Language is a beautiful thing. Let us take “inside jokes” for example. Just a mention of one word or phrase you and your beloved family immediately burst into fits of laughter. Or when you hear your gamer child utter words during a heated game of Valorant in your Crown Asia house and lot for sale, you could not help but be fascinated by how something that sounds so absurd holds meaning and can be understood by other people. Language connects people, and makes people, for what are we without expression?
This is why if you are not knowledgeable enough about the language that is being used around you, you are asking for deep trouble. You definitely need to catch up. Especially when it comes to making a very important decision in your life. Not to mention the loads of money you will spend.
We are talking about buying your dream house and lot for sale.
When purchasing something as important as a future home for your spouse and your kids, you must not leave any stone unturned. There should be no space for inadequacy and illiteracy. You need to absolutely know what you are doing for both your family and the money you will be spending.
In real estate, there may be some terms that you do not know. Understandably so. There must be many words that we are not familiar with when it comes to our own line of field. When you’re discussing with your real estate broker, they might spit out some words that don’t make sense to the untrained person. Like how we are all still trying to catch up on the many new words our new generations are coming up with, any buyer of a house and lot for sale needs to do some research when it comes to real estate jargon. Fortunately for you, you do not have to look any further because we are here to talk about just that.
Here Are 22 Real Estate Terms and Jargon You Should Know:
1. Amilyar
Sounds like a house and lot name with a twist of Crown Asia’s owner, right? Not quite though. In the Philippines, Amilyar refers to real estate taxes. Pretty far-stretched, we know. But what is jargon without sounding a little bit absurd? In other countries, this is known as real property tax.
2. Alienation
Okay, that sounds like a safer word, right? However, what you are thinking is not close. Alienation in real estate does not have something to do with being alone but it actually means the complete transfer of a real estate property to another person.
3. Appreciation
This refers to the rise in the market value of a property. If it is your property, well, the longer you own it, the more you will appreciate it because time tends to increase the value of a house and lot for sale.
4. Base Line
Aside from its lawn tennis meaning, baseline in real estate jargon means the imaginary lines that go from east to west and cross a major meridian at a specific location. A surveyor, the one who does surveys when it comes to land properties, uses these lines in finding and identifying properties.
5. Biyenes Estados
Of course, there will always be a little bit of Spanish when it comes to Filipino jargon. Biyenes Estados is the property containing land or one or more buildings.
6. Capital Gains Tax
This is quite similar to Amilyar however this is only imposed when a seller sells a real estate property. This is then classified under capital gains.
7. CCT
CCT is the acronym for the condominium certificate of title. This is a legal document that solidifies ownership of a certain condominium property.
8. Curb Appeal
How does your house and lot for sale look like from across the street? Will it immediately wow your visitors? Is it too bland? Should you put up a big gate or a small gate? The curb appeal of your home answers this question. This usually focuses on the landscape and the front view of your property.
9. Depreciation
Opposite to what was mentioned earlier, depreciation refers to the decrease in the value of a property. Unfortunately, your property could decrease in value when damages occur or when it becomes flood or landslide-prone.
10. Despacho
Another word in our Spanish dictionary is despacho. This refers to the office room of your home. This is actually important and it would be a huge plus to your well-being if you would dedicate a space solely for work so you can effectively separate productivity from fun and rest.
11. Earnest Money
This exists in the Philippines: the show of money to let the seller know that the buyer means business. This is what you call earnest money. In other views, it could also serve as some kind of downpayment.
12. Escrow
What now? This is the third party that is neutral between the seller and the buyer. This party protects the transactions and may include the payment and the paperwork. An example of an escrow is your insurance company. Or a bank, if you are under a loan contract.
14. Fixer Upper
A fixer-upper in real estate terminologies are property that will require repair even though it can be used as it is. It is mainly used to hopefully increase the value of personal property to get a return on investment. Fixer-uppers are also popular among first-time homeowners who are on a budget.
15. Foreclosure
This is the kind of closure you do not want to have. Foreclosure occurs when a person is not able to pay their dues to the party who lent them money to buy such property, or when they were not able to pay the government the right amount of tax on their property.
16. Kilo
How in the world does kilo have something to do with real estate? A home is definitely not something you weigh on a weighing scale. Hold your horses though because, in this jargon, kilo means the roof that is being supported by rafters or trussers (usually posts, or struts that support the structure).
17. Lessee
This is another word for a tenant who pays rent.
18. Lessor
The lessor is the property owner/landlord who rents out property to the lessee.
19. Maceda Law
It is always a humongous plus to know the law so that you can squeeze every ounce of opportunity for your family’s own benefit. According to the Senate, the Republic Act No. 6552, otherwise known as the “Realty Installment Buyer Protection Act”, the Maceda Law protects real property owners from inequitable conditions imposed on sale transactions involving real estate purchases financed on an installment basis. This gives grave periods for the lessee to have time to pay their dues to the lessor.
20. Pingkas
This is a Filipino word that refers to a property that cannot be easily relocated.
21. Real Estate Valuation
This is the process of determining the current value of property necessary for a variety of endeavors. But this is used more in determining the property’s fair market value.
22. RESA Law
Last but not least is another law in our midst. Before purchasing a house and lot for sale, you definitely must make sure that the curator of the home you have in mind, follows this law. The RESA law, also known as the Philippines’ Real Estate Service Act or Republic Act No. 9646, lays out all of the requirements and steps for a company to provide homes.
You can very much be assured that Crown Asia follows every law to the brim.
Read more: Things to Know When Buying Property in the Philippines
