SALIENT POINTS OF CONDOMINIUM
Condominium vis-a-vis Traditional Concept of Ownership
1. Evidence in the of Ownership - Ownership in the traditional concept is evidenced by an original or transfer certificate of title, while condominium ownership is evidenced by condominium certificate of title.
2. Capacity to Buy - In the traditional concept of ownership, alien acquisition is not allowed except in cases of hereditary succession or transfer in favor of former natural-born Filipino citizens. In the condominium concept, alien ownership not to exceed forty percent interest in the project is legally allowed. 3. Extent of Ownership - The interest of an owner in the traditional concept consists of absolute ownership of the inner and other structures of the building (the entire building). In the condominium concept, the unit owner is the absolute owner of the space within the interior surface of his unit, but is only a co-owner of the exterior or facade of the unit. |
SMDC
ROCKWELL
AYALA LAND
ETON
METROSTAR
QATAR
ROBINSON
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Advantages of Condominium Concept
1. Enhances affordability by fractionalizing cost of land and building.
2. Facilities, utilities, amenities and services will cost less to build and maintain. 3. Economy in land space. Families holding title continguous lands of say 40 or 50 square meters. 4. Enhances marketability because foreigners can buy. 5. Multipliesedd dwellings.single-detachassociated with saleable or rentable floor areas by as many storey's put up. 6. Eliminate the routinary chores of daily maintenance, security, and garbage collection |
DMCI
METROGATE
SOUTHFORBES
CATHAY LAND
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Operative Act for a Condominium Project
An owner or developer may convert a property into a condominium project by executing a legal document called Master of Deed and registering the same with the Register of Deeds.
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Documents in Condominium Development And Marketing
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Contents of Master Deed
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Contents of Deed of Restriction
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General Steps in Condominium Development
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Condominium Corporation
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