The commission for a real estate transaction is normally 5% of the selling price and this is usually paid by the seller.
Under the Philippine Laws only Filipino citizens are allowed to purchase and own a real estate in the Philippines. A private corporation with at least 60% Filipino equity may purchase and own a property under certain conditions. These private corporations can however lease a land for up to 50 years.
In the Philippines, subdivisions are areas of land that have been subdivided into individual residential plots. Whereas some subdivisions comprise exclusive gated communities, others are merely demarcations denoting a specific neighborhood. Some subdivisions may conduct autonomous security, or provide basic services such as water and refuse management. Most subdivisions are governed by associations made up of members who are residents of the subdivision. In the Philippines, subdivisions are also known as villages.
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