The Turnover Process: Preparing for Your New Home

News
 - 
24 October 2024
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When purchasing your dream home, one of the processes you will surely undergo is the turnover. A turnover is where a property is officially given to the homebuyer after payment requirements have been fulfilled. This phase brings you closer to finally moving into your new home.


In this article, we'll guide you on what needs to be done during the turnover process, ensuring everything is straightforward and convenient as you get ready to receive your unit.


Step 1: Notification of Unit Readiness


When your condominium unit is completed and ready for occupancy, you will receive an official notification from our team. This notification marks a significant milestone as it signifies that your unit is ready for inspection and eventual turnover.


For Pre-Selling Projects or Towers:


If you purchased a unit in a pre-selling project, the Credit and Collection team will notify you that the unit is ready for turnover. They will also request that you settle any outstanding balance and applicable fees.


For Ready-for-Occupancy (RFO) Projects or Towers:


The requirements for RFO units are a bit different compared to pre-selling ones, which are listed below:


  • Turnover Payment

For ready-for-occupancy units, the homebuyer should have sent the turnover payment.

  • Signed Contract to Buy and Sell (CTS)

Ensure the Contract to Buy and Sell (CTS) is properly signed and submitted.

  • Submission of Post-Dated Checks (Optional)

If applicable, submit post-dated checks to cover future payments.

  • Miscellaneous Fees

Confirm and settle any applicable miscellaneous fees.



Step 2: Clearance for Turnover Requirements

The Clearance for Turnover is an essential document that ensures you have fulfilled all the necessary obligations before you can receive your unit. This clearance is granted once the following requirements are completed:


For Pre-Selling Units:

  • Properly executed Contract to Buy and Sell (CTS).
  • Full payment of the Net Selling Price.
  • Full payment of the Miscellaneous Fees and any additional amounts specified in the CTS.
  • Payment of real property taxes covering two (2) years.


For Ready-for-Occupancy (RFO) Units:

  • Properly executed Contract to Buy and Sell (CTS).
  • Payment of the minimum required amortizations or percentage of the unit price.
  • Submission of post-dated checks for future payments (if applicable).
  • Settlement of any miscellaneous fees.


Once these requirements are met, the Clearance for Turnover will be issued, allowing you to proceed with the unit inspection and turnover process. Once the clearance is finalized, we will hand over the keys to your new home.


Step 3: Notice of Inspection and Turnover


After obtaining your Clearance for Turnover, you will be issued a Notice of Inspection, allowing you to examine your unit. To arrange a viewing, simply reach out to your designated salesperson. When you arrive, take the time to inspect your unit thoroughly.


If you’re not available to inspect the unit, you can assign someone to do the inspection on your behalf, provided that you informed the salesperson about your situation and have submitted an authorization letter.


If everything meets your expectations, you can sign the acceptance and punchlisting documents, confirming your confidence in your choice. Following this, the keys to your unit will officially be turned over to you.


About the Company


At Empire East, our main mission is providing quality homes for our clients. We are committed to making your turnover experience seamless and efficient. Whether you're purchasing a unit in a pre-selling or ready-for-occupancy tower, our goal is to provide clarity and convenience at every step of the journey.


By going through turnover process, you are well on your way to becoming the official owner of your new condominium. Stay tuned for the last article in this three-part series, where we will discuss association dues, real property taxes, and other important matters related to settling into your new home.


Your new home is waiting, and we're excited to welcome you!


References:

First image: Photo taken during unit turnover of Client Angelica De Castro and family at Kasara.

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