Buying new apartment, not receiving deed until all units sold??

[Johnny]

Thanks for this explanation. It was helpful. I was looking at some new developments and they couldn't speak English and I had a difficult time understanding what the closing was like. Only I thought they said I had to pay legal fees at possession so this is different. I wouldn't want to pay legal fees until I got my title deed. Thanks for the helpful posts @Johnny and @FuturoBA.

@Johnny how much did you have to pay for the reserve fund?

I don't think you should have to pay any legal fees or lawyers until you sign the title deed transfer. They told me that would be later next year. I looked at some older properties and that is different then. You have to pay at closing for properties that aren't new construction.

What you pay for the reserve fund probably depends on the building. The more amenities you have the more you will pay. The building I bought in doesn't have many amenities at all. They only have bicycle racks below for each unit, laundry room, rooftop terrace with bbq area to cook and a video monitor at the entrance that has facial recognition for the owners. I paid about $800 dollars. It was 873,000 pesos that included the reserve fund. I am not sure what the breakdown was for just the reserve fund.