1-2 weeks after loan release, all the payments will be consolidated and reviewed for the process of the MOVE-IN. Please note that other MOVE-IN charges will be billed & collected:
- Association Dues
- Real Property Tax (RPT)
- Unpaid Principal (if there’s any)
- Unpaid Other Charges/Miscellaneous fees (if there’s any)
- Unpaid Interest and Penalties (if there’s any)
Once all payments are collected and posted – the move-in clearance will be processed. The processing time is 2-3 weeks upon receipt of all payments.
Frequently Asked Questions
What is Association Dues?
Association dues are monthly payments made by the unit owner or tenant to contribute for the overall operational expenses of the entire condominium building/ property. This is mandated by the Philippine law of the Condominium Act and covered by the Master Deed provision in each property.
Why do I need to pay the Association Dues if I haven’t moved in yet?
"e. BUYER understands that either upon acceptance of Notice of Turnover & Availability of the Unit, or upon receipt of the loan take out proceeds by DEVELOPER, whichever comes first, BUYER automatically become a member of the Condominium Corporation which shall be tasked with and responsible for, among other, the maintenance of the common facilities and services for the condominium corporation residents. Once considered a member thereof, BUYER shall pay the Homeowners monthly association dues as may be fixed by the Board of Trustees of the Association. The DEVELOPER is deemed given an irrevocable Special Power of Attorney or proxy authorization to vote during the annual membership meeting for any unit and/or to apply for any alteration, revision or change in its development plan with government agencies. Thereafter upon issuance of Certificate of Completion from HLURB, the DEVELOPER can appropriately turn-over the project to the Condominium Corporation;"
What is Membership Fee?
This is a one-time charge by the association to all new members or clients of the property.
What are the Miscellaneous Charges?
Miscellaneous Charges are the transfer expenses collected by the developer to transfer the title to the name of the buyer/client. Included are the payments to the BIR (Bureau of Internal Revenue) and the LRA (Land Registration Authority). These included the documentary & administrative fees, and facilitation fees.
Any payments advance by the Developer not covered by the Miscellaneous Charges will be collected from the buyer and subject to the collection policies.
What are the Government Fees I need to settle for my property?
What is Real Property Tax (RPT)?
Real property tax is a kind of tax levied by the local government on properties and should be paid by property owners. Properties that are taxable include land, building, improvements on the land and/or the building, and machinery.
Why are properties are being taxed?
In 1991, Republic Act 7160, also known as the Local Government Code was passed. Under this law, local governments are given the authority to create and collect their own source of revenue to fund public expenditure. These sources of income include real property taxes among others.
Who should pay for Real Property Tax?
People who owns or whose names are on titles and certificates of ownership, whether the property is for residential or commercial use.
How much is the Real Property Tax?
The Metro Manila rate for Real Property tax is 2% while the provincial rate is 1% of the assessed value of the property.
How often are Real Property Taxes paid? Is there a deadline?
Property owners can opt to pay for their real property taxes in full or through quarterly installments.
For those who choose to pay it in full, the deadline is before January 31 of each year. For those who choose to pay it in quarterly, deadlines are as follows:
- First quarter: On or before January 31 annually
- Second quarter: On or before June 30
- Third quarter: On or before September 30
- Fourth quarter: On or before December 31
Where do I pay the Real Property Tax?
Owners may pay their taxes at Land Tax Division of the Treasurer’s Office of the Local Government Unit. Online modes of payment may be available, but you must check this first with the local government on where your property is located.
What happens if I pay my RPT in advance?
Some cities offer tax discounts to those who pay before their prescribed deadlines, best to check with your municipal or city treasurer for more information.
What happens if I pay the RPT later than the deadline?
Penalties are imposed on late payments. The penalty is at 2% interest per month on the unpaid amount and can reach a maximum of 72% if unpaid for 36 months or 3 years.
Why do I need to pay the RPT if I haven’t received my Title yet?
Real Property Taxes on your individual units will commence upon acceptance of unit or full payment of unit whichever comes first regardless if the title is transferred to your name. The amount is based on the assessed value of your property multiplied by the Local Government Tax Rate. This can be paid annually to have an early discount or quarterly.
A copy of the tax declaration is submitted to the client upon the move-in. Please request a copy of your tax declaration from the Customer Service department or the property administration.
Please note that the administrative office will be charging a separate common real property tax for the common areas of the land, equipment, and improvement of the entire property throughout the year.
