Finalizing Your Homeownership: Navigating the Final Stages of the Turnover Process

Welcome to the final article in our three-part series about the homebuying journey one should experience when purchasing a home at Empire East. Following the previous article, which goes through the initial turnover stages and ends with you obtaining your Clearance for Turnover, you are approaching the final steps toward full ownership of your new home.

In this article, we will cover the remaining responsibilities that will ensure a smooth transition into your desired property.

Managing Your Association Dues

Once you’ve accepted your unit, you must start paying Association Dues. These mandatory monthly payments help cover the operational expenses that keep your community well-maintained and secure.

Key Points:

• What it Covers: Association dues fund property maintenance, utility management, and security services in shared areas.
• When it Starts: Payments begin as soon as you accept your unit, ensuring the continued upkeep of common areas.
• How It’s Calculated: The rate for association dues is determined by the size of your unit (rate per square meter) and is managed by the property administration.

Paying your dues on time is essential, as penalties and interest can be imposed for delayed payments. By staying on top of these payments, you contribute to keeping the entire community clean, secure, and well-maintained.

Understanding Your Real Estate Property Tax Obligations

After taking ownership of your unit, you must pay Real Property Tax (RPT), an annual tax based on your property’s size and assessed value. You should directly pay your RPT to the local government.

Key Points:

• What It Is: Real Property Tax is an annual obligation for property owners and is calculated based on the size and location of the property.
• Who Provides the Information: The Credit and Collection Department can assist you in obtaining a copy of the unit’s tax declaration, which is necessary for paying the tax.
• Where to Pay: You will need to settle the tax directly with the local Assessor’s Office or government agency responsible for real estate taxes.

Staying compliant with your RPT obligations ensures there are no legal complications with your property and keeps you in good standing with the government.

Taking Care of Miscellaneous and Other Fees

Beyond association dues and property taxes, the Miscellaneous Fee is involved in finalizing the ownership process. These fees cover various legal and administrative costs related to transferring the property title to your name and setting up your utilities.

What the Miscellaneous Fee Covers:

• Documentary Stamp Tax and Transfer Fees
• Registration Fees, Notarial, and Processing Fees
• Utility setup costs, including Meralco service deposits

Currently, the Miscellaneous Fee in Empire East properties is fixed at 7% of the Net Selling Price for residential units and 10% for parking spaces. These fees are necessary to officially transfer the title and complete the legal documentation required for ownership.

Promptly settling these miscellaneous fees will help ensure the title transfer process moves forward without delay.

Finalizing the Title Transfer Process

The last step in the turnover process is transferring the property title into your name. This final stage is critical to fully establishing your ownership of the condominium unit.

Key Points:

• What’s Required: You must fully pay the unit price, including any interest, penalties, and miscellaneous fees.
• Necessary Documents: Submit required documents, including a verified Tax Identification Number (TIN), Tax Clearance, and proof of real property tax payments.
• Execution of Deed of Absolute Sale (DOAS): The signing of the DOAS officially concludes the sale and is required for title transfer.

Once you submit the requirements, the following documents will be processed and released to you within six months to one year:

• Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) in your name.
• Tax Declaration under your name.
• Notarized Deed of Absolute Sale (DOAS).

For clients who opt for bank financing, these documents will be sent to the bank or financial institution to hold as collateral for the loan.

Securing Your Future as a Homeowner

Completing these final steps is essential to securing full ownership of your new home. By managing your association dues, paying your property taxes, settling miscellaneous fees, and finalizing the title transfer, you can ensure that your investment is protected and that you are fully prepared to enjoy your new property.

Here at Empire East, we are committed to making this process as smooth and transparent as possible. With these steps, your condominium unit is now legally and officially yours.

Congratulations, and welcome to your new home!

About the Company

Empire East is a real estate developer that has been building homes for 30 years. It has introduced revolutionary concepts that have shaped the market, such as township and transit-oriented developments, as well as flexible “No Down Payment” terms that have helped thousands of buyers achieve their dreams of owning homes. Reach out to us today to get started!