Condominium Act

Condominium Act
R.A. No. 4726

Definition of Terms
Condominium - It is an interest in real
property consisting of separate interest in a
unit in a residential , industrial or commercial
building and an undivided interest in
common, directly or indirectly, in the land on
which it is located and in other common areas
of the building.
Condominium unit - it is a part of the condo
project intended for any type of independent
use or ownership, including one or more
rooms or spaces located in one or more floors
(or part or parts of floors) in a building or
buildings and such accessories as may be
appended thereto.
Condominium project - it is the entire parcel
of real property divided or to be divided in
condominiums, including all structures
thereon
Common Areas - the entire project excepting
all units separately granted or held or
reserved.
Restrictions
With regard to ownership
for individuals as a general rule there is NONE
Exception: where the common areas in the
condo project are owned by the owners of
separate units as co-owners thereof, no condo
unit therein shall be conveyed or transferred
to persons other than FILIPINO CITIZENS or
CORPS. at least 60% of the capital stock
belongs to Filipino Citizens
Restrictions Cont.
exception to the exception : in cases of
hereditary succession

With Regard to Corporations :
Where the common areas in a condo project are held
by a corporation, no transfer or conveyance of a unit
shall be valid if the concomittant transfer of the
appurtenant membership or stock holding in the
corporation will cause the alien interest in such
corporation to exceed the limits imposed by existing
laws.

Incidents of a Condominium Grant
Refer to Sec. 6, f and g of the Act

(f) Each condominium owner shall have the
exclusive right to mortgage, pledge or
encumber his condominium and to have the
same appraised independently of the other
condos but any obligation incurred by such
condo owner is personal to him
(g) Each condo owner has also the absolute right
to sell or dispose of his condo unless the
master deed contains a requirement that the
property be first offered to the condo owners
within a reasonable period of time before the
same is offered to outside parties
Remember This Section
Sec. 8. Where several persons own
condominiums in a condominium project, an
action may be brought by one or more such
persons for partition thereof by sale of the
entire project, as if the owners of all of the
condominiums in such project were co-
owners of the entire project in the same
proportion as their interests in the common
areas: Provided, however, That a partition
shall be made only upon a showing:
(a) That three years after damage or destruction to the
project which renders material part thereof unit for its
use prior thereto, the project has not been rebuilt or
repaired substantially to its state prior to its damage or
destruction, or

(b) That damage or destruction to the project has
rendered one-half or more of the units therein
untenantable and that condominium owners holding in
aggregate more than thirty percent interest in the
common areas are opposed to repair or restoration of
the project; or
(c) That the project has been in existence in excess of fifty years, that it is
obsolete and uneconomic, and that condominium owners holding in
aggregate more than fifty percent interest in the common areas are
opposed to repair or restoration or remodeling or modernizing of the
project; or

(d) That the project or a material part thereof has been condemned or
expropriated and that the project is no longer viable, or that the
condominium owners holding in aggregate more than seventy percent
interest in the common areas are opposed to continuation of the
condominium regime after expropriation or condemnation of a material
portion thereof; or

(e) That the conditions for such partition by sale set forth in the declaration
of restrictions, duly registered in accordance with the terms of this Act,
have been met.
END

Condominium Act

Uploaded by

Copyright:

Available Formats

Condominium Act

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Condominium Act

Uploaded by

Copyright:

Available Formats

What are the different types of common areas defined in the document?

What restrictions are placed on ownership of condominium units?

Condominium Act

R.A. No. 4726

You might also like