Getting a condo opens you to a world of opportunities as you finally get a home that you own after years of hard work. However, you should also be aware of your responsibilities as an owner, and that includes knowing about Republic Act No 4726, more commonly known as the Condominium Act. Property portal Lamudi shares a few notable information about the law below.
What forms part of a condominium unit?
Everything within the boundaries of your unit forms part of the same. According to the law, the interior surfaces of the perimeter walls, floors, ceilings, windows, and doors form the boundary of your unit. That is, of course, unless the master deed or the declaration of restrictions prescribed by the condominium corporation or the administration stipulate otherwise.
What do not form part of the condominium unit?
In most cases, areas that are not found inside the unit are deemed to be excluded from the unit but the condominium law itself lists aspects of properties that generally do not form part of the unit. To wit: “bearing walls, columns, floors, roofs, foundations, and other common structural elements (e.g., lobbies, stairways, hallways, and other common areas), elevator equipment and shafts, central heating, central refrigeration, and central air-conditioning equipment, reservoirs, tanks, pumps, and other central services and facilities, pipes, ducts, flutes, chutes, conduits, wires, and other utility installations, wherever located.” An exception to the list are those outlets that are located within the unit.
Can I freely sell my unit?
Yes. That is not prohibited in the condominium law. When you sell your unit, however, you are not just selling the unit itself, you are also selling your interest in the common areas, as well as your membership and shareholdings in the condominium corporation.
Can I mortgage my unit for a loan?
Yes. The condominium law states that “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 condominium owner is personal to him.”
The Condominium Act stipulates that the owners can sell the condominium after 50 years. Does that mean that I will not have any say in the sale?
No, that is not the case. Upon turnover of the unit to you, you become a member of the corporation that owns the condominium. Hence, your concurrence or dissent on the matter will count. If, however, it has been decided that the building shall be sold, then you will be compensated your appropriate share from the proceeds of the sale.
Who owns the common areas in a condominium?
Generally, titles to the common areas are held by a corporation formed for the purpose. However, the condominium law also states that the common areas are held in common by the unit holders, in equal share for each unit.
