Real Estate Dictionary
Here are basic terms and understanding of real estate concepts before purchasing your dream home.
Learning the jargons, studying your options and entrusting your investment to reliable and honest licensed brokers can easily give you peace of mind in getting your dream home.
- A property made up of land and buildings on it. It can generate passive income and can be a good long-term investment.
Professional Regulation Commission/ PRC
- The government agency that administers, implements and enforces regulatory laws of real estate professionals and occupational standards and ethics.
Real Estate Agent/ Salesperson
- An industry selling professional who arranges the selling, renting or management of homes, land and buildings of the owners.
- We started as Real Estate Agents/ Salespersons year 2011 for DMCI Homes.
Real Estate Brokers
- An industry professional with Professional Regulation Commission (PRC) license. Real Estate Brokers can work as independent sellers or own/manage a brokerage like Noemix Realty where we have real estate agents/salespersons under our team.
- We earned our licenses as Real Estate Brokers year 2016.
- A vacant lot (or empty lot) is a parcel of land that currently has no buildings (or improvements) on it.
- Rows of uniform homes, two stories or taller.
- There is an open space on the sides, on the front and on the back, and your house is in the middle of the lot.
- One side of the house is built directly at the boundary of your lot.
- Total area of the property including the yard up to the boundaries or property line.
- The area inside that is occupiable, up to and including the exterior walls.
Ready for occupancy/ RFO
- Units that have already been built and can be occupied anytime.
- The stage when the real estate developer is already offering or marketing properties before the actual completion.
- The form signed by the buyer to show purchase of the unit. This comes with the reservation fee which is deductible from the selling price.
Contract to sell/ CTS
- The form given by the developer as an agreement when the property is preselling. This also includes payment of schedule. CTS is also required for bank loan financing.