A Certificate of Completion is a formal document signed by a licensed architect or engineer in the Philippines, declaring that a construction project has been finished according to the approved building plans. It is a primary requirement for applying for an Occupancy Permit.
The National Building Code of the Philippines (PD 1096) is the law setting the minimum safety and construction standards for all buildings. For homebuyers, it’s a crucial regulation enforced by the local OBO that ensures a home is built safely and legally.
An Occupancy Permit is a document from the LGU’s Office of the Building Official certifying a new building is safe and legal to inhabit. It’s a mandatory requirement in the Philippines for legal habitation, permanent utility connections, and property insurance.
A Tax Declaration (TD) is an official record of a property from the LGU Assessor’s Office for taxation purposes. While not absolute proof of ownership, it is a critical document required for paying Real Property Tax and is mandatory for all title transfers and housing loan applications in the Philippines.
A Land Use Plan is a comprehensive guide from a local government unit (LGU) that dictates how land can be used. For Filipino homebuyers, it’s a crucial document that protects property value by ensuring your neighborhood’s character and preventing incompatible developments.
A Deed of Restrictions is the legally binding “rulebook” for a subdivision or condominium in the Philippines. Created by the developer, it sets covenants for land use, building design, and community conduct to protect property values and maintain standards.
A Breach of Contract in Philippine real estate is when a buyer or seller fails to fulfill their obligations under a signed agreement. This can lead to consequences like forfeiture of the earnest money for the buyer or legal action for the seller.
Forfeiture is the legal process where a seller keeps the buyer’s earnest money deposit due to the buyer’s failure to comply with the sales contract. For Filipino homebuyers, understanding and negotiating the forfeiture clause is critical to protecting their investment.
A Dominant Estate is a property that benefits from a legal easement over a neighboring property (the Servient Estate). For buyers of landlocked lots in the Philippines, confirming this status is crucial for securing a legal Right of Way.
A Servient Estate is a property that is legally burdened with an easement, such as providing a Right of Way to a neighbor. Homebuyers in the Philippines must identify this as it signifies a permanent, inherited obligation that restricts land use.
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