24/09/2024
WHAT WILL HAPPEN TO A CONDOMINIUM INVESTMENT AFTER 50 YEARS?
(RA 4726 or The Condominium Act of the Philippines)
This is one of the most common concerns raised by condominium buyers and it is a very relevant question to ask especially since we are talking about millions of money here.
✔In the Philippines, there is a law that protects the interest of the unit owners in a condominium project. This is the Republic Act 4726 or The Condominium Act of the Philippines which was mandated on June 18, 1966.
✔Perpetual ownership - It’s not like you will buy a condominium property and then after 50 years, your investment will be gone. When a condominium project is fully turned over to the unit owners, it becomes just like a corporation, and you are one of the owners of that corporation if you have a unit there.
✔So it follows that you will have a “say” in the decision making as to what to do with the whole building and if it has been decided that the property is going to be sold or demolished so that a new property will be developed on the area, you will get your appropriate share of the proceeds of the sale.
Just like any other investment, your condominium property can last, can be profitable and can be passed on to your heir(s).
