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A Cavite Homes Guide to some of the common and not so common Terminologies surrounding Real Estate.
Home Type Terminology
SINGLE ATTACHED - There is no house directly attached on your left or right. There can be a house attached at the back. There is a firewall at one side of the house.
SINGLE DETACHED - There is no house attached at the left, right or back. All four corners of the house has windows. There is no firewall.
TOWNHOUSE - There is a house attached to the left, right and even at the back. There is a firewall in-between each house.
FULLY FURNISHED - The house is complete with furniture and appliances. As they say, to move-in this type of homes, all you need to bring are clothes and toothbrush.
SEMI FURNISHED - Has some furniture and appliances inside the house.
FINISHED - The house is already complete with tiles and paint on walls both exterior and interior. Has cabinets. No furniture and appliances.
SEMI FINISHED - The house is painted interior and exterior. No tiles and cabinets.
BARE - painted exterior. Interior still needs finishing.
MRI - stands for Mortgage Redemption Insurance. Its an insurance on the Principal owner of the house. Decreasing-term life insurance policy taken by a mortgagor to repay the balance on a mortgage loan if he/she DIES before its full repayment. Computed as loan amount x .0045 / 12
SPECIAL POWER OF ATTORNEY - Power that is given by the Principal Buyer to His/Her Representative to transact on behalf of the Principal Buyer.
SPA FORM - a seven pieces form (back to back) provided by the Developer. Signatories are Principal Buyer, Spouse and Attorney-in-fact.
ATTORNEY-IN-FACT - Pertains to the person that is given the Special Power of Adttorney. Normally, immediate Family and close relatives.
EXECUTED SPA FORM - Filled-out SPA form. This is needed under Bank Financing for the authentication/consularization of the form in the Philippine Consul.
AUTHENTICATED SPA FORM - One piece out of the seven pieces SPA Form is authenticated by the Phil Consulate. All seven forms must be submitted back to the Developer. Time needed is usually 1 to 2 weeks with a minimal fee.
EXEMPTION TO AUTHENTICATED SPA FORM - If Principal Buyer ia a sea based seaman. In exchange, needs to submit Contract and photocopy of seaman booklet.
- Principal Buyer and Spouse (if applicable) is in the Philippines at the time of Purchase. Needs to submit photocopy of Passport with arrival and departure stamp.
- In-House Financing
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