What are hidden charges? Why are these not included in the sample computation?

The following are the most common other charges that every homeowner should know.

1. Transfer Charges

It is the payment for transfering the land title/condo title from the developer to the new owner. It depends upon the developer if they will include this on the total contract price of the unit or property.

2. Move in Fees

It is not included in the sample computation because its not fixed rate, especially if the property is still on pre selling. It may change from  time to time.These are fees for water and electric connection and advance real proprerty tax. There are chances that the processing fee incereases (this is not controlled by the developer) by the water and electric company. Real Property Tax on the other hand depends on the government re-assessment of the property and it should be paid before the turn over of the property.

3. Pag ibig Advances

These include MRI, Fire Insurance, etc. Final figure will be given by Pag ibig. MRI stands for Mortage Redemption Insurance. Its a life insurance policy that helps repay your mortage balance in the event of your death before the housing loan’s full repayment (moneymax.ph)

4. Bank Loan Processing Fee

Each bank has different processing fee. Your chosen bank will give you the final figure and it is not controlled by the developer.

5. Condo Dues or Homeowners Association Dues

Developers give only estimated amount upon reservation. (these varies the size of the property)

6. Building Insurance and Real Property Tax

For condos, unit owners pays annual building insurance and property tax. For house and lot owners, they will pay real property tax. If you don’t pay for these you are subject for tax evation.

7. Membership Fee

There are condos that has membership fee aside from the condo dues.