FAQ's:

1. What is Real Estate?

        It refers to land and/or building or other improvements permanently attached or annexed to land including the rights and interests thereon and includes rural, suburban and urban land and developments thereof such as residential, commercial, industrial, institutional, agricultural, aquacultural or combination of such rights and interests, resorts, land reclamation, building or housing projects either for individual or condominium ownership, memorial parks, townhouses, club houses and other similar nature.

2. What is Real Estate Brokerage?

        It refers to act or practice whereby a natural or juridical person, on behalf of another and for or in expectation of a fee, commisssion, compensation or other valuable consideration, performs any of the following acts: list, offer, advertise, solicit, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease, joint venture or other transactions in real estate or any interest therein.

3. What is a Real Estate Broker?

                   Any person, natural or juridical, who performs real estate brokerage as defined above.

4. What is a Sale?

                    By a contract of sale, one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate and the thing other party to pay therefore a certain price in money or its equivalent.

5. What is a Lease Contract?

                   It is a contract whereby one of the parties binds himself to give another the enjoyment or use of a thing for a certain price, and for a period which may be definite or indefinite.

6. What is Lis Pendens?

                   It is an annotation in the title which serves as notice that the property is subject to a pending litigation.  It is a legal notice to all the world that there is a dispute as to the title of the same.

7. What is a Lien?

                    It is a hold or claim which one person has upon the property of another as security for a debt or charge, judgment, mortgages, taxes.

8. What is a paraphernal property?

                    It is a property exclusively owned by the wife.

9.What is a capital property?

        A property belonging exclusively to the husband.

10.What is an earnest money?

        It is a sum of money tendered by a buyer to the seller which, if accepted by the seller, shall form part of the purchase price and becomes proof of the perfection of the contract.  It is a sign of good faith on the part of the buyer.

11.What is a option money?

        It is a sum of money tendered by a buyer to the seller which, if accepted by the seller, shall not form part of the selling price.  

12.What is foreclosure?

        It is a procedure whereby property pledged as security for a debt is sold to pay the debt in the event of default in payment or terms.  

13.What is a fair market value?

        It is the price at which a willing seller will sell and a willing buyer will buy, neither being under abnormal pressure or circumstances. 

LINKS