What things should I ask my agent when buying a property?

It is always recommended to ask for your agent’s proof of identification, whether he/she is accredited by DMCI Homes.

Ask your agent as much as possible such as unit layout, orientation, floor area, total contract price (TCP), target completion date, reservation fee, financing schemes and payment options, etc.

What are monthly dues for?

Monthly association dues include your share in the cost of the expense of the Condo Corp including security, housekeeping, upkeep, finishing, office and supplies, salaries of Property Management Office (PMO) employees and service providers, minor repairs and fixes, garbage collection, permits licenses, safety seminars and drills, and community events and activities.

Collection of Association Dues starts once your condo unit, parking slot(s), and service area, are formally turned over or deemed accepted.

What will happen to my condominium unit after 50 years?

A condominium property does not have a life expectancy and can keep going for over 50 years as long as the trustworthiness of its structure isn't truly influenced by catastrophic events like natural disasters, war, or being condemned by the government.

However, if the property is recognized as obsolete and uninhabitable, and dominant part of its homeowners opposed restoration, all unit owners of the property will have equivalent rights to propose necessary actions to the Condo Corporation.

What is a condo corporation?

Republic Act 4726 also known as The Condominium Act of the Philippines requires the establishment of a condominium corporation that will manage the property.

Unit owners are automatic members of the Condo Corp and may give recommendations. If in case the Condo Corp. moves into agreement to let go of the property. All condo unit owners will receive proper and fair earnings. Otherwise, every member of the Condo Corp. will continue to enjoy their perpetual ownership of the property.