The Condominium Act (R.A. 4726)

I would rather live in a nice and comfortable Bahay Kubo (nipa hut) than in a condo unit no matter how luxurious and elegant it is because the latter would not permit me to have:
 

1. beautiful and lushy garden (both vegetables and ornamental plants)

 

2. clotheslines :)

 

3. yard or lawn

 

4. koi pond

               
As defined in Section 2 of The Condominium Act (R.A. 4726), a Condominium is an INTEREST in real property consisting of a separate interest in a unit in a residential, industrial or commercial building and an UNDIVIDED INTEREST in common directly or indirectly, in the land of which it is located and in other common areas of the building.

The ownership over the unit is the “separate interest” of the owner which makes him automatically a shareholder in the condominium. The most common types of condominium is referred to as a combination of both perpendicular and horizontal co-ownership. While a horizontal condominium offers the benefits of a townhouse, it is when the various units are in one place - as when one-story units all set on the ground.

The common areas and facilities are “portions of condominium property not included in the units”, whereas, a unit is “a part of the condominium property which is to be subject to private ownership.” The BOUNDARY of the unit granted are the INTERIOR surfaces of the perimeter wall, floors ceilings, windows and door thereof. The common areas are held in common by the holders of units, in equal shares one for each unit. The law mandates that said common areas shall remain UNDIVIDED, and there shall be no judicial partition thereof.

Further, it is mandated that ALL incorporators of a condominium project must be an owner of a condominium unit.

Excerpt Image http://id.tixik.com/image-101742.htm Author: Dan Aquino