HOME GUIDE

Through the years, we have worked to make affordable-luxury homes available to Filipinos the easiest possible way. Following are basic and important details a buyer should know about owning his/her Home of Choice:

Step 1: PROPERTY PREVIEW / SITE VISIT

This process is done by the broker / manager / property consultant after getting inquiries on a project. Clients are brought to the site and are oriented of the project / subdivision, its amenities and model houses.

Only when the client is ready to pay the reservation fee should they be accompanied by the associate to the Crown Asia office for the interview.

Option to Purchase / Reservation Agreement
This is an agreement attached with the reservation agreement during the reservation. This embodies the conditions of the company with regards to the reservation fee and the conditions pertaining to the reservation. The reservation fee and the option agreement allow the developer to hold the property for the buyer for one month, or in cases of advance payments, during the discounting period. Failure on the part of the client to submit the necessary documents and payments during such time gives the developer the right to automatically cancel the reservation without the need of notice. The validity of the Official Receipt is 24 hours after printing . Reservation fee is NON-REFUNDABLE.

Quotation Sheet
The quotation sheet shows the Total Contract Price (TCP), the breakdown of payments and its corresponding schedule. Payments should be made directly to the Crown Asia office. Before payment, the client should ask an assessment slip from their respective account officer. Down payment should be covered by postdated checks.

Step 2: PROJECT PRESENTATION

This is the confirmation and finalization of choice unit, block and lot, by the buyer to the Crown Asia marketing staff.

Credit Committee Approval
Before the account can be recognized as contracted, the account will undergo presentation and evaluation with the Credit Committee. Evaluation should be completed within 15 days.
Amortization
Deferred Cash – Amortization will start a month after full down payment.

In-house Financing – Same due dates shall follow as deferred cash. One
booklet of postdated checks shall be required.

Bank Financing – Amortization will start a month after loan release. Interest to indicative (effective interest rate shall be on the release date) and subject to annual repricing. Twelve (12) postdated checks shall be required.

Step 3: HOUSE CONSTRUCTION

House construction shall start a month after full down payment for in-house and bank financing plus loan approval. For deferred cash, construction will start upon payment of at least 50% of the Total Contract Price (TCP). All concerns should be addressed during the reservation interview.

For lots only package, spot cash and deferred cash payments require that the TCP be fully paid before construction is allowed. For bank financing, confirmation will start after payment of one year amortization with the bank. For in-house financing, construction shall be allowed only after payment of __% of the TCP or 3 years of amortization, whichever comes first.

Ideal construction time is six (6) months. Upon completion, the client will be asked to visit the house for inspection / punchlisting. Should everything be in place, the owner shall sign the house turn-over memo.

Step 4: MOVE-IN SCHEDULE

Move-in schedule vary according to the financing scheme availed:

Spot Cash Buyers - move-in shall commence upon completion of the unit.

Deferred Cash Buyers - move-in will be approved upon payment of 75% of the
Total Contract Price.

In-house Financing - is required to pay the full down payment, 3 months of the
amortization and to submit the documents required, including postdated checks (PDCs).

Bank Financing - is required full down payment and loan release.