Housing Flashcards
The development of land for residential, commercial, industrial, agricultural, institutional or recreational purposes or any combination of such.
Real Estate Development
A development which includes but is not limited to tourist resorts, reclamation projects, building or housing projects, whether for individual or for condominium ownership, memorial parks or other similar nature.
Real Estate Development
Process of dividing a parcel of land into two or more resultant lots.
Subdivision
Shall mean a subdivision plan of a registered lot wherein no street, passageway or open space is delineated on the plan.
Simple subdivision
Shall mean a subdivision plan of a registered lot wherein a street, passageway or open space is delineated on the plan.
Complex subdivision
Shall mean a tract or a parcel of land registered under Act No. 496 which is partitioned primarily for residential purposes into individual lots with or without improvements thereon, and offered to the public for sale in cash or installment terms.
Subdivision Project
Starts from acquisition of property, project conceptualization, preparation of feasibility studies, thorough planning, securing of permits from concerned government agencies, project execution, advertising and selling of projects.
Subdivision Development
Shall include every disposition, or attempt to dispose, for a valuable consideration, of a subdivision lot, including the building and other improvements thereof, in any, in a subdivision project or a condominium unit in a condominium project.
Sale or sell
A term used by DHSUD/HLURB denoting that a certain developer is engaged in selling activities without the benefit of a license to sell (LTS).
Pre-selling (DHSUD Version)
A term used by developer/broker which means that the project being sold is not yet ready for occupancy (RFO) however the LTS has already been secured, hence, selling activities are considered legitimate.
Pre-selling (Developer’s Version)
Authority granted by LGU/DHSUD to develop a subdivision/condominium project.
Development Permit
An approval made by DENR upon applicant’s compliance with the required survey returns.
Approved survey plans
A privilege granted by DHSUD in favor of owner/developer to sell specific lots within a certain project.
License to sell (LTS)
Challenges in Real Estate Development
- Stringent Government Regulation
- Red Tape
Who are the stakeholders?
- Land Owner
- Developer
- Planners/Engineers/Architects
- Financier
- Consultant
- Contractor
- Supplier
- Manufacturer
- Estate broker/Appraiser
- Advertiser/Endorser
- Buyers
- Regulators
