Philippines Real Estate Buyers 101

Buyers are sometimes confused when agents or salespersons discuss unfamiliar terms like "TCP during their presentations. Because they are so used to it, they sometimes forget the first time buyers do not know the word. TCP or Total Contract Price refers to the total selling price of the property you want to buy. The computation for TCP is the sum of the Downpayment and the Loanable Amount.

TCP = Downpayment + Loanable Amount

Real estate developers primarily use the Total Contract Price to determine the total price you pay for the property you are willing to buy. However, it may be inclusive or exclusive of miscellaneous fees to transfer the title to your name. So it would be best if you clarified the TCP includes transfer costs, professional fees, taxes, processing fees, and any other transaction fees. These costs can go as high as twelve percent (12%) of the Total Contract Price.

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