4 Things You Should Know Before Buying a Condominium

Reasons why I loved living in a condominium? Well, it’s more convenient, economical and just a hop and skip away from the Supermarket, Restaurants, Schools, Malls and Hardware. Most of the condominiums nowadays are structured in an urban area where facilities and conveniences are just around the vicinity and always within your reach.

I just remembered how my husband and I decided to move in a condominium in Quezon City when my eldest child was 10, my baby girl was 9 and my youngest son was 4. It was so functional and well-designed. It has two small bedrooms with laundry cum maid’s room. I liked the ambiance and look of the interior and exterior design of that condominiun in Quezon City. We managed to live for fourtheen months  with just one all-around helper  considering that the children were still young back then. I also had that experience of having minimal electric bills because that condominium in Quezon City has a just an efficient space..

Once you’re a unit owner,  you’ll also have the rights to use the amenities and services like
Swimming pool, Gym, Mini-resto, Hall and the playground area. We don’t need to go out of town just to relax because most of the time, we spend our weekends in these highly-equipped and accessible facilities in Quezon City.

When you have visitors or guests, there are options of whether you’ll let them inside your unit or just accommodate them in the lobby. Security guards are very watchful and alert. You can find them at the lobby, securing the whole area. They will call you if in case you’ll have a visitor and will let you know beforehand so that no one can go up without any permission coming from you. Surely, you’ll love the privacy and security in a condominium.

To sum it up, it was a practical and very economical years for us.

There are lots of perks in living in a   condominium. However, there are four important things you have to understand before owning a condominium.

1.      Your proof of ownership will be a Condominium Certificate of Title or CCT

The moment you buy a townhouse in Quezon City or House and Lot in Bulacan, you will have the  absolute right over the property   ( the inside and the outside area as long as it’s in the bounds of the lot stated in the TCT and an airspace). You’ll also be given the Transfer Certificate Title of TCT as proof of ownership. On the other hand, Condominium only gives you the ownership of the unit that you purchased ( only the inside of the unit ).

2.      Condominium project has an enabling act or Master Deed

Before a developer can put up a condominium on a parcel of land, a Master Deed has to be annotated to the TCT of the lot. It usually contains information about the lot and purpose of the project.  I think, what matters most is your awareness and understanding about your rights as a “unit owner” to the use of the common areas of the condominium project and the rules stipulated through declaration of restrictions. There are also times that a declaration of restriction is a separate document from the master deed. Take time to read and understand it before you make that reservation fee.

3.      Every condominium project has a Condominium Corporation

The condominium corporation holds the “Title” to the common areas which is also co-owned by all other unit owners. Therefore, a unit owner is also considered as a stockholder to a condominium corporation. A majority vote in the condominium corporation can impart certain changes in the condominium project as long as it will not be contradicting with the Master Deed or the enabling act. Very often, the condominium corporation also manages the condominium project.

4.      Your ownership of the condominium unit is co-existent with the life of the Building

A building usually has an economic life of 50 years. Once a building becomes uneconomical and obsolete and more than 50% interest in the corporation opposed repair or renovation of the building, the building can be condemned, and what would be left will be  is only your interest in the lot as a co-owner similar with other unit owners.

Generally, a condominium is a good choice for a home because of its convenience and affordability. If chosen wisely, it can be a good investment for a family or young adult and professionals who want to start putting in their money for their future. Most of us think that condo ownership is just for the beginners and young professionals. Nevertheless, owning a condo for life is so common as this will be suitable for many families nowadays.

Is owning a condo good for you? Make sure that the condominium lifestyle is a perfect fit for you. 

Photo Credit:Land Mark
Photo Credit: To Condominiums
Photo Credit: SBLCFBC

A Reputable and Professional Licensed Real Estate Broker: Why You Need One

I’ve been reading some news and featured articles on various magazines and online platforms about acquiring a real estate property since 2005. All of a sudden, I just realized how impractical  it would be for a strart-up  families or  real estate investors and  to buy a property without the help of a reputable licensed real estate broker.

As a bump-start, here’s my story..

Years ago, I was so excited to acquire a lot sale  in Quezon City. I remember how uncertain we were before to pay the full amount of the property even if  we will get an additional 10 percent off from the total purchase price. We were in doubt if the developer  could really complete the project. The subdivision project was on the pre-selling stage. 

It was indeed an endearing act from the firm to give us a total of  20 percent discount from the total purchase price for that lot for sale in Quezon City . 10% for being the one of the first 5 buyers to reserve plus another  10%  discount if we will pay in full within 7 days. But we  knew we had to do our homework first and verify risks involved before we pay for that lot for sale in Quezon city. So we thought of asking help from a reputable broker in doing a due diligence on the subdivision project. Believe me, you would really be needing the help of a professional broker (only if you want to find great value for your money and lower the risk of being cheated and tricked).

Taking into account the various angles of the situation, we discovered that the realty firm that issued us a receipt for our reservation fee was not yet licensed to sell the subdivision project . Thus, the developer has a partner bank  so there will be no problem in as far completion of subdivision is concerned. Our broker suggested that we place the full payment in an "escrow account" , until they get their license to sell. With that we've essetnially paid so , gave us the 20 percent discount as agreed. For added security we had the contract to sell annotated in the “Title” of the subject lot of subdivision project.

We paid the broker 2 percent of the total price and it was a win-win situation for both ends. I’ve been considering the services of a reputable and licensed real estate broker since I was an amateur in the Real Estate Industry and it was a huge help actually.

Everything happens for reasons. My experiences from the past might be the cultivating point of who I am today; a Licensed Real Estate Broker who just wanted to share her learning and ideas for those who are just starting out as newbie owners of a real property.

Here are the reasons why you need one:

  1. You will have their loyalty

A reputable licensed professional broker will only charge you a fair and reasonable commission that is in accordance with local practice. Their loyalty is also with you. They’ll unlikely connive with other agents’ ideas like setting a five hundred thousand pesos overhead to a three million pre-owned Townhouse in Quezon City that you are planning to buy just to get a higher commission.

  2.  To do due diligence on the property

Whether you’re planning to buy a 12sqm condominium near MRT or a start-up house and lot in Bulacan, it will be a test of getting the most out of your money. You should always be careful because you won’t want to see your money flying out because the title to the property sold to you is fake. You will also not want to become a victim of double sale (title has encumbrances that will make you unable to own the property. It is a standard responsibility for a reputable licensed real estate broker to conduct due diligence on the real estate property that you would want to buy to avoid any constraints.

 3. Assist you with the sales process and documentation

Even big developers can sometimes get creative with sales documentations, and/or include clauses that are not fair to the buyer or at certain extent against the law. A reputable licensed real estate broker should be able to evaluate the documents you are about to sign for that condominium, townhouse or house and lot. Stated in the documents should be fair to you and always in accordance with existing laws.      

Let us all be conversant and knowledgeable in investing our money and time for our future properties as we are all liable for every action and decision we make.

Let us also be wise in putting our trust to every person especially to the brokers and realty firms’ personnel as well. It is difficult to recuperate the lost. Better be wise and curious than having no idea at all.                                                                                                                                                      



 Photo Credit: Cesar E. Santos
 Photo Credit: Sneg Mortgage Team
 Photo Credit  Times Union
 Photo Credit: Agile Words