Real Estate Glossary
Understand every term in Philippine real estate
32+ terms explained
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TCT
Transfer Certificate of Title
A document that proves ownership of a registered land. It is issued by the Registry of Deeds and contains the technical description of the property.
CCT
Condominium Certificate of Title
A document proving ownership of a condominium unit. Similar to TCT but specifically for condo units.
Tax Declaration
A document from the local assessor's office showing the assessed value of a property for tax purposes. Not a proof of ownership.
DOAS
Deed of Absolute Sale
A legal document transferring ownership of property from seller to buyer. Required for title transfer.
CTS
Contract to Sell
An agreement where the seller agrees to sell and the buyer agrees to buy a property under specific terms. Title transfers only upon full payment.
SPA
Special Power of Attorney
A legal document authorizing someone to act on behalf of another person for specific transactions.
CGT
Capital Gains Tax
A 6% tax on the selling price or zonal value (whichever is higher) of real property. Paid by the seller.
DST
Documentary Stamp Tax
A 1.5% tax on the selling price or zonal value of real property transactions. Usually split between buyer and seller.
Transfer Tax
A local government tax (0.5-0.75% of selling price) paid when transferring property ownership.
All Terms A-Z
Bank Financing
Bank Housing Loan
A mortgage loan from commercial banks. Usually offers higher loan amounts but higher interest rates than Pag-IBIG.
CCT
Condominium Certificate of Title
A document proving ownership of a condominium unit. Similar to TCT but specifically for condo units.
CTS
Contract to Sell
An agreement where the seller agrees to sell and the buyer agrees to buy a property under specific terms. Title transfers only upon full payment.
CGT
Capital Gains Tax
A 6% tax on the selling price or zonal value (whichever is higher) of real property. Paid by the seller.
DOAS
Deed of Absolute Sale
A legal document transferring ownership of property from seller to buyer. Required for title transfer.
DST
Documentary Stamp Tax
A 1.5% tax on the selling price or zonal value of real property transactions. Usually split between buyer and seller.
Duplex
A building divided into two separate living units, each with its own entrance.
Equity
Down Payment/Equity
The initial amount paid before loan takeout. Usually 10-30% of the total contract price.
Floor Area
The total usable area inside a property, measured in square meters.
GFA
Gross Floor Area
Total floor area including walls, corridors, and common areas in a building.
House and Lot
A property package that includes both the house structure and the land it sits on.
HLURB
Housing and Land Use Regulatory Board
Now DHSUD - the government agency that regulates real estate development in the Philippines.
In-House Financing
Developer In-House Financing
Financing offered directly by the property developer. Usually has shorter terms and higher interest rates.
Lot Area
The total land area of a property, measured in square meters.
License to Sell
A permit from DHSUD allowing developers to sell properties. Required before any preselling.
Pag-IBIG
Pag-IBIG Fund Housing Loan
A government housing loan program with lower interest rates. Maximum loan amount depends on monthly income.
Preselling
Pre-selling Property
A property sold before or during construction. Usually offers lower prices and flexible payment terms.
Punch List
A list of defects or incomplete work items found during property inspection before turnover.
RPT
Real Property Tax
Annual tax paid to the local government based on the assessed value of the property. Also called amilyar.
Reservation Fee
Initial payment to reserve a property unit. Usually deductible from the total price.
RFO
Ready for Occupancy
A property that is completed and ready to move in. No waiting time for construction.
SPA
Special Power of Attorney
A legal document authorizing someone to act on behalf of another person for specific transactions.
Studio
Studio Unit
A small condo unit where the living area, bedroom, and kitchen are in one open space.
SQM
Square Meter
The standard unit of area measurement for real estate in the Philippines. 1 sqm = 10.764 sq ft.
TCT
Transfer Certificate of Title
A document that proves ownership of a registered land. It is issued by the Registry of Deeds and contains the technical description of the property.
Tax Declaration
A document from the local assessor's office showing the assessed value of a property for tax purposes. Not a proof of ownership.
Transfer Tax
A local government tax (0.5-0.75% of selling price) paid when transferring property ownership.
TCP
Total Contract Price
The total selling price of the property including VAT but excluding miscellaneous fees.
Townhouse
A multi-story home that shares walls with adjacent units. Usually has a small yard.
Turnover
Unit Turnover
The process of handing over a completed property unit from the developer to the buyer.
Withholding Tax
Creditable Withholding Tax
A 6% tax withheld on real property sales involving sellers engaged in real estate business.
Zonal Value
BIR Zonal Value
The minimum property value set by the BIR for a specific location. Used as basis for computing taxes.
Terms by Category
Legal Documents
Titles, deeds, and legal papers
Taxes & Fees
Government taxes and transaction fees
Financing
Loans, mortgages, and payment terms
Property Types
Types of real estate
Measurements
Units and area calculations
Development
Construction and project terms
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