What is a Condominium?
What is condominium?
Condominium refers to an interest in a condominium project consisting of absolute ownership of a condominium unit and co-ownership of the land and common areas of the project.
Condominium project is the totality of the site (land), condominium units, and common areas
Condominium unit is a space encompassed by the interior surface of the floor, ceiling, walls, and exterior doors and windows which is susceptible of independent use and ownership.
Evidence of Ownership – condominium ownership is evidenced by condominium certificate of title.
Capacity to Buy – alien ownership not to exceed forty percent interest in the project is legally allowed.
Extent of Ownership – 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 façade of the unit.
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 contiguous lands of say 40 or
50 sqm. may obtain adequate housing by consolidating their lots and
constructing a condominium project.
4. Enhances marketability because foreigners can buy.
5. Multiple saleable or rentable floor areas by as many storeys put up.
6. Eliminates the routinary chores of daily maintenance, security , and garbage
collection associated with single-detached dwellings.
Source: Real Estate Service Act of the Philippines (RESA) lecture conducted by NAR Philippines
Attended by:
MS. JULS HIPOLITO
Licensed Real Estate Broker
Registration Number 6271
Issued by Professional Regulation Commission
Registration Date : May 17, 2011
What is condominium?
Condominium refers to an interest in a condominium project consisting of absolute ownership of a condominium unit and co-ownership of the land and common areas of the project.
Condominium project is the totality of the site (land), condominium units, and common areas
Condominium unit is a space encompassed by the interior surface of the floor, ceiling, walls, and exterior doors and windows which is susceptible of independent use and ownership.
Evidence of Ownership – condominium ownership is evidenced by condominium certificate of title.
Capacity to Buy – alien ownership not to exceed forty percent interest in the project is legally allowed.
Extent of Ownership – 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 façade of the unit.
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 contiguous lands of say 40 or
50 sqm. may obtain adequate housing by consolidating their lots and
constructing a condominium project.
4. Enhances marketability because foreigners can buy.
5. Multiple saleable or rentable floor areas by as many storeys put up.
6. Eliminates the routinary chores of daily maintenance, security , and garbage
collection associated with single-detached dwellings.
Source: Real Estate Service Act of the Philippines (RESA) lecture conducted by NAR Philippines
Attended by:
MS. JULS HIPOLITO
Licensed Real Estate Broker
Registration Number 6271
Issued by Professional Regulation Commission
Registration Date : May 17, 2011
