30/04/2020
DAGDAG KAALAMAN PARA SA LAHAT:
Tama ba na walang forever in owning a Condo Property? The 50 years Myth that everyone misunderstood.🏢🏨
There are many people who are reluctant to invest in Real Estate Property specially investing in a Condo Unit because of this “50 years Myth”.
First, you need to know if the the Condo Unit that you are trying to purchase is a Leasehold Property or Freehold Property.
Ano ba ang ibig sabihin ng Leasehold Property, ang Leasehold Property..., ang Leasehold Property Ownership is only good po ng 25yrs hanggang 50yrs. Sa madaling salita kinakailangan mo pang mag-renew ng kontrata upang ikaw ay manatili or say goodbye to your Condo Unit ( ).
Eh ano naman ang Freehold Property, eto po ang tipo ng ownership na dapat ninyong hanapin or you need to consider when purchasing a condo unit. Ito po ay tinatawag din nating perpetual ownership, itong uri ng ownership ay magkakaroon ka ng individual Condominium Certificate of Title (CCT), kaparehas po ng OCT or TCT when you buy a house and lot.
So what will happen once the building where you invested turns 50? Does it mean that my investment will be blown in the wind?
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.
Under Section of the said Law,
Title to the common areas, including the land, or the appurtenant interests in such areas, may be held by a corporation specially formed for the purpose (hereinafter known as the “condominium corporation”) in which the holders of separate interest shall automatically be members or shareholders, to the exclusion of others, in proportion to the appurtenant interest of their respective units in the common areas.“
Corporation, as mandated by Section 11 of Batas Pambansa Blg. 68, otherwise known as the “Corporation Code of the Philippines,” cannot exist for more than 50 years; hence, it follows that a condominium can only exist for 50 years.
The world corporation, it means as a unit owner, you are considered as a shareholder, with shares proportionate to your unit type and the number of units you own.
Opo hindi ka nga parte ng mga common areas or you don’t have any title for the land where the Condo Building has been built. Limitado ka lang sa unit na pag aari mo, and it lasts in perpuity. Ibig sabihin habang ikaw ang nagmamay ari ng unit meron kang boses o karapatan sa lahat ng nangyayari sa building, from the noise policies, swimming pool tiles to the plans for possible demolition.
Going back to R.A. 4726, The law does not provide that condominium units are strictly just good for fifty years. The law states that aside from being more than fifty years old, it must be obsolete and uneconomical plus the fact that majority of the unit owners are against its repair and restoration.
Many would claim that the Republic Act 4726 or the Condominium Act of the Philippines would imply that condominium towers are only good for fifty years since the law provides that several persons who own condominium units may bring an action for partition under Section 8-C when:
“That project has been in existence in excess of 50 years; that it is obsolete and uneconomical, and that condominium owners holding in aggregate more than 50 percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project.”
Meron pong Tatlong Factors upang masabi natin na ang isang condo building ay hindi na maaring tirhan or uninhabitable.
1. The building has been in existence in excess of 50 years
2. Obsolete and uneconomical
3. Owners holding in aggregate more than 50 percent interest in the common areas are opposed to repairing or restoration or remodeling or modernizing the project.
Ibig sabhin, kahit na ang isang condominium building ay mahigit na sa 50 years , it doesn’t follow or necessarily have to be obsolete or uninhabitable. Karamihan sa Condominium building are now developed sa pamamagitan ng maka modernong teknolohiya in order to endure ordinary wear and tear.
So paano naman ang Corporation? ang sabi sa batas under the “Code of Corporation of the Philippines” cannot exist for more than 50 years. Opo tama, ngunit ating pong tandaan a corporation po ay renewable for another 50 years so the ownership does not necessarily ends.
So it is easy to say that the investment you have made from your hard earned money is totally safe and secured. And if the time comes, shareholders to the condominium corporation can vote to have the building demolished, and they have two options. Either they sell the land, make some money from the salvageable scrap from the demolished building, deduct the cost of demolition, and divide the proceeds among the owners; or strike a deal with the original developer or another developer to build a new condominium on their land.
Note: created to the owner of article
TABI TABI PO SA OWNER NA NG CONDO.
Cc to the owner/Author...
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