deposit slip must be scanned then emailed back to us as well as the ALI email addresses we shall provide. If reserved online, please forward the email containing the confirmation code of the online transaction.
- 1-14 days post-reservation ALI shall provide us with the Thank You Letter acknowledging your reservation. You shall receive that in the mailing address you have selected in the Reservation Agreement Form.
- Within 1-14 days as well, when we have chosen our Final Payment Term and Schedule, we can then submit all documentary requirements for Contract processing, which are:
- 3 months bank statement
- 3 months credit card statement
- Income Tax Return or Credit Score/Report, if US based
- Certificate of Employment, if employed
- Source of Income, Business Permit, if self-employed, 2 government issued ID, one preferably is the Passport (submitted during reservation)
- ID pictures
- *Note if the Final Payment Term and Schedule is less than 21 months, then there is no need to submit these other documents except for the Passport and ID’s submitted during reservation.
- **Other additional documents may be needed for Special Cases, such as those with SPA’s, etc., as required.
- 7th to the 25th day post reservation, completion of Locally issued (Philippines) Post-Dated Checks, based on the Final Payment Schedule provided by Ayala Land, duly signed by its officers. Now, if you do not maintain a Philippine checking account, we can assist you in opening such account through satellite bank branches abroad. Another alternative is direct debit via your BPI Savings or Checking account using the E-LINK-AUTOMATIC DEBIT ARRANGEMENT.
- 30th day is usually the date of Down Payment:
- If paid in Cash, Ayala Land Inc. shall issue the Contract to Sell and Deed of Absolute Sale 30-45 days post-downpayment, and shall be couriered to your mailing address. If paid in Installment, ALI shall issue the Contract to Sell 30-45 days post-downpayment. When the property has already been paid in full, then Ayala Land Inc shall issue to you, the property owner, The Deed of Absolute Sale within 30-45 days upon making the final payment. *NOTE: these documents shall all be signed by the buyers, and must be sent back for notarization, after which ALI shall send you the notarized copy.
- After ALI has notarized the Deed of Absolute Sale, then we can go ahead with the waiting time for the TCT/CCT. It will usually take 3-6months after the Deed of Absolute Sale has been notarized for the CCT/TCT to be transferred under your name. All fees in regards to this transfer has already been paid by you – in the Other Charges check issued.
+There is a lump-sum at the end of the Final Payment Term and Schedule, I intend to do Bank Financing. Will you be able to assist us on this application of mortgage?
Yes, we are experts on Mortgage Approval. We shall assist you in regards to this Loan Application. Usually, we shall start the process 4-5 months before the lump-sum is due. We shall then be sending you all the necessary paper work and list of required documents for your compliance and submission to the bank of choice. The accredited banks of Ayala Land are as follows: BPI Family/BPI, BDO, Metrobank, Chinabank and HSBC. The best in our experience will be BPI Family, as they usually have promotions for the Ayala Land Property buyers, for its also part of the Ayala Conglomerate. Interest rates prevalent, as of this posting, is as low as 5.25%.
+Since we are abroad, how do we pay for the Property Taxes, Homeowners Association Dues and other related fees?
For the Real Estate Property Tax, the first year post-turnover is usually already paid via the Other Charges that you have paid previously to Ayala Land. The consecutive year and so on shall be in the account of the property owner. The Real Estate Property Tax or RPT is paid in the Municipal office or in the City Hall, at which the property is duly registered.
However, the village ADMIN via Ayala Property Management or the Home Owner’s association can initiate this service once the neighborhood is fully turned over.
Our overseas clients, if they do not have a representative who can assist them on this i.e. relatives, usually request for our assistance to facilitate this part of Property Management. The tax payments can be issued via checks in the amount indicated by Tax Declaration of the said property. Personnel at APMC shall apply the tax payments to City Hall, as per request. The receipt shall then be scanned and email back to you and held on file and/or mailed back to your abroad address.
+Will you be there until the property has been turnover?
Yes. We shall be assisting you until the time you have received the title to your property or the keys to your condo unit. We can then recommend to you our accredited Architectural firms and Interior Designers, who has provided great service to our past clients.
+I intend to rent out my unit, do you provide this service?
Yes. We provide Property Management services to our clients. Our fees are negotiable.