Buying Guide
Buyer's Orientation Guide
1. Total Contract Price
- The complete price of the house and lot plus the miscellaneous costs and move-in fees.
- If the full Total contract price is paid within 30 days from the reservation of the unit, the buyer will be entitled to a 10% discount on the Net selling Price ( without miscellaneous and move-in fees).
2. Reservation Fee
- P 10,000: Duncan and Phase 3
- Non-refundable but will be credited to Down Payment
- Can be paid in the form of Manager’s/Personal check, or cash
- The reservation fee is valid for 30 days upon issuance of payment upon purchase
3. Downpayment and Financing Team
HMDF Financing: Downpayment – 20% of TCP over 18 months | Loan balance – maximum of 30 years based on HDMF rate
Bank Financing: Downpayment – 20% of TCP over 18 months | Loan Balance – maximum of 10 years based on bank rate
In-House Financing: Downpayment – 20% of TCP over 18 months | Loan Balance – developer assisted 5 years @ 12% interest p.a 10 years @ 14% interest p.a
*TAKE NOTE*
- If full DP is paid within 30 days from the reservation of the unit, the buyer will be entitled
to a 5% discount on the down payment portion. - Upon reservation client must submit the following:
- Complete Post Dated Checks (PDC’s) for Down Payment (DP) and One (1) year
Monthly Amortization (continuous payment) - After TMA, the monthly payment will continue to be paid until the take-out of loan financing. That the buyer is required to issue another set of PDC’s, this will be issued three (3) months after the last TMA for the payment of their monthly
due.
- Complete Post Dated Checks (PDC’s) for Down Payment (DP) and One (1) year
4. Payment Due Dates
Reservation Date Payment Due Date
2nd to 9th of the month 9th of the following month
10th to 16th of the month 16th of the following month
17th to 23rd of the month 23rd of the following month
23rd to 31st of the month 1st of the following month
5. Holding of Checks, Penality, Admin and Handling Fees
Holding of checks should be done in written form seven (7) working days before the payment due
date, however, this is still subject for approval.
- Administrative fee of P 300 pesos per check plus penalty will be charged
- Penalty of 3% of the total amount due will be charged to the late payment, past-due accounts
- Handling fee of 2% of the total amount due will be charged if payment is in a cash basis
6. Cancellation of Account
- Non-payment of 1st down payment based on schedule automatic cancellation as per Reservation Agreement
- For accounts with past due/arrears/default, a notice of delinquency will be issued accordingly:
1st notice | 30 days | 1 month arrear
Demand letter | 30 days | 2 months arrears
Final demand letter | 30 days | 3 months arrears
Notice of cancellation | 30days | 4 months arrears
*TAKE NOTE*
ELDC has the right to cancel the purchase/unit and forfeits as liquidated damages whatever payments the buyer have made in the event of the following:
- Failure to pay any installment of the down payment/misc. expenses/equity
- Failure to submit the complete loan requirements at any given time
- Failure to sign and deliver the prescribed contract or any other required documents of ELDC
- Failure to pay monthly amortization.
- Withdrawal from this agreement for any reason/s whatsoever
- Failure to submit Post Dated Check/s to cover monthly payments.
7. Company Policy on Payments
- All check payments must be made in favor of ENDURA LAND DEVELOPMENT CORP.
- Payment must be made directly to the authorized cashiers for the proper issuance of a provisional receipt ( PR ) or an official receipt ( OR )
- Agents and brokers are not allowed to receive payments
- Payments made through agents and brokers shall be the responsibility and risk of the buyer and shall not be the liability of ELDC.
8. Transfer Policy
- Transfer of units such as upgrade or downgrade is allowed provided that the House Construction has not commenced yet. An administrative fee of P 2,000 shall be charged.
- Once construction has started, no transfer of unit and/or upgrade or downgrade is allowed.
- Transfer of Ownership to 3rd party (preferably 3rd degree of consanguinity) is allowed provided buyer has no arrears/past due/default in payment. The new buyer must submit complete documents for evaluation. An administrative fee of P 10,000 shall be charged. However, if the new buyer is the spouse ( with Marriage Cert), the admin fee is P 2,000 only.
9. Before the Start of House Construction
- Twelve Post Dated Checks (PDC’s) to cover the next 24 months of Monthly Amortizations that are immediately due right after full payment of the Down Payment
- A Guarantee Check covering the estimated remaining balance less the amount covered by the Post Dated Checks for Monthly Installments under 2.2 (a) (Such number of PDCs sufficient to cover the Monthly Down Payments as stated in the computation) of the Contract To Sell at the time of expected turn-over, if applicable.
- No construction will commence until the buyer has delivered the Post Dated Checks to the Developer.
- Complete requirements must be submitted before awarding the unit to the contractor.
- Documents with validity/expiry date must be updated before filing to HDMF or Bank. (Checklist of requirements will be given by our Sales Reservation Staff).
10. House Construction
- House construction is expected to start within 90 – 120 days after full payment of the Down payment
- Usually takes around 6 to 8 months, or maybe longer due to uncontrollable conditions like bad weather and other natural calamities
- Buyers are not allowed to change the specifications of the units during construction
- Buyers cannot owner supply any materials
11. Compliance with Government Regulations & Deed of Declaration/Restrictions
- The BUYER acknowledges and understands that the UNIT is part of the Subdivision Project, and the BUYER acknowledges that he/she/it is aware and agrees that the UNIT is and shall be subject to certain restrictions, easements and limitations, as may be stipulated in the Master Deed of Declaration/Restrictions and such other rules that may be issued by the DEVELOPER and/or the Homeowner’s Association.
- The BUYER undertakes to comply with any and all conditions, restrictions and limitations set forth by the aforementioned documents, deeds and issuances, whether the same be existing at the time of this Agreement or the same be subsequently issued and promulgated.
- It is understood that the architectural design of the housing UNIT shall not be altered or modified by the BUYER without prior written consent by the DEVELOPER. The BUYER hereby further agrees that the provisions, restrictions, conditions, easements, guidelines, and regulations stipulated in the Deed of Restrictions shall be annotated on the Transfer Certificate of Title of the UNIT as voluntary liens and encumbrances thereon, and shall be enforceable by the DEVELOPER, its successors and assigns, and/or the Homeowners’ Association.
- Complete provision of Deed OF Restrictions is under section 11 of Contract To Sell
12. Occupancy and Possesion
- Buyers can move in based on the following:
- HDMF Financing: Upon full payment of the TCP
- Bank Financing: Upon full payment of the TCP
- In-House Financing: Upon 40% payment Principal Payment and complete PDC’s for entire Balance
- ELDC will issue a Notice of House Inspection to the buyer stating the date of the unit shall be ready for inspection and/or occupancy.
- The buyer is given 7 days from receipt of Notice of House Inspection within which to inspect the unit
- Not inspecting within 30 days of letter date results in forfeiture of punch listing privileges and the unit shall be deemed accepted.
- Any loss or damage to the unit after it is deemed acceptable or after ELDC issues an Authority to Move in shall no longer be the responsibility of ELDC
- Move-In fees (except Meralco) are already included in units sold after September 15, 2015. Buyers will process their own Meralco connection and shoulder all costs for this
13. Use of the Unit
- Units are exclusively for Residential Purposes only
- Only Domestic Pets are allowed
- Commercial breeding of animals is strictly prohibited
14. House Improvement
- Maintenance and repair of any Unit is the sole responsibility and expense of the Buyer
- Expansion/alteration of the house shall be subject to the maximum site occupancy requirements and the National Building Code
- Renovation of units should be approved by the Developer and will be subject to a construction bond (10% of construction cost) which will be refunded within thirty (30) days from the application for refund by the Buyer
- Exterior Paint and Color shall not be altered
15. General Cleanliness, Safety and Sanitation
- Maintenance of the landscaping of individual units shall be the responsibility of the Buyer
- Littering and burning of garbage and other waste materials is strictly prohibited
- Laundry area and Clothesline shall be placed on the rear and shall be hidden from view
16. Utilities and Auxiliary Structures
- Booster Pumps are not allowed
- Individual deepwells are also not allowed
