License to Sell or the LTS notifies would-be-buyers of homes that the project they are buying into, whether a subdivision or a condominium, has passed a standard that’s duly prepared by the government.
It means the product you’re buying meets the government-established set of criteria, after having submitted the timetable, plans, specifications, and other requirements.
It also means that the developer who was granted the LTS is legitimate, having been granted a Certificate of Registration; and has the financial and technical capability to deliver the house and lot or condominium you aim to buy. The LTS is meant to protect the interest of the homebuyers.
Presidential Decree 957 (PD957) is the law which states the need of the developer to have a License to Sell.
The government agency assigned for this task is the HLURB or the Housing and Land Use Regulatory Board, now under the Department of Human Settlements and Urban Development. They have a website, hlurb.gov, from which you can check if the project and the developer are registered with them (check the latest website as the DHSUD is newly organized).
You should take note of the LTS Number for verification. Advertisements (flyers, billboards, website, etc.) for the property you’re eying should bear this LTS No. If there’s none, then perhaps, it has not yet been issued a license yet.
As real estate properties are sizable investments, requiring from you large amounts of hard-earned money, it’s best to be cautious, well-informed and judicious.
Rimaven Properties, Inc. is a Good example of a real estate developer that is compliant, and one who designs and develops homes according to the best standards based on your affordability level.