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By: GM | February 06, 2016

TERMINOLOGIES USED IN PHILIPPINE REAL ESTATE 
 The first step to understanding is to be familiar with terminologies used in Philippine Real Estate 
Absolute Deed of Sale – is a document for a type of deed where the sale is not subject to any condition and where the transfer of ownership is complete and irrevocable.
Abstract of Title – is a summary, or digest of the conveyances, transfer and any other facts relied on as evidence of title, together with any other elements which may impair the title.
Acceleration Clause – is a clause on trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due and payable upon the happening of a certain event.

Accession – is the right pertaining to the owner of a thing o...

Category: Buyer's Guide 

Tags: Real Estate Cebu 

By: GM | February 06, 2016

Evidence of ownership – In house and lot, evidenced by original or transfer certificate of title while in condominium, ownership is evidenced by condominium certificate of title

Capacity to buy – In house and lot, or lot only or townhouse, alien acquisition is not allowed. In the condominium concept, alien ownership not to exceed 40% interest in the project is legally allowed

Extent of ownership – the interest of the owner in house and lot consists of absolute ownership of the inner and outer structures of the building (the entire building). In the condominium concept, the unit owner is the absolute owner of the space within the interior surface of his unit, but is only a co-owner of the exterior or façade of the unit.

Advantages of condomi...

Category: Buyer's Guide 

Tags: Real Estate Cebu 

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