Unit Turnover Process (Iloilo Business Park Condominiums)

Unit turnover is the stage where the developer formally hands over your condo unit to you—after required payments and documents are complete—so you can inspect the unit, clear move-in requirements, and receive your keys.
This guide is designed to be comprehensive but easy to follow.

Quick Overview (4 Steps)

Step 1

Unit Inspection & Acceptance

Schedule your inspection, check unit condition, and create a punch list for corrections (if any).

Step 2

Accounts Settlement / Requests

Confirm your payment route (Cash/Bank/In-house) and settle any remaining balances or requirements.

Step 3

Move-In Clearance

Once requirements are complete, the developer processes your move-in clearance (timelines vary by payment mode).

Step 4

Key Turnover (PMO)

Coordinate with the Property Management Office for key release and move-in guidelines.

Step 1 — Unit Inspection & Acceptance

After your turnover invitation, you’ll schedule a unit inspection. During inspection, you’ll do a careful walkthrough and list any items for correction (often called a punch list) before final acceptance.

Pro tip: Take photos plus a slow walkthrough video. It makes punch list follow-ups faster and clearer.

Practical Inspection Checklist (quick but thorough)

Bring: phone camera, pen, tape/post-its, and (optional) measuring tape.

Finishes

  • Tiles: cracks, hollow sound, uneven grout
  • Walls/ceiling: stains, rough paint, hairline cracks
  • Doors/windows: alignment, locks, seals

Plumbing

  • Water pressure (sink/shower)
  • Drain flow (bathroom/balcony)
  • Leaks under sink / around toilet

Electrical

  • Test outlets and switches
  • Check provisions for AC / water heater (if applicable)
  • Verify light points / exhaust points (if applicable)

Quick realities

  • Small touch-ups are normal; list them clearly
  • Ask about the rectification timeline for your punch list
  • If you’re abroad, a representative may inspect for you (authorization requirements vary)

Step 2 — Accounts Settlement / Requests

This step is where you align your account status, settle any remaining amounts, and confirm your payment route: Cash, Bank Financing, or In-house Financing.

Why this matters:

Move-in clearance processing typically starts only after your required payments and documents are complete for your chosen payment mode.

Step 3 — Move-In Clearance (Timelines)

Once all requirements are complete, the developer processes your Move-In Clearance.

Typical processing timelines (upon completion of requirements)
  • Cash: 14 working days
  • Bank Financing: 14 working days
  • In-house Financing: 30 working days

Note: working-day counts exclude weekends/holidays; timelines can vary based on document completeness.

Requirements by Payment Mode

Cash Turnover

Common requirements

  • Posted payment for remaining unit balance
  • Posted payment for T&F (Taxes & Fees)
  • Notarized / Signed CTBS or Proforma

Bank Financing

Common requirements

  • Posted payment from loan proceeds to cover unit balance + taxes and fees
  • Notarized / Signed CTBS
  • Updated Buyer’s Information Sheet
  • Taxpayer’s Information Sheet
Helpful note: Banks typically require MRI (Mortgage Redemption Insurance) as part of the housing loan package (terms depend on the bank).

In-house Financing

Common requirements

  • Posted payment for required downpayment
  • Posted payment for taxes and fees (including MRI)
  • Posted complete issued PDCs (post-dated checks) based on the in-house term
  • Signed Proforma (signed by all buyers)
  • Signed CTBS / NCTBS
  • Signed Letter to Admin
  • Signed In-house Addendum and Conformity
  • MRI Form

Step 4 — Key Turnover (Property Management Office)

After your Move-In Clearance is confirmed, you’ll coordinate with the Property Management Office for your key turnover schedule.

What typically happens at key turnover
  • Key release instructions
  • Building rules / move-in guidelines
  • Move-in scheduling reminders (elevator reservations, working hours, etc., depending on the building)

Turnover Tips (so everything goes smoother)

Plan your inspection well

  • Choose a schedule when you’re not rushed
  • Walk the unit twice: general view, then detailed checklist
  • Group punch list items by location (kitchen, toilet, bedroom)

Avoid common delays

  • Submit documents with complete names/signatures
  • Watch for mismatched IDs vs. buyer info forms
  • If overseas, prepare authorization documents early

If you plan to renovate

  • Ask PMO about renovation permits and working hours
  • Clarify elevator padding and hauling schedules
  • Confirm debris disposal rules and contractor access

Keep a simple record

  • Save your inspection photos/video in one folder
  • Maintain a dated punch list (v1, v2, resolved)
  • Keep receipts/acknowledgments in one place

FAQs

How long does Move-In Clearance take?
Typical processing timelines after requirements are complete are: Cash: 14 working days, Bank: 14 working days, and In-house: 30 working days. Working days exclude weekends/holidays, and timelines may vary based on document completeness.
What if I find issues during inspection?
List the items clearly in your punch list and document them with photos/video. Small touch-ups are normal; what matters is that everything is recorded properly so corrections can be scheduled before final acceptance.
Can I do turnover while I’m abroad?
Many buyers complete inspection and turnover through an authorized representative. Requirements vary per developer and project, so plan early—especially for notarized authorizations and ID requirements.
What is MRI and why does it appear in loan-related requirements?
MRI usually refers to Mortgage Redemption Insurance, which banks commonly require for housing loans. It helps cover the remaining loan balance under specific conditions. Terms and coverage depend on the bank and policy.
Is key turnover the same as title transfer?
Not always. Key turnover is about unit handover and move-in readiness. Title processing (ownership documentation) often follows a separate timeline depending on document completion and internal processing.