Are you excited to move into your new condo in Novaliches but you are not sure when it will be turned over to you? Don’t fret—the majority of new unit owners have the same concerns as yours. Should you be facing the same dilemma, here are the answers to frequently asked questions regarding turnover and acceptance.
This will depend on several factors. However, brokers, especially in-house agents, usually discuss the estimated turnover of units with clients. The schedule varies, but it can be anywhere from the first to the 24th month upon full payment of the unit.
Ask your broker about it just to make sure so your expectations will be guided.
Every unit owner would qualify for a unit turnover if he or she met the requirements. The condo association or the developer (if the association has not been founded yet) will schedule a turnover if:
You will receive a notice of availability of unit turnover It will be sent to you personally or by courier. It will be delivered to the address indicated in the CTS (contract to sell).
Yes, you can; provided you meet the criteria set forth by the developer. These criteria may vary so you better ask about them. Primarily, an early turnover request is subject to the developer or management’s approval.
Inspection of the unit usually occurs together with the turnover. An inspection is a critical phase of the process. With this, you can ensure that the turned over unit is in its optimal condition.
A reputable real estate developer will correct or rectify whatever the outcomes of the inspection will be. This is the actual goal of an inspection—to detect defects if there are any, so the developer may address them immediately before the owner occupies the unit.
While the repair works are ongoing, the customer relation officer must coordinate with you for the new schedule of the turnover. A unit acceptance form will be readily available. You may now sign the form if the defects have been corrected.
Affixing your signature signals that the developer has turned over all the deliverables as identified in the contract. It shall free the developer from any responsibilities and liabilities over the unit. In essence, the transfer of custodianship takes effect.
Upon receiving your unit, you become a member of the condominium association. You will receive the notification of occupancy, authorizing you to move into your condo unit. It means that the condominium management or association shall release the keys to you. You may claim the keys after ten to fifteen business days after submission and settlement of the requirements.
Once the CCT (condominium certificate of title) and tax declaration that should be under your name is available, it must be delivered to you. The TCT is a legal document that acts as proof of ownership of the condominium unit, stating the number of the unit, the name of the owner and other particulars such as the civil status and nationality of the owner. Only you can accept this document.
By this time also, you will know the monthly cost of your association dues. This may differ from one residential building to another, but it is usually between Php50 and Php70 per square meter.
Apart from you, your spouse, attorney-in-fact or any representative with your written authorization letter (duly notarized or consularized) is allowed to accept the unit on your behalf. Presenting two valid IDs is also required.