FAQ IN HOUSE FINANCING & BANK FINANCING
About Reservation
What is Reservation?
· The Reservation Fee closes the sale (on a first-come, first-served basis) and
holds the unit for the buyer. Also called booking or transaction. It forms part
of the down payment (DP).
· It is non-refundable in case the account is cancelled.
How Can Buyer Reserve A Unit?
Buyer must fill up a Buyer’s Information Sheet (BIS) and a Reservation Agreement (RA)
then pay the reservation fee at any Profriends’ offices – Main, Imus & Site Offices.
What is Reservation Agreement (RA)?
The Reservation Agreement (RA) is a 7-page form that identifies the property you
will purchase and its specifications. For example:
Project ________________
Block and Lot No. ________________
Lot Area ________________
House Type ________________
Floor Area ________________
What is a Buyer’s Information Sheet (BIS)?
It is a 1-page form that contains list of all information of the Buyer.
All information must be stated.
Who will sign the Buyer’s Information Sheet (BIS) & Reservation Agreement (RA)?
The Buyer or Attorney-in-Fact (AIF).
Who will sign incase the Buyer & Attorney-in-Fact is not present & available?
Other people may sign. An authorization from Buyer is required & must be attached.
Another option is to attach a print copy of emailed BIS filled-up by Buyer.
What if the Information stated in the BIS is not correct?
Just write immediately a letter to Profriends stating the correct information.
How much is the Reservation Fee?
The reservation fee for:
Alice, Manor, Cypress – Php7, 500.00
Catherine, Daisy, Pines, Diana and Ruby – Php10, 000.00
Sophie, Margaret, Gabrielle, Alexandra, Linden,Maple, Lily,
Oakwood, Hollywood, Redwood, Charlotte and Alexis – Php20, 000.00
Sabine – Php25, 000.00
Vivienne - Php30,000.00
Are there discount on Reservation Fee?
Only if there’s a promo. Watch out for it!
Is Reservation Payment Transferrable to Another Person or Unit?
Yes subject to approval. And a Transfer Fee of Php3, 000.00 payable upon release of approval.
What are the Requirements for Transfer?
1. Letter – a request letter signed by Buyer (spouses) or Attorney-in-Fact.
2. BIS/RA – a new BIS/RA filled-up & signed by new Buyer.
How Long is the Processing Time of Approval?
No Payment Involved - between 1 to 2 weeks.
With Payments Involved – between 3-4 weeks.
Until When is the Transfer of Reservation Allowed?
If reservation is transferred within 15 days from reservation date:
First DP amount may change as per new unit. Changes are encoded in the database.
Due date will remain the same.
If reservation is transferred within 16-45 days from reservation date:
First DP amount will not change.
Profriends will require paying the original DP amount before recompilation of new DP.
Due date will remain the same.
How many Days is the Reservation Valid?
Reservation is valid until the first DP schedule.
When does it Expire?
Reservation expires when 1st DP is not paid on schedule.
What are the Grounds for Cancellation of the Reservation agreement?
1. Failure to appear in person for loan counseling;
2. Failure to pay the first DP, in which case the Reservation fee (RF) is forfeited;
3. Failure to remit any three (3) consecutive monthly installments or amortizations;
4. Failure to submit within the prescribed period any of the documents that may be required by Pro friends or the financing institution;
5. Willful misrepresentation or falsification of any document submitted;
6. Voluntary withdrawal from the RA for any reason whatsoever.
Do Profriends Really Cancel Automatically the Reservation for the Above Reasons?
Not really. Just submit a Promissory Note indicating the date when to submit documents.
What Happens if Buyer Fail to Pay the first DP on Schedule?
Buyer must submit a Promissory Note stating when the date of payment.
Can Buyer Pay the Down payment immediately during Reservation date?
Yes.
Some Buyers don’t want to reserve because they want to pay the down payment at once. Is this allowed?
No. Profriends will get a portion of the down payment as payment of reservation fee. Then
remaining amount will be the down payment.
What is Total Contract Price (TCP)?
Total Contract Price is the total amount you will pay for the property you are buying. (includes
the legal & Miscellaneous Fees).
We commit ourselves to help you find your dream home.
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Our services, tripping, viewing and documentation assistance is for free.
The House Buying process is very easy- feel free to ask us.
Developer will process bank and in-house loans.
We guarantee you of our full assistance until such time you move-in.
Jose Glenn M. Asuque
Accredited Agent License #: 0013572
Cell Nos:
Sun +63932-860-8685
Smart +63919-948-6003
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Email Address: filprimehomes@yahoo.com
