Frequently Asked Questions (FAQ)

What are preselling condos?

Preselling condos refer to residential properties sold during the construction phase. Buyers can secure a unit early and enjoy pre-construction pricing and payment plans.

Is it true that a condominium's lifespan is set at 50 years?

No, while condominium corporations typically have a 50-year term, this can be renewed. The building itself doesn’t have a fixed lifespan, and its maintenance is managed by the condominium’s administrators or property management.

Is the reservation fee refundable?

No, reservation fees are non-refundable and non-transferable. Make sure to carefully consider your decision before making a reservation.

Do I need a bank loan when reserving a unit?

No, Megaworld offers payment schemes allowing you to pay 30-35% over several years. The home loan process starts closer to unit completion, with ample notice given before turnover.

What are the requirements for reserving a preselling unit from Megaworld?

To reserve a unit, you'll need:

1. Signed Reservation Agreement

2. Buyer’s Information Sheet

3. Specimen Signature Form

4. Two valid government-issued IDs

5. Proof of payment (Cash, Cheque, or Credit Card)

Can foreigners buy a condominium unit in the Philippines?

Yes, foreigners can fully own condominium units as long as 60% of the building is Filipino-owned. This law ensures balanced foreign and local ownership.

Can I purchase a condominium unit while living abroad?

Yes, even if you’re abroad, you can purchase a unit. You can discuss the details via Zoom with your agent, receive forms through email, and complete the process with wire transfers or credit card payments using AQWIRE.

How long can I pay a bank mortgage for my condo unit?

Banks typically offer mortgage terms of 15-20 years, depending on your age and the lending institution’s age limit policies.

Are there hidden charges when purchasing a condominium unit?

While the purchase price is VAT-inclusive, additional fees upon turnover include:

1. Documentary Stamp Tax

2. Transfer Tax

3. Registration Fee

4. Processing Fee

5. Real Estate Tax

6. Meralco Fee

7. Move-in Fee

These fees are necessary for legal and administrative processes during property turnover.