01/02/2024
Konting kaalaman po
Condominium buildings have two different types of ownership. First is the Leasehold Ownership — the kind of condo ownership that is similar to a lease, as the name suggests—which gives the owners the right to occupy or use the property for a predetermined period, which typically lasts for about 20 to 50 years. After this year, the developer may renew the lease or demand that you return the property, with, of course, appropriate compensation. ✨✨
Verida Towers is under the other type of ownership, which is what we call Perpetual Ownership. In this type of ownership, the property is practically yours forever, and you could even have your kin inherit it. It will become like a corporation once bought, where you will be one of the stakeholders who will be a part of any decision-making regarding the whole condominium building. With this, the Philippine Law ensures the owners’ interests under the Condominium Act of the Philippines, or the Republic Act of 4726. Under Section 8 of this Act, it states that “one or more of those people may file a lawsuit to divide the project by selling it all as if the condo owners in the project were co-owners of the entire thing in the same proportion as their interests in the common areas.” However, there are certain requirements needed for this to happen, such as if the project has been built for more than 50 years and is outdated and no longer profitable and that the owners who own more than 50% of the common areas are opposed to its repair or renovation, and many other situations. 💚✨
