WHAT IS CONTRACT TO SELL, DEED OF SALE, TRANSFER CERTIFICATE OF TITLE (TCT), CONDOMINIUM CERTIFUCATE OF TITLE (CCT), AND TAX DECLARATION (TAX DEC)?
A Contract to sell or CTS is a document where developer promises to transfer to the buyer the ownership and physical possession of the property upon the buyer’s fulfillment of the terms of the sale and the buyer obliges himself to pay the purchase price and comply with the other terms and conditions of the sale. Once the property is paid in full, a Deed of Sale (DOS) is executed by the developer and buyer. A Deed of Sale or DOS is a documents executed when buyer pay the developer in cash (Whether using his or her own funds or through funds barrowed from bank financing institutions). In the DOS, the developer transfer ownership of the property to the buyer subject to the compliance by the buyer with the Deed of Restrictions or Master Deed with declaration of restrictions governing the project and the other terms and conditions of the sale. A transfer of certificate of title (TCT) is a proof of ownership of subdivision of lot issued by the register deed of the relevant city or municipali