What are the steps and procedure in reserving a house?
- Fill up completely and sign a Buyer’s Information Sheet and Reservation Agreement form. A representative may sign in Buyer’s behalf.
- Submit them to Profriends’ Reservation Officer for verification.
- Onced approved, pay the reservation fee to the Cashier.
- Receive and bring home all loan documents given by the Reservation Officer.
- Be sure you read and understood the terms and condition in the Contract to Sell.
- Congratulations! The house is now duly reserved in your name.
What is a Reservation Fee?
- The Reservation Fee closes the sale on a first-come, first-served basis.
- Reservation payment will hold the house for you.
- No payment – No reservation.
- It forms part of the downpayment (DP).
- It is non-refundable in case the account is cancelled.
How much is the Reservation Fee?Cypress, – Php 7,500.00 Pines– Php 10,000.00 Linden, Maple, Oakwood, – Php 20,000.00
Are there discount on Reservation Fee?Yes, when there is a Promo. Please take note:
- Reservation discount is not transferrable.
- Once you decide to transfer to another unit, you will pay full amount of reservation fee.
When does the reservation payment expire?Your reservation payment is valid for 30 -45 days.
Can you transfer the reservation payment?Yes, subject to approval:
- Transfer is only allowed within 120 days from reservation date.
- Transfer is allowed to nearest relatives only.
- Transfer is allowed to another project provided same developer.
- When there’s new price increase, it may apply during transfer.
- A transfer fee of Php 3,000.00 is charged upon release of approval.
How can you reserve a unit?You must fill up a form – 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 and Schedule of Payment Also stated in the Reservation Agreement that reservation payment is not refundable.
What are the grounds for cancellation of the Reservation Agreement?
- Failure to appear in person for loan counseling.
- Failure to pay the first DP, in which case the Reservation fee (RF) is forfeited.
- To avoid forfeiture, you must submit/email a Promisory Letter stating the date of payment.
- Failure to remit any three (3) consecutive monthly installments or amortizations;
- Failure to submit within the prescribed period any of the documents that may be required by Pro friends or the financing institution;
- Willful misrepresentation or falsification of any document submitted;
- Voluntary withdrawal from the Reservation Agreement (RA) for any reason whatsoever.
Can you pay the downpayment immediately during reservation?Yes.
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