Want to buy House and Lot or Vacant Lot in Pio Del Pilar Makati (6884)

đź”»Pio Del Pilar Makati

Details

GA-Listing ID: 6884
Want to buy
Pio Del Pilar Makati
house and lot or lot
budget 8M-10M

How to prepare for a viewing?


In this post, we discuss items that should be in your property viewing preparation checklist before going to a property viewing with a real estate broker. These tips will help you understand how things work and help you make the most out of every viewing that you go to.



1. Provide clear and specific requirements


If you haven't yet, provide specific and clear requirements to your broker so the broker will be able to filter the listings out there so that the ones that don't meet the requirements are not added to the viewing.

"I need a 2 bedroom condo" is not enough. What's the minimum floor area you are willing to consider? How many parking slots do you need? The shape of the unit or what is the view from the window of the unit? and so on and so forth. These requirements vary per type of use of the property. I have other posts that will tackle requirements for each specific type of property in more detail e.g. requirements for a condo, for a house and lot, for a commercial space etc.

 When I started in real estate the first few viewings resulted in the following comments when we were already viewing with a client.

a. "I don't like the angle of this side of this room" (i.e. unit is not square or rectangular)

b. "The property is too old"

c. "I don't like a bungalow type house"

d. "I don't like perimeter houses"

e. "The asking price is too high vs the budget"

f. "The property doesn't have a pool"

g. "We need a property with at least 2 parking spaces"

The result? We had to skip viewing the listings which meant time and effort was wasted since it does take time to travel from listing to listing unless they are all in the same area.

The sound bite here is to make sure to provide detailed requirements to the broker. If you do not know what you want and it's your first time you may let the broker know and a good broker should be able to elicit the requirements by interviewing you.

2. Agree on a start time and end time of viewing that works with your schedule. 


Start or appointment or meeting time means the time all have agreed to meet at the rendezvous point.

It is very important to understand that this time is NOT the time to depart from a previous meeting or engagement.

It is the time to ARRIVE at the rendezvous point no more no less. It means American time. 

You may have heard that in the Philippines, there is what is called Philippine time which means people arrive late even up to an hour or more i.e. fashionably late. This is unacceptable.

Please hold people accountable for their actions unless there are external factors that are out of their control i.e. acts of God or natural disasters etc. Otherwise, time can always be managed.

So given there is a start time there is naturally and end time in case either party may have another appointment.

Should either party, for example, be late for the meeting, it is only right that the party running late contact the other party ahead of time to let them know the estimated time of arrival and reason for running late.
    The sound bite here is to always be on time for the viewing at the rendezvous point. And if just in case you are ever late, give a heads up to the other party.

      3. Get the right critical few people at the viewing 


       Decide on who are the important people who have to be with you during the viewing. Make sure they are with you at the viewing so that you won't have to go another round of viewing again. Inform the broker how many you are so that arrangements can be made.

      Usually, you want these people to be there:

      1. Enduser - the actual person or persons who will be using the property.

      2. Decision-maker - the person who is given the full authority to decide if the property is right.

      3. Financier - this is the person holding the money.

      4. Extended advisors - all the other people who may get a say as inputs to the rest of the parties especially the end-user and decision-maker.

      Yes, a single person can hold these roles but it also may be split up across various people depending on the situation.

      The sound bite here is that the right people should be at the viewing so that you don't have to view the property multiple times.

      Should a video walkthrough of the property be available, best to get all stakeholders to review the video before even going on a viewing.

      4. Provide vehicle information for entry if needed 


      Do provide, when needed, full name and license plate number of the ones driving so easy to prepare entry for parking or security guards checkpoints.

      5. Familiarize yourself with the rendezvous point 


      Typically a rendezvous point will be designated. Please check google maps a day before so you are familiar with the rendezvous point is located. You may also use waze. If you are unfamiliar do advise you broker so that he/she can provide you with a map of sorts.

      Location of parking places also will help so that you don't have to fumble around looking for parking. If you are unfamiliar with the area please let your broker know so that they can help advise where parking is available.

      6. Charge your mobile phone

       

      Some coordination is needed when in a convoy of cars. Also for cases where you get lost keeping your mobile phone charged ensures a hassle-free continuous communication. The last thing you need is getting lost in a village where you have no way to contact the other party.

      7. Prepare your note pad or checklist 

      You might want to prepare your checklist or list of requirements you have provided the broker so that you can easily rate the property based on your checklist.

      But in my experience I rarely see people hold on to a checklist and they typically soak in exploring the property through and through since they pretty much know if they like the property when they see it.

      There are cases where you get the urge to take pictures of the property but please ask permission first. Many cases where personal effects are still in the property and owners don't want them exposed or owners have strict rules about not photographing property since they don't the property to be publicly exposed.

      8. Bring an umbrella and a drink 


      Keep safe from rain or extreme sunlight. A small one will do especially those automatic ones so it will be easy to open and pack-up. I got myself a fibrella umbrella from SM before and I love these umbrellas since the one I have is:

      a. small and compact fits in a bag

      b. automatic open

      c. automatic close

      d. has ultraviolet light protection

      e. reversible in case of strong winds - just flip it back

      d. limited warranty

      Whenever I go out I always pack it up and bring it with me. A lot of times viewings are out in the sun when looking at vacant lots or when giving a tour of the surrounding area around the property. When you buy a property you are not only buying the property but also the immediate area around lends value to the property. I typically tour my client in case they are not familiar with the area.

      Also given the sun, and the duration a viewing may take, a bottle of water will keep you hydrated from all the walking and/or talking.

      9. Tape measure 


      If you have furniture and appliances that you will bring with you to the new place then you probably want to measure things at the current place first before going on a viewing. And then when going on the viewing bring that tape measure along.

      Some of the things that people have measured based on my experience at the viewing are the following

      a. height and width of space for refrigerator - to check if their existing refrigerator will fit in the space in the kitchen

      b. the frontage of property - to check how many cars for parking can fit or there might be a minimum for say, for example, a gas station.

      c. ceiling height from the floor

      d. door width - for bringing things inside the house

      This list can go on and on but one key thing to note if things don't fit there may be ways to disassemble the item and reassemble them inside the property. Also re-doing specific sections of the property to fit appliances and furniture you are bringing is also an option.

      I typically bring my own tape measure along for my clients so in case the question should come about measurements voila! I have a tape measure!

      10. Plan ahead to be on time 


      I cannot overemphasize how important it is to always be on time for viewings so I am also calling it out here. Depending on the number of properties, a lot of coordination has gone in the background working with the owners, other brokers, security, caretakers and so on. So please be on time for the viewing. Delays will cause a rippling effect down the queue.

        Summary



        It's always good to prepare before going on a viewing. By preparing and planning for a viewing, it will save you time, effort and money.

        Hope you enjoyed reading this. If you are looking for property:

        What are listing agreements?

        In this post, we will cover what listing agreements are and the parts that make up a listing agreement. As a seller/owner of real estate, you are typically asked by brokers/agents for an authority to sell or a listing agreement.

        Definition 


        A listing agreement essentially is a contract or agreement between a seller/owner and an agent representing the seller/owner. This is most often called the "Authority to Sell" or the acronym "ATS" in the Philippines.

        Importance


        A listing agreement is important since it clearly identifies the property, the owner, the asking price, terms, conditions, treatment of expenses, and much more that the agent is authorized to offer to buyers. If ever there is some confusion on the sale. This is the document you should always refer back to.

        Confusion of Terminologies

        Sometimes this listing agreement or the term "Authority to Sell" is a source of confusion. You might say "What! I don't want them to sell without my signature or consent!". Please note the Authority to Sell or listng agreement effectively only gives the broker/agent the "Authority to Offer For Sale" and doesn't give a special power of attorney or right to sign on your behalf.  I will talk about the special power of attorney in another article.

        What it is Not

        The listing agreement does not give the agent complete authority to sell a given property. In fact, it is given to limit the authority of the agent i.e. duration of the listing agreement, for what price and who shoulders what, and so on and so forth. It only gives the broker/agent the authority to offer for sale or purchase a property. Owners/Sellers will still have to make the final decisions and signatures to convey the property over to the Buyer.

        Elements or Parts


        There are a number of parts found in a listing agreement. The succeeding sections cover each one more in detail. Understanding each element will help you understand it's importance in the listing agreement and will give you more confidence when you put your pen on the paper.

        Owner


        This element serves to identify who the owner of the property is. This should be the person or persons on the title of the property since they are the rightful owner. Information should be enough to identify the person, marital status, how to contact the person. Should the person be married then marital consent is also needed from the spouse. Should the owner be a corporation, then the formally authorized signatory will be the one listed here.

        Authorized Person


        This element is typically the real estate broker, and their real estate broker license number is also printed. This is the agent who will be authorized to sell the property identified.

        Type of Agreement


        This element is typically one of two options

        1. Exclusive - where the primary agent who is granted this kind of listing agreement, he/she is the one and only one agent that is authorized to sell the property. If they work with other agents, the primary agent aside from managing his/her own clients, is responsible for managing other agents and their respective clients. the primary agent must register clients with the owner.

        2. Non-exclusive - where the primary agent who is granted this kind of listing agreement is not the only one primary agent to who is authorized sell this property. The agent may still work with other agents and will be still responsible for managing these agents and their respective clients. However, the owner is now responsible for managing all primary agents, secondary agents, clients that come into the picture with regards to the property. The primary agent should register clients with the owner.

        Duration



        This element just calls out the duration of the listing agreement. This varies from 1 month to a year or to ever how long you both agree. Usually, there can be a start date and end date. Or there can be a start date and a duration and you just have to calculate the end date.

        Property



        This element is just the proper identification of the property. i.e. what is being sold. Aside from the document based items such as the land and the improvement, it is also good to note down what else is included or excluded for clarity e.g. furniture, appliances, artwork, parking, etc. Also, the condition can also be stated e.g. as is where is or if some repairs will be thrown in. 

        Property classification

        This element is based on the primary use as well as what the classification in property documents e.g. residential, commercial, etc. But this is important is it is the basis for applying the right taxes when making a sale.

        For example, if you have used the property to derive income, the property may be subject to VAT.

        Asking Price


        For this element, we focus on the typical in the industry.

        For residential properties, asking price is the gross selling price. Gross selling price is inclusive of capital gains tax and the broker's professional fee i.e. capital gains tax and the broker's professional fee is for the account of the seller.

        For commercial properties, asking price is the gross selling price + VAT. Gross selling price is inclusive of creditable withholding tax and broker's professional fee i.e. creditable withholding tax, broker's professional fee, and VAT are for the account of the seller.

        Terms and Conditions



        This element typically covers the accepted payment terms i.e. schedule of payments .will accept bank financing or all cash or a mixture. Also covered are related conditions concerning the payment i.e. what is refundable which is not refundable and other related terms.

        Taxes and Expenses



        This element clearly calls out a list of taxes and expenses and for whose account they are for. The typical is other than asking price, as mentioned earlier above, all other expenses are for the buyer's account.

        Typically what are for the seller's account varies per property classification. If the property is residential and hasn't been used to generate income, the seller is accountable for the broker's a professional fee and capital gains tax. If the property was used for business, the seller is accountable for the broker's a professional fee, creditable withholding tax, and value-added tax.

        These are typical but from case to case these items are typically negotiated. It is just a matter of who pays for what at the end of the day.

        Holdover clause


        This element exists to properly recognize that even after the expiry of the listing agreement the agent that was the procuring cause for the sale of the given property will still be credited with the said professional fee. In other words given the agent was able to register a client with a seller. The seller is still obligated to provide the agreed-upon professional fee.


        Please note this section and the next 3 sections focus on the process after a listing agreement has been finalized.

        Client Registration



        1. The agent with the listing agreement must register clients with the owner and the agent should take note where the client came from either it's a direct client or a client from another agent. In the case of closing a deal, proper traceability of agents involved and providing the right compensation for each of the agents involved can easily be managed.

        2. The owner has the responsibility to note down the agent, who was granted the listing agreement, where the client came from since they are the one who is authorized and was the one who procured the client regardless if this agent has worked with other agents. This could be as simple as noting it down using a piece of paper or if you want to get more high-tech then a document on your computer or mobile phone notes.

        What if already registered?


        What to do if an agent A with the non-exclusive listing agreement comes up to you to register a specific client. As an owner, you check your notes and find that the client already was registered by Agent B and was shown the property.

        Answer: Inform the agent A about the client already being registered with another agent and provide the name. This prevents duplicate agent client ownership, maintains ethics in the transaction and also makes compensation straight forward since the agent with a listing agreement that first registered the client is the procuring cause.

        Updates 



        If there are updates to the listing agreement e.g. change in property details, terms, price etc. the listing agreement may be reissued and signed. Or the agreed changes are documented via email and the parties copied and agreed.

        Please take note updates for example to pricing is a double-edged sword. If you increase the price after the property was offered to some buyers, the agent/broker will need to update buyers and most often I have experienced buyers becoming not interested anymore unless they really don't have any other choice. If you decrease the price, well buyers are happy but maybe asking why the reduction as if something wrong with the property.

        Cancellation 


        If there is a need to cancel the listing agreement e.g. will not sell the property anymore, one party just has to inform the other and get a confirmation. Do take note that the holdover clause is still in full effect even if the listing agreement is canceled. This means if sometime later on the broker/agent's previously registered client purchases the property outside the period of the authority of the listing agreement, the broker/agent is still considered the procuring cause and needs to be credited for the sale of the property.

        Summary


        In summary, a listing agreement is a contract between an agent and an owner/seller. It is also typically called an authority to sell or ATS. It serves to define and limit the authority to sell. Various elements comprise the listing agreement. Having a clear listing agreement serves to benefit both parties.

        Who are real estate agents?

        Who are real estate agents?


        You may have encountered or potentially will encounter one or more of these situations when in the Philippines:
        • You are walking in the mall and then someone offers you a flyer for a specific real estate project, some of them are very persistent and insist you take their flyer for further reading.
        • You receive an email about a new project being developed and they are asking if you would like to come into the showroom
        • You are driving around and you notice someone along the road near a mini tent flagging you down and offering a flyer and asking if you would like to view property
        • Someone comes up to you out of the blue asking if you would like to invest in real estate or sell your properties
        • You get a cold call, IM or message offering real estate projects for sale
        • You see some TV, billboard, print or online ads or hear a radio broadcast promoting some real estate project and some number or website is mentioned.
        People in the real estate industry use various means physically, verbally, online and offline to reach their target audience. It is best to know what titles are used to thresh out the legitimate sources from noise.

        What People Are Calling Themselves in Real Estate?



        Upon meeting people in the real estate industry, they might introduce themselves using any of the following terms:
        • real estate agent
        • real estate broker
        • agent
        • salesperson
        • salesman/woman
        • realtor
        They might also be handing out their business card or flyer with their contact information and giving it to you. 
        So do you entertain all these people? It can be overwhelming to get so much information and from various sources. Also what is concerning is which of these people are really legitimate?

        Why Extreme Care is Needed in Real Estate?



        So let's take a step back. Real estate transactions typically require a large financial commitment so you want to make sure you are dealing with the right people who can care for your needs. You want real estate agents who have all of the following qualities (not meant to be an all-inclusive list):
        • Professional - able to provide a high level of service and will be responsible for all their actions.
        • Ethical - able to act and transact in the right moral way for all parties involved.
        • Lawful - able to act in accordance with the law to avoid any penal outcomes
        • Knowledgeable - able to explain all information relating to a given transaction or product or service.
        • Trustworthy - able to do what they say and say what they do
        • Good listeners - able to put themselves in your shoes when gathering requirements
        • Honest - able to call it out as it is with no sugar coating, no sales talk
        A real estate agent having these qualities will give you peace of mind as you work together to reach your real estate goals.

        So next up we will check the letter of the law to check definitions as well as understand some information that makes one's profession legitimate under certain government agencies.

        Where are Types Real Estate Practitioners?


        You can find the answers in Republic Act 9646 also called the Real Estate Service Act of the Philippines. This law also goes by other names such as the following:
        • RESA Law
        • RESA
        • RA 9646
        RESA Law was ratified on June 29, 2009. This Republic Act serves to further professionalize the real estate industry in the Philippines. It is the law that includes definitions of the official types of real estate practitioners, their functions, licensure exams, penal codes, and much more.

        Let's next dig deeper into the specific practitioners.

        Who are Real Estate Practitioners as Defined by the Law?


        As per RESA Law's "Section 3. Definition of Terms and subsection (g)" is the following excerpt:

        "(2) Real estate appraiser- a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.

        (3) Real estate assessor - a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.

        (4) Real estate broker - a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.

        (5) Real estate salesperson - a duly accredited natural person who performs service for, and in behalf of. a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration."

        Some key points to note and too simplify:

        A real estate broker is duly registered and licensed. The salesperson, on the other hand, is duly accredited and ultimately reports up to a real estate broker.

        A real estate appraiser and a real estate assessor generally are capable to perform the same services but the latter works for a government unit.

        So in the Philippines, the term "real estate agent" or "agent" is loosely used to cover both real estate brokers and real estate salespersons.

        Please also note that the term Realtor is also loosely used at times for agents. Note that REALTOR(R) is a registered trademark in the USA for the National Association of Realtors (NAR)

        How to Verify a Real Estate Agent When Meeting in Person


        Real Estate Brokers, upon request, should be able to show you their valid Philippine Regulatory Commission (PRC) license identification card. To get this card, Real Estate Brokers have to register and get licensed with PRC and the have to renew every three years. PRC is the same government agency that licenses all the other professionals like doctors, lawyers, nurses, accountants and so on and so forth.

        Real Estate Salespersons on the other hand, upon request, should be able to show you their valid Philippine Regulatory Commission (PRC) accreditation identification card. To get this card Real Estate Salespersons must get accredited under a Real Estate Broker with PRC.

        Additionally, if they are selling real estate projects that are preselling by developers, both Real Estate Brokers and Real Estate Salespersons, upon request, should be able to show you their Housing and Land Use Regulatory Board (HLURB) ID. 

        How to Verify a Real Estate Broker Online with PRC


        If showing the ID is not enough for you and you want to take it a step further to verify online with the governmental agency

        1. Visiting the Philippine Regulatory Commission (PRC) online verification system.

        2a. If you choose the tab "VERIFICATION OF LICENSE (BY LICENSE NO.)"
        1. Set the following based on the ID for real estate brokers
          1. Profession * = "REAL ESTATE BROKER" 
          2. License No. *  = "1234567" note: must be the complete 7 digit license number including leading zeros found on the PRC ID
          3. Birthdate * = "mm/dd/yyyy", also found on the PRC ID
        2. Click on the green verify button below
        3. Results should pop up if the ID is a valid ID
        2b. If you choose the tab "VERIFICATION OF LICENSE (BY NAME)"

        1. Set the following 
          1. Profession * = "REAL ESTATE BROKER"
          2. First Name * = FIRST NAME, name used when registered with PRC
          3. Last Name * = LAST NAME, name used when registered with PRC
        2. Click on the green verify button below
        3. Results should pop up if the ID is a valid ID
        Please note the PRC website does not have a database of salespersons. I have yet to still find one to verify salespersons. But it is good to note that salespersons regardless of where you meet them should be able to let you know which broker they report to and be able to provide you the Name and PRC ID number of the said broker.

        How to Verify a Real Estate Broker and Salesperson online with HLURB


        The Housing and Land Use Regulatory Board has their lists all online for the public.
        1. Launch HLURB List of Brokers and Salespersons 
        2. Click on the tab ether broker or salespersons
        3. Look for the relevant region
        4. Click on the "View List" link corresponding to the region of choice
        5. When the PDF file opens you may use "CONTROL - F" to find the name

        How about unlicensed or unaccredited agents?


        We find the relevant stipulations in RESA Law Section 29:

        "Section 29. Prohibition Against the Unauthorized Practice of Real Estate Service. - No person shall practice or offer to practice real estate service in the Philippines or offer himself/herself as real estate service practitioner, or use the title, word, letter, figure or any sign tending to convey the impression that one is a real estate service practitioner, or advertise or indicate in any manner whatsoever that one is qualified to practice the profession, or be appointed as real property appraiser or assessor in any national government entity or local government unit, unless he/she has satisfactorily passed the licensure examination given by the Board, except as otherwise provided in this Act, a holder of a valid certificate of registration, and professional identification card or a valid special/temporary permit duly issued to him/her by the Board and the Commission, and in the case of real estate brokers and private appraisers, they have paid the required bond as hereto provided."

        In short, they should not be practicing real estate.

        Any risks when dealing with unlicensed or unaccredited agents?



        We find the relevant stipulations in RESA Law's section on penal provisions:

        "Section 39. Penal Provisions, - Any violation of this Act, including violations of implementing rules and regulations, shall be meted the penalty of a fine of not less than One hundred thousand pesos (P100,000.00) or imprisonment of not less than two (2) yearsor both such fine and imprisonment upon the discretion of the court.

        In case the violation is committed by an unlicensed real estate service practitioner, the penalty shall be double the aforesaid fine and imprisonment.


        In case the violation is committed, by a partnership, corporation, association or any other juridical person, the partner, president, director or manager who has committed or consented to or knowingly tolerated such violation shall be held directly liable and responsible for the acts as principal or as a co-principal with the other participants, if any."

        Other than this, should something go wrong? The unlicensed or unaccredited agents have no accountability and they typically just disappear. However, when working with licensed and accredited agents, they are held accountable to the Philippine Regulatory Commission (PRC) and/or the Housing and Land Use Regultory Board (HLURB)

        Where to find brokers or salespersons?


        Usually, you can find them in the following areas
        • Handing out flyers at the malls - This is the most obvious. These could be brokers and/or salespersons. For the most part they are usually just focused on one developer. Typically the developer disallows them to sell projects from other developers due to conflict of interest. Agents that work for developers are usually called agents that focus on project selling. If you meet a salesperson employed by the developer, they are supposed to report up to a broker within the developer company as well.
        • Brokerage companies - These are companies that have a mix of various projects for preselling as well as resale, lease, etc. and cover a various range of different type of products which include commercial sale and leasing. They typically have a brick and mortar office where one can walk in and obtain services.
        • Broker associations - these have been established to support and allow brokers to network with each other more efficiently. These have offices and websites with listings of brokers within the association for you to be able to contact.
        • Freelance - there are real estate practitioners that pretty much focus on the client at hand and support the client based on whatever need, be it preselling requirements to resale requirements. They are the most flexible of all. They typically also register with a Broker association. Others also promote themselves via their own website or social media network.
        • Friends also may refer to a real estate broker or salesperson to you. or you can also make a shout out in your own personal social media network.
        Whatever you choose, just make sure to verify the validity of their credentials with PRC and/or HLURB and you are good to go.

        Summary

        So who are real estate agents in the Philippines? As per RESA Law, they are the Real Estate Brokers and Real Estate Sales Persons. Real Estate Salespersons report up to Brokers. Real Estate Brokers are registered and licensed by PRC, while Real Estate Salespersons are accredited under a Real Estate Broker under PRC. If these two practitioners are selling preselling projects, the need to be also accredited with HLURB. PRC and HLURB provide the necessary IDs for proper identification as well as online means to verify their validity.

        To protect your interest and get professional services that accountable to a regulatory body, work with licensed and accredited real estate brokers and salespersons.

        If you have any comments or questions feel free to use to comment form below.


        References


        What is real estate?

        Definition of Real Estate


        Real estate is clearly defined in the Real Estate Service Act of the Philippines (RESA Law) Republic Act 9646. We will also include the definition of Real Property. See excerpt below:
        While the definitions are short and concise let's break this down further to get into the nitty-gritty technical aspects of the terms.

        First, we break down the Real Estate definition.
        "Section 3. Definition of Terms.

        (c) "Real estate" refers to the land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground."

        real


        As per Wikipedia, "Real" may have come from various sources which may be something real or physical, actual, related to royalty and much more sources. Guess the most important thing to grasp here is the physical tangible aspect. If you are interested in the etymology you may check it out here in Wikipedia.
        Estate

        Taken from the Wiktionary, here are two relevant definitions

        "The collective property and liabilities of someone, especially a deceased person. [from 19thc.]"

        "(law) The nature and extent of a person's interest in, or ownership of, land. [from 15thc.]"

        So from here depending on the context, you have a definition. But since we are focusing on being alive we focus on the 2nd definition which is about the interest or ownership of land.

        land


        From Meriam Webster's legal dictionary

        "an area of the earth usually inclusive of improvements, bodies of water, and natural or man-made objects and extending indefinitely upward and downward"

        "an estate, interest, or right in land"

        Real estate starts with the area of earth upwards and downwards.
        Items that are attached to the land
        This is further broken down in the next statement in the definition.

        physical


        From Meriam Webster: "having material existence : perceptible especially through the senses and subject to the laws of nature"

        Real estate has shape or form 

        tangible entity


        From Meriam Webster: 

        "capable of being perceived especially by the sense of touch"
        "capable of being appraised at an actual or approximate value"

        Real estate can be perceived specifically by the sense of touch and can be valued.

        additions or improvements


        From the real property tax code

        "(k) Improvements — Is a valuable addition made to property or an amelioration in its condition, amounting to more than more repairs or replacement of waste, costing labor or capital, and intended to enhance its value, beauty or utility or to adapt it for new or further purposes."

        Real estate in addition to the land also includes anything else added to the land for the purposes mentioned above.

        on, above or below ground


        This just calls out the additions or improvements are still part of real estate if added above or below ground.

        Above ground examples include a house or a building. Below ground as an example could be a basement.



        References


        What is capital gains tax?

        What are capital assets? 


         As defined by the Bureau of Internal Revenue: “The term 'capital assets' means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or property used in the trade or business, of a character which is subject to the allowance for depreciation provided in Subsection (F) of Section 34; or real property used in trade or business of the taxpayer.”

        To simplify, capital assets are property that has not been used for business.

        What is Capital Gains Tax (CGT)?


        As defined by the Bureau of Internal Revenue: “Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale”

        What is the rate for CGT? 


        “For real property - 6%.”


        CGT Sample calculations


        Important note: The below examples are simplified examples. As always please verify with BIR what taxes are actually involved.

        Example 1:  Juan wants to sell his own residential house and lot for Php5M. 
        Answer: CGT = 5M x 6% = 300k; He will get 4.7M net of proceeds from the sale assuming CGT is the only deduction from proceeds.

        Example 2: Juan wants to sell his office space that is currently tenanted. He wants to sell it for Php5M.
        Answer: Since the property is actually being used for the business then the property isn't classified as a capital asset instead it is classified as a ordinary asset. Therefore CGT = 0. As an ordinary asset though, it is subject to other taxes.


        Reference


        For Sale Studio 32 sqm at The Columns Legazpi Makati (6882)

        đź”»Legaspi Village Makati

        Details

        GA-Listing ID: 6882
        For Sale
        Columns Legaspi, Legaspi Village Makati
        Studio
        Area: 32 sqm
        Lots of storage, cabinets, shelves
        with Bay window
        Unobstructed view of San Lorenzo Village
        High Floor
        Asking: 5.7M net of proceeds
        Parking: 1M net of proceeds

        Amenities


        Location map



        Unit pictures