Ready For Occupancy (RFO)

PROJECT SELLING
Properties for sale under a Developer shall be classified as Ready for Occupancy (RFO) and Preselling or under construction projects. For RFO projects a certain outright down payment is require and the loan take out must be approved first before the buyer can use the property, some Developers use a marketing strategy “Rent to Own or Lease to Own” to attract some buyers for RFO projects.
The Pre-selling projects usually require no down payment, future homeowners can settle a percentage of the selling price for couple of years as their monthly amortization or equity, by the time the project is ready to use the balance must be settled in cash or loan before the homeowner can occupy the property. Project selling require earnest money or reservation fee as the first step of purchase process. In general the properties are brand new and have warranty; the Documentation and registration are being done by the Developer.