First, let us define condominium based from the definition of our good friends in wikipedia.org
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
In the Philippines, a study has shown that most Filipinos now prefer to live in condominiums or midrise homes after the recent storms to have hit the country. From studios to penthouse units, a variety of condominium units are available for your purchase.
Condominium developers have also created more flexible payment schemes and have enhanced their amenities to differentiate the project from the next developer down the block. Condominiums are also the only real estate property in the Philippines that a foreigner can truly own (provided that 60% of the occupants are locals, while the rest are foreigners).
Here are the obligations of Condominium Unit Owners in the Philippines:
- Pay realty tax of his unit.
- Share realty tax on land and common areas.
- Pay condominium dues and other assessments.
- Share in the insurance of common areas.
- Comply with the restrictions of the condominium project.
- Give right of first refusal to the condominium corporation or unit owners in case of sale (if it is required in the master deed)
What other Philippines Real Estate Questions do you have? We’ll try to find an answer for you!