Commonly used terms:
The official turnover of your property will be made after you have undergone these steps:
The official turnover of your property will be made after you have undergone these steps:
Real Estate refers to the land and improvements, inclusive of the rights and interest.
Reservation Agreement expresses the buyer’s consent to reserve the property and fulfill obligations and requirements, including payments with the corresponding agreed submission dates.
Contract to Sell is the formal and legal agreement between the buyer and the developer. The buyer binds himself to fulfill his obligations in terms of paying his monthly amortization religiously to the developer. The developer in turn binds himself to deliver what he promised to the buyer in terms of the quality of development, amenities, management etc. If the buyer signed a Contract to Sell, the seller will not initiate the title to the buyer’s name unless fully paid.
Deed of Absolute Sale signifies that the buyer has fulfilled all his financial obligations to the developer.
Transfer Certificate of Title / Condominium Certificate of Title is the principal proof of ownership that a person owns the house and lot he purchased (Transfer Certificate of Title/ TCT) or the condominium (Condominium Certificate of Title / CCT). Such property therefore is registered under the new owner’s name.
Transfer of Rights is an agreement between a former buyer and the new buyer, who assumes the rights and obligations of the former buyer.
Reservation Agreement expresses the buyer’s consent to reserve the property and fulfill obligations and requirements, including payments with the corresponding agreed submission dates.
Contract to Sell is the formal and legal agreement between the buyer and the developer. The buyer binds himself to fulfill his obligations in terms of paying his monthly amortization religiously to the developer. The developer in turn binds himself to deliver what he promised to the buyer in terms of the quality of development, amenities, management etc. If the buyer signed a Contract to Sell, the seller will not initiate the title to the buyer’s name unless fully paid.
Deed of Absolute Sale signifies that the buyer has fulfilled all his financial obligations to the developer.
Transfer Certificate of Title / Condominium Certificate of Title is the principal proof of ownership that a person owns the house and lot he purchased (Transfer Certificate of Title/ TCT) or the condominium (Condominium Certificate of Title / CCT). Such property therefore is registered under the new owner’s name.
Transfer of Rights is an agreement between a former buyer and the new buyer, who assumes the rights and obligations of the former buyer.