If you’re ever interested in buying a property for sale in Manila, you’ll eventually have to read through a lot of paperwork and listen to a ton of legal and real estate talk. You can’t know all the technical stuff that they mention but you can get familiar with the ones that are most used the real estate biz.
Admin – abbreviation of Administration/Administrators; they’re basically the people you go to if you have suggestions or questions on how the whole building does its operations. Think of them as your office managers or better yet human resource.
Association Dues – most private subdivisions have an association. An association is made up of a representative of every home owner and association meetings are held so that issues may be resolved and events and updates may be announced. Association dues are dues that you pay for the activities that are done by the association.
Amenities - these are enhancements and luxuries that properties like condominiums provide their residents. These are more commonly known in the forms of swimming pools, free-use gyms, and sauna but amenities could also be in the form of services like doormen, valet parking, and 24/7 house support.
Amortization/schedule – Amortization is the amount you have to pay for in installments to fully acquire a property. Amortization schedules are set to make this amount more manageable, decreasing the full amount as time goes by and more payments are made.
Building restrictions – restriction set by The Law on the limits (territorial, capacitative) of the building like how far can a terrace reach out, how high can a building stand, or how many people can be inside the building at the same time. These are different from House Rules and Bylaws since these are laws set and implemented by the Government.
By-Laws – By-Laws are laws made by the corporation, cooperative, or Association, most of which are suggested, implemented, and observed by the residences with the supervision of the Admins and the Management.
Caveat – Written warning for delinquency in payments (association dues, for example) and infractions of rules where action can be taken even if without the presence of the person in question so long as the caveat has been received and that the delinquency and infractions of rules still happen.
Closing – In popular term, closing is when a property has been successfully sold. Contextually, in real estate, the actual Closing happens when the property has been fully paid and ownership has been successfully transferred.
Collateral – Putting something of great value on the line to give assurance of payment for a loan. In the event of delinquency in payment, the loaning body can take the Collateral.
Common Area/Elements – Facilities that are available for use by all tenants and guests.
Co-op – Abbreviation for Cooperative; it is more commonly known to be the group of people with common goals that involve economic, social, and cultural betterment; much like an association but it avenues loans, purchases and it is an entity independent of the management.
Master deed – A condominium can only be a condominium if it has a condominium declaration, otherwise called as a master deed.
Default – Any action or lack thereof that results to a bridge on contract and ends up in a demand for damages is called a default.
Duplex – An apartment or condominium unit that consist of two floors.
Escrow – In the absence of the payer or his inability to perform his responsibilities as the buying party, the state of Escrow is instated so that someone else may be considered to be the holder of the benefits, legal rights, documents and money in trust.
Estoppel – Documentation such that facts cannot be contradicted in the future by a party; in real estate, it is the establishing of amounts, more commonly by the mortgaging parties, for future reference, accountability, and execution.
Eviction – Action executed by the landlording party to interfere with an owners used of a property.
Grace Period – Set time allowance for considerations on payments that may come in late; it helps deter defaulting.
House Rules – Rules set by the administration and/or the association that must be followed by all tenants.
HVAC – Heating, Ventilation, Air Conditioning.
Landmark – in the Philippines, it is more commonly known as places of reference; formally, landmarks are building or even neighborhoods that are protected and preserved by the government.
Lot – a set measurement of the area that a property has territorial rights over.
Mortgage – Real estate collateral pledge to make sure a debt is paid; different from amortization in a sense that, although both are being paid in acquiring a property, amortization are made as payments to acquire the house while mortgage is made in payments to a loaning body. Failure to execute payments may result to a property being “mortgaged”, or taken in the form of collateral.
Principal – Base amount; in mortgage, it is the full borrowed amount that interests shall be derived from.
Townhouse - The common concept of townhouses is that they are two-story housings with the same design as with subdivisions, each of which are adjacent to each other. Nominally, a townhouse is a residence that shares at least one wall with a neighbor—a single story house can still be considered a townhouse.
Triple Mint – property in pristine and unused condition, regardless of finish.
Triplex – like a duplex only triplexes have 3 floors.
Unit Deed – Deed received by the unit purchaser are proof or ownership of a condominium unit.
Admin – abbreviation of Administration/Administrators; they’re basically the people you go to if you have suggestions or questions on how the whole building does its operations. Think of them as your office managers or better yet human resource.
Association Dues – most private subdivisions have an association. An association is made up of a representative of every home owner and association meetings are held so that issues may be resolved and events and updates may be announced. Association dues are dues that you pay for the activities that are done by the association.
Amenities - these are enhancements and luxuries that properties like condominiums provide their residents. These are more commonly known in the forms of swimming pools, free-use gyms, and sauna but amenities could also be in the form of services like doormen, valet parking, and 24/7 house support.
Amortization/schedule – Amortization is the amount you have to pay for in installments to fully acquire a property. Amortization schedules are set to make this amount more manageable, decreasing the full amount as time goes by and more payments are made.
Building restrictions – restriction set by The Law on the limits (territorial, capacitative) of the building like how far can a terrace reach out, how high can a building stand, or how many people can be inside the building at the same time. These are different from House Rules and Bylaws since these are laws set and implemented by the Government.
By-Laws – By-Laws are laws made by the corporation, cooperative, or Association, most of which are suggested, implemented, and observed by the residences with the supervision of the Admins and the Management.
Caveat – Written warning for delinquency in payments (association dues, for example) and infractions of rules where action can be taken even if without the presence of the person in question so long as the caveat has been received and that the delinquency and infractions of rules still happen.
Closing – In popular term, closing is when a property has been successfully sold. Contextually, in real estate, the actual Closing happens when the property has been fully paid and ownership has been successfully transferred.
Collateral – Putting something of great value on the line to give assurance of payment for a loan. In the event of delinquency in payment, the loaning body can take the Collateral.
Common Area/Elements – Facilities that are available for use by all tenants and guests.
Co-op – Abbreviation for Cooperative; it is more commonly known to be the group of people with common goals that involve economic, social, and cultural betterment; much like an association but it avenues loans, purchases and it is an entity independent of the management.
Master deed – A condominium can only be a condominium if it has a condominium declaration, otherwise called as a master deed.
Default – Any action or lack thereof that results to a bridge on contract and ends up in a demand for damages is called a default.
Duplex – An apartment or condominium unit that consist of two floors.
Escrow – In the absence of the payer or his inability to perform his responsibilities as the buying party, the state of Escrow is instated so that someone else may be considered to be the holder of the benefits, legal rights, documents and money in trust.
Estoppel – Documentation such that facts cannot be contradicted in the future by a party; in real estate, it is the establishing of amounts, more commonly by the mortgaging parties, for future reference, accountability, and execution.
Eviction – Action executed by the landlording party to interfere with an owners used of a property.
Grace Period – Set time allowance for considerations on payments that may come in late; it helps deter defaulting.
House Rules – Rules set by the administration and/or the association that must be followed by all tenants.
HVAC – Heating, Ventilation, Air Conditioning.
Landmark – in the Philippines, it is more commonly known as places of reference; formally, landmarks are building or even neighborhoods that are protected and preserved by the government.
Lot – a set measurement of the area that a property has territorial rights over.
Mortgage – Real estate collateral pledge to make sure a debt is paid; different from amortization in a sense that, although both are being paid in acquiring a property, amortization are made as payments to acquire the house while mortgage is made in payments to a loaning body. Failure to execute payments may result to a property being “mortgaged”, or taken in the form of collateral.
Principal – Base amount; in mortgage, it is the full borrowed amount that interests shall be derived from.
Townhouse - The common concept of townhouses is that they are two-story housings with the same design as with subdivisions, each of which are adjacent to each other. Nominally, a townhouse is a residence that shares at least one wall with a neighbor—a single story house can still be considered a townhouse.
Triple Mint – property in pristine and unused condition, regardless of finish.
Triplex – like a duplex only triplexes have 3 floors.
Unit Deed – Deed received by the unit purchaser are proof or ownership of a condominium unit.
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