[I].A Condominium Act of the Philippines

Condominium Act of the Philippines

An act to define condominium, established requirements for its creation and government of its incidents.

RA 4726

Condominium Act ofthe Philippines

June 18, 1966

DATE OF RA 4726

Condominium

An interest in real

property consisting of

a separate interests in

a unit in a building.

Condomizing

Setting up a Condominium project

1. Preparation of master deed and the declaration of restrictions.

2. Setting up of Condominium Corporation.

3. Execution of Deed of conveyance.

4. Registration with HLURB.

5. Application of issuance of individual CCT from Registry of deeds and corresponding tax declaration from the assessor's office.

Unit

A part of the

condominium project

intended for any type

of independent use or

ownership.

Project

The entire parcel of

realproperty divided

in condominiums.

Common Areas

The entire project

except all unit

separately granted,

held or reserved.

Industrial Estate or Estate

A track of land which is subdivided and developedprimarily for industrial purposes.

To Divide Real Property

To divide the ownership or other interest by conveying one or more condominium but less than the whole.

Description of the land

on which the

buildings and improvements are to be

located.

Rights of a Condominium owner

Right to/of:

1. Mortgage

2. Sell or transfer his unit

3. Ownership to common areas in equal share with other units.

4. non exclusive easement access.

5. Vote and be voted upon in the Condominium Corp.

6. Absolute ownership of his unit.

Condominium Certificate of Title

Ownership evidence in condominium..

40%

where ____% of the units may be purchased by foreigners in a condominium ownership.

Unit

A part of the condominium project indended for any type of independent use or ownership.

Project

the entire parcel of real property divided in condominium.

Common Areas

the entire project except all units separately granted or held or reserved.

A per unit of ownership basis

In master deed, the condominium project exclusively for subdivision or condominium, Simple majority shall be on.

Floor area basis

In master deed, in the case of mixed use, Simple majority shall be on.

Section 13: Voluntary Dissolved

1. 3 years after damage or destruction

2. Damage has rendered 1/2 or more of the units therein untenantable and that more than 30% of members of corp. are opposed to repair.

3. Project is more than 50 years, uneconomical, and obsolete. and that more than 50% of members of corp. are opposed to repair.

4. Condemned project and that more than 70% of members of corp. are opposed to repair.

stating the

number of storeys, basement, no. of

units, and their accessories.

Description of the building

Description of the common areas and

facilities

Statement of the exact nature of the

interest

acquired in separate units and

common areas of the condominium

projects.

Certificate ofthe registered owner

of the property.

 Surveyplan of the land.

 Diagrammatic floorplan ofthe

building.

Plans appended:

Declaration of restrictions.

Declaration of restrictions.

Incidents of a Condominium Grant

Boundary of the unit which shall

include the outer surfaces of the

perimeter walls of the building.

 Structural elements ofthe

building

 Common Areas

 Elevator equipment and

shaft

 Central service facilities

 Utility Installations

The following are not apart of the

unit...

refurbish the unit.

Exclusivity to

pledge or encumber the unit.

Exclusive right to mortgage,________ or ________

the master deed required

that thepropertybe first offered to

the condominium owners within a

reasonable period of time.

Absolute right to refurbish the unit,

unless

Section 21

No laborperformed without the

consent of an owner.

Section 25

Thebuilding and design standards

must conform to BP 344.

Section 26

Each condominium separately

owned shallbe separately assessed

for purposes of real property

taxation.