12/10/2021
🤔Lets learn some real estate terms that others might get confused of:
🤜Ready For Occupancy(RFO) - the property/unit is already livable thus, the buyer needs to pay a spot cash down payment (mostly 10% - 20% of the total contract price) so he/she can move in, considering the bank loan has been approved and ready for loan take out.
🤜Preselling - the property is not yet built, or the construction has just been started, thus the buyer only needs to pay the monthly equity (down payment which is divided into months, mostly equivalent to the turn over date of the property). Preselling is much cheaper than RFO.
🤜Assumed property, equity period - the owner is still paying the monthly equity, thus the new buyer needs to pay spot cash called assumed price to the owner then the new owner will continue paying the remaining equity and and the loanable amount either to the bank or PAGIBIG.
🤜Assumed property, Bank loan period - the owner has paid the down payment in full, and started paying the monthly amortization, thus the new buyer needs to pay spot cash called assumed price to the owner( total of all payments the owner made + possible ROI) then the new owner will continue paying the remaining loanable amount either to the bank or PAGIBIG.
🤜TRANSFER CHARGES - amount the buyer would pay for the processing of condo/lot title before the turn over of his/her unit.
