South Luzon is bustling with real estate opportunities for aspiring homeowners and investors alike. The fine Batangas weather as well as some of the local favorite food in Batangas make for the perfect escape from the congested Metro Manila.
If you wish to purchase your own home, you have two options for property ownership: condominium and houses and lot. While both grant you ownership rights, the nature of these rights and the legal documents representing them differ significantly. Let’s explore the key distinctions between condo titles and house and lot titles.
Condo Title: Condominium Certificate of Title or CCT
A Condominium Certificate of Title or CCT grants you ownership of an individual condo unit within a larger building or complex. You also own the rights to the space enclosed by your unit’s walls, floors, and ceilings. The Condominium Act (Republic Act No. 4726) governs this form of property ownership.
Additionally, you also share a proportionate ownership of common areas like the hallways, elevators, gym, and swimming pools with other unit owners. Condo owners become automatic members of the Condominium Corporation, which also governs property management in facilitating order, safety and security for the building.
House and Lot Title: Transfer Certificate of Title or TCT
A Transfer Certificate Title or TCT gives you full ownership of the land and the physical structures built on it. The TCT guarantees that the holder is the registered owner of land, and it includes the lot number, area, and boundaries. It is issued by the Land Registration Authority (LRA) under the Property Registration Decree (Presidential Decree No. 1529). A TCT also applies to ownership of agricultural or commercial lands.
With this ownership, you are responsible for maintaining your own property including the land, the house, landscaping and any surrounding structures. As for shared spaces, the rules and regulations for common areas and amenities are regulated by the Homeowners Association or HOA.
See the key differences between a CCT and TCT here:
Feature | Condominium Certificate of Title (CCT) | Transfer Certificate of Title (TCT) |
Citizenship of individual owners | Filipino citizens and foreign nationals can own a condo unit | Filipino citizens only |
Scope of ownership | Individual condominium units in a building | Land, including any structure/s and landscaping built on it TCT applies to ownership of residential, agricultural, or commercial lands |
Common areas (residential) | Areas such as the hallways, lobby, elevators, and amenities have shared ownership with other condo unit owners | In a residential village setting, areas such as the main roads, sidewalks, and village amenities have shared ownership with other homeowners |
Property Management | The Condominium Corporation sets the policies, rules and regulations in order to maintain a harmonious community and properly take care of overall development. Members can elect their officials for the condominium corporation. | The Homeowners Association (HOA) is responsible for the overall maintenance of the village and its amenities to preserve property values. Members can elect their officials for the HOA. |
Upkeep and maintenance | The condo owner is responsible for the inside of the owned condo unit. The Condominium Corporation looks after the common areas and amenities of the building. | The homeowner is responsible for land, and the upkeep of the structures built on it. The HOA is responsible for the maintenance of the common areas amenities. |
With the growing demand for local house and lot investments from both Filipinos and foreign nationals, Century Properties has developed a horizontal project that allows Filipinos and foreigners to buy a home on a piece of land.
Commune Village, located in Nasugbu Batangas, is a special development as it is a horizontal type of condominium unit where Filipinos and foreign individuals can purchase a home under their name as evidenced by a CCT. The 2BR two-storey Kaizen Home and the 3BR two-storey Sansa Home are covered by the CCT.
Although ownership under a CCT pertains to the condominium unit or home, the lawn and individual lot where the condominium stands is protected under the Exclusive Use/Rights of the lawful owner. This empowers both Filipinos and foreign individuals to invest in this unique village nestled away in an active community. Think of Commune Village as a one-storey building, with the streets as your hallways.
Built against the gorgeous backdrop of Mt. Batulao, homeowners can enjoy serenity each and every day–all while having easy access to lush Batangas Laiya beach resorts, scrumptious Batangas lomi, and provincial travel via Batangas Port.
Find the perfect Commune Village Batulao home for you at www.century-properties.com/