FAQs - Megaworld International | Global Marketing Specialist of Megaworld Corporation
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FAQs

 

OFFICIAL DOCUMENTS

When do I receive my Welcome Letter?

Welcome letters are prepared once the reservation payment is received and cleared as well as complete documents are submitted. Unit owner should be able to get a copy of this from the Customer Care Group within 30 days from reservation date.

When is the release of Contract to Buy and Sell (CTBS)?

The release of Contract to Buy and Sell (CTBS) varies depending on the developer of the purchased project and is released within six (6) months from date of reservation.

  • For Megaworld and Suntrust Properties, Inc. projects, the soft copy of the CTBS is sent through the client’s email address indicated on the Buyer’s Information Sheet (BIS).
  • For Global-Estate Resorts, Inc. projects, the hard copy of the CTBS is directly forwarded to the client’s mailing address indicated on the Buyer’s Information Sheet (BIS).
  • For Empire East Land Holdings, Inc. projects, the client will receive notification on their mailing address,informing them that CTBS is ready for signing at Empire East’s office.
When can we expect the official receipts of our payments to be sent to us?

Official Receipts are available 30 days after the issuance of payment. Megaworld, Global-Estate Resorts, Inc., Suntrust Properties, Inc., and Empire East Land Holdings, Inc. send out the official receipts quarterly on batch basis through client’s mailing address written on the Buyer’s Information Sheet (BIS).

I have not received my Welcome Letter. Isn't it that the Welcome Letter will be given 30 days after I paid my reservation fee?

There are several reasons why a Welcome Letter will not be received on time:

  • Incomplete documents of the client
  • No documents submitted
  • Late submission of documents
  • You may follow-up the status of your documents to your respective agent or region.

DOCUMENTARY REQUIREMENTS

What will happen if I don’t submit my documents on time?

The unit will be re-opened due to non-submission of closing documents.

Upon reservation, what are the initial documents that I need to submit?
  • Reservation fee
  • Reservation agreement
  • Buyer’s Information Sheet (BIS)
  • Copy of ID
  • Signed
  • Computation Sheet
  • Signed Layout

MONTHLY PAYMENTS

How long is it to verify payments coursed through a remittance company?
  • If payment is sent through our partner remittance/online banking (PHP account to PHP account), payment will be verified within 24 hours.
  • If sent via other remittance centers, payment verification will take 3-5 days, assuming all buyer’s purchase information is shown in every remittance transaction.

Our partner remittance:

  • For Megaworld Projects: I-Remit, Inc.(iPay) and PNB (bills payment)
  • For SPI Projects: I-Remit, Inc.(iPay) and RCBC Telemoney (Telepay)
  • For GERI Projects: I-Remit, Inc.(bank to bank)
  • For EELHI Projects: I-Remit, Inc.(bank to bank)
If we send our payment via Megaworld's partner remittance, do we need to submit proof of remittance/payment to my account specialist?

Yes. Proof of remittance/deposit will serve as our reference to recognize your payment.

Can we request to hold deposit or payment of our check?

Yes but this subject to approval of Management. Client must submit a request letter to CCG at least 14 days before the check’s due date. The letter should contain the name of the client, project and unit purchased, date of the check, amount, check number and bank name.

**Hold check deposit may be subject to holding fee.

What if the client signed the documents but RF was not collected?

Blocking is only facilitated once RF and other documentary requirements have been submitted. Since all units are being offered by all regions at the same time, units are on First Come, First Serve Basis.

I have remitted my Reservation Fee but the documents were not signed. What will happen to my chosen unit?

For MEG, EELHI and GERI, units with RF but no documents may be accommodated for temporary blocking but for SPI, it is strictly implemented that all documents must be submitted before a unit is blocked.

I want to pay the whole TCP in cash, will there be a discount?

Yes, discounts are extended to clients who wish to pay the whole TCP in cash within 30 days from date of reservation. Discount rates vary per developer and project.

How long will it take for developers to verify my remittance?

Remittance will be credited to developer’s account within 24 hours from date of remittance (if remitted via PNB and I-Remit Inc.). The concerned developer shall issue an Official Receipt (OR) as proof of payment for the purchased property based on the date the payment was credited to the developer’s account.

I will be using my US dollar check account to pay for my monthly amortization, how long is the clearing period?

US dollar check clearing period will take 30-45 days maximum. The exchange rate of the day it clears will be the applicable conversion rate.

Since the release of my salary if every 15th of the month, I would like to request if it would be possible to change my payment schedule from 5th of the month to 18th of the month?

The client should send a Request for Re-structure letter to CCG indicating the old payment schedule and the proposed new payment schedule. Once the CCG receives the letter, they will process it but it is subject to Suntrust’s approval.

What are the modes of payment?

Payment through POST DATED CHECKS (PDC) – Peso and US Dollar Currency only

  • Please make sure to write buyer’s full name, project & unit purchased at the back of the check.
  • When paying for Mortgage Redemption Insurance (MRI), the buyer has to make a separate check. Applicable to Suntrust Properties, Inc. projects only.
  • US Dollar check clearing period will take 30-45 days maximum. The exchange rate of the day it clears will be the applicable conversion rate.
Developer(s) Payee Name
Megaworld Corporation Megaworld Corporation
Suntrust Properties, Inc. Suntrust Properties, Inc.
Empire East Land Holdings, Inc. Empire East Land Holdings, Inc.
Global Estate Resorts, Inc. Global Estate Resorts, Inc.
Bayshore Residential Resorts & Kingsford Manila Bayshore Property Holdings, Inc.
Twin Lakes Twin Lakes Corporation

Payment through CASH VIA REMITTANCE CENTERS OR CORRESPONDENT BANKS:
In order to promptly and properly monitor your remittances, Megaworld has partnered with PNB, UnionBank and I-Remit, Inc. in facilitating remittances.

  • It is highly suggested to consider putting additional amount to the payment for the remittance charges. This is also to avoid insufficiency of remitted payment.

Client can go to the nearest bank tie up / correspondent bank / remittance center or partners

  • It is highly suggested to consider putting additional amount to the payment for the remittance charges. This is also to avoid insufficiency of remitted payment.

Fill out the forms to process remittance. Please make sure to indicate the following information:

  • Full name of the buyer
  • Project & Unit
  • Particulars (Reservation Payment or Monthly amortization – indicate for applicable month)

NOTES:

  • Please note that if payments are sent thru small remittance companies, there are instances that other charges are automatically deducted from the actual proceeds sent. It is highly suggested to consider putting additional amount to the payment for the remittance charges. This is also to avoid insufficiency of remitted payment.
  • If the client is sending a representative to remit your payment, please make sure that he/she informs the Bank/remittance to reflect the buyer’s name and project & unit in the remittance.
  • Client must send a copy of remittance slip to your sales agent or email to the following Megaworld International payments representatives:

Monthly Amortization Payments Retail:

Megaworld Corporation ss7.mwi@gmail.com
Global-Estate Resorts, Inc. and Empire East Land Holdings, Inc. Rose Ann Giron-ss12.mwi@gmail.com
Suntrust Properties, Inc. Maricris de la Cruz-ss6.mwi@gmail.com

Bulk:

Megaworld Corporation
Global-Estate Resorts, Inc. Nikko Tolentino-ss1.mwi@gmail.com
Empire East Land Holdings, Inc. and Suntrust Properties, Inc. Feliza Cabotaje-ss8.mwi@gmail.com

Remittance will be credited to the developer’s account within 24 hours from date of remittance (if remitted via PNB, UnionBank and I-Remit, Inc.). The concerned developer shall issue Official Receipt (OR) as proof of payment for the purchased property.

If I missed my payment deadline, what will happen to my account/unit?

If the client missed his/her payment deadline, Empire East will send the following notices directly to the client:

  • 1st Letter – Reminder Notice
  • 2nd Letter – Demand Notice
  • 3rd Letter – Notarized Letter of Forfeiture

Once the client receives the notice, he/she should settle his/her balance and the corresponding penalties (stated in the notice) within the period given by Empire East. If the client missed three months of payment, the unit will be already subject for forfeiture.

CANCELLATION OF ACCOUNTS

I received a notice that my unit is subject to forfeiture, what does this mean?

For retail clients, the unit will be forfeited if:

  • The client is not paying his/her monthly amortization.
  • The client is not sending proof of payments for his/her monthly amortization.
  • The client does not follow his/her payment schedule, thus, accumulating penalties.

For re-sell clients, the unit will be forfeited if:

  • The bulk sale was forfeited and the re-sell documents were not processed.
  • Incomplete documents from the bulk sale.
  • No transfer documents from the bulk sale.
  • The client is not paying his/her monthly amortization.
  • The client is not sending proof of payments for his/her monthly amortization.
  • The client does not follow his/her payment schedule, thus, accumulating penalties.

BACK-OUT ON PURCHASED UNIT

I would like to cancel my Suntrust Amadea 1-bedroom unit purchase due to financial difficulties. I would also like to appeal for refund for the payments I made. How do we go about it?

The client should submit a Back Out letter stating the reason for back-out and his/her appeal for refund. Once CCG receives the letter, CCG will send a Back Out form to be accomplished by buyer. CCG will process this and update the client on the status of his/her request.

Once the client was approved for a refund, it will be only 50% of the total payment made minus the commissions, penalties, interests and incentives. Refund will take 2-3 months to process provided that all payments made are reflected in the system and the client’s documents are already submitted to Suntrust Properties, Inc.

 

Acronyms

Full Definition

MEG Megaworld Corporation
SPI Suntrust Properties, Inc.
GERI Global-Estate Resorts, Inc.
EELHI Empire East Land Holdings, Inc.
SIG Sales Information Group
SAG Sales Admin Group
SSG Sales Services Group
CCG Customer Care Group
RF Reservation Fee
AR Acknowledgement Receipt
RROP Request for Reservation and Offer to Purchase
OR Official Receipt
CTBS Contract to Buy and Sell
BIS Buyer’s Information Sheet
TCP Total Contract Price
VP Vice President for Sales
BOI Board of Investment
ITH Income Tax Holiday
PEZA Philippine Economic Zone Authority
NRIETB Nonresident individual engaged in trade or business