| |
Subdivision Project – 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 in installment terms. It shall include all residential, commercial, industrial and recreational areas, as well as open spaces and other community and public areas in the project. (P.D. 957)
Subdivision Lot shall mean any of the lots, whether residential, commercial, industrial, or recreational, in a subdivision project. (P.D. 957)
Condominium Project shall mean the entire parcel of real property divided or to be divided primarily for residential purposes into condominium units, including all structures thereon. (P.D. 957)
Condominium Unit shall mean a part of the condominium project intended for any type of independent use or ownership, including one or more rooms or spaces located in one or more floors (or party of parts of floors) in a building or buildings and such accessories as may be appended thereto. (P.D. 957)
Sale or Sell shall include every disposition, or attempt to dispose, for a valuable consideration, of a subdivision lot, including the building and other improvements thereof, if any, in a subdivision project or condominium unit in a condominium project. Sale or sell shall also include a contract to sell, a contract of purchase and sale, an exchange, an attempt to sell, an option of sale or purchase, a solicitation of a sale, or any offer to sell, directly or by agent, or by a circular, letter, advertisement or otherwise.
A privilege given to a member of a cooperative, corporation, partnership, or any association and/or the issuance of a certificate of receipt evidencing or giving the right of participation in, or right, any land in consideration of payment of the membership fee or dues, shall be deemed a sale within the meaning of this definition. (P.D. 957)
Economic and Socialized Housing refers to housing units which are within the affordability level of the average and low-income earners which is thirty percent (30%) of the gross family income as determined by the National Economic and Development Authority from time to time. It shall also refer to the government-initiated sites and services development and construction of economic and socialized housing projects in depressed areas. (BP 220)
Socialized Housing refers to housing programs and projects covering houses and lots or homelots only undertaken by the Government or the private sector for the underprivileged and homeless citizens which shall include sites and services development, long term financing, liberalized terms on interest payments, and such other benefits in accordance with the provisions of this Act. (RA 7279)
Back to What Developers Should Know
|
|
|
