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Real Estate Made Simple

Real estate is dynamic, diverse and always challenging. I hope to make this a website a resource place where you can get easy to understand information about real estate.
What is a TCT and a CCT?

A TCT is a Transfer Certificate of Title and a CCT is a Condominium Certificate of Title. If you own land, your title is a TCT. If you own a condominium, your title is a CCT.

 

When you own property, you must always keep your TCT and/or CCT in a safe place. Never give your owner's original duplicate title to anyone unless they have paid and signed a Deed of Absolute sale. Keep your title in a safe place like a safe, vault or safety deposit box where it is safe from theft and environmental damage. If ever you lose your title, you will have to go through a process called "administrative reconstituting of title". 

Should I go through a broker? 

I've been in the shoes of both the client and the broker. Personally, for my family's properties, I still go through brokers. I find that paying a broker a professional fee is worth it because it keeps the peace between both parties. Real estate can be very personal, especially for residential leases. Brokers are the mediators and find the balance so both parties "win".

 

More important, real estate brokers can save you a lot of money by doing your due diligence and make sure you're paying the correct taxes on time. The BIR and the registry of deeds have their respective deadlines when it comes to real estate transactions. Miss a deadline, fill up their forms incorrectly and it can get very frustrating and costly. 

I want to sell my property. How do I go about this? 
 

First, get your documents in order.

 

You will need the following:

1. Original Title

2. Tax Declaration (NOT real property tax receipt, thats different)

 

Next, tidy up and stage your unit for photos

In this day and age of Pinterest, buyers are spoiled with Airbnb-ish looking homes. Fashion has caught up to interiors and the cuter your place looks, the higher the chances you have in selling or leasing your place. 

 

3. Take nice and realistic photos of the property

Photos need to be true to life because clients get irked when photos look better than the actual unit. Think about how you'd feel if you ordered something from the menu that looked filling and tasty then when the food comes its the turns out its small portioned. 

 

Things to know about your property

1. Lot area - size of the lot (this is found in your title.)

2. Floor area - size of the total floor area of your structure (you can ask a contractor to measure your floor area, or check your tax declaration)

3. Orientation of your lot

4. Will you sell it furnished?

5. Are your real estate property taxes paid up to present day?

6. Are your association dues paid up to present day? 

 

The more organized and easily accessible your documents are, the faster your property will sell. 

Is my tax declaration the same as the thingy I pay every year? 
 

That thingy you pay every year is your real estate property tax aka RPT. That is not your tax declaration. You pay your RPT at the City Treasurer's office. This document should be in your name and should reflect your real property tax base for the land and improvements (if any). 

 

Tip: Pay your taxes in full and most cities give a discount. 

QC gives 20% off if you payin full by December

Makati gives 10% off if you pay in full by January

 

If you do not have your tax declaration, go to your the City Assessor's office and request for one. Make sure you bring a copy of your title so they can locate your tax declaration. 

This is how your real estate tax receipt looks like.

 

 

 


 

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