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The document discusses key aspects of condominium ownership in the Philippines under the Condominium Act, including definitions of a condominium and condominium unit, ownership rights, common areas, and important legal documents like the Master Deed and Declaration of Restrictions.

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Alyssa Valerio
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12 views3 pages

Script

The document discusses key aspects of condominium ownership in the Philippines under the Condominium Act, including definitions of a condominium and condominium unit, ownership rights, common areas, and important legal documents like the Master Deed and Declaration of Restrictions.

Uploaded by

Alyssa Valerio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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[Intro: draft from Frank, can be shortened/edited)

[Visual Element: A video edit of building a condominium, of the legislative body enacting
a law and condominiums in Manila)
The prevalence of condos in the Philippines is a result of several factors that
resonate with the urban lifestyle. For some, condominiums offer comfort, convenience,
and luxury which is a privilege for people especially living or working in big cities. From
professionals and students to families seeking a comfortable urban life, many Filipinos
are drawn to the appeal of condominiums.
[End of Visual Element]

.re you planning to buy a condominium unit? Then this video is perfect for you! Hi, this is
Alyssa! Together with Ms. Laila and Ms. Sara, we will walk you through everything you
need to know about Condominium under the Condominium Act.

[Visual element: “What is a Condominium?”]

What is a Condominium?

A condominium is an interest in real property consisting of separate interest in a unit in


a residential, industrial or commercial building and an undivided interest in common,
directly or indirectly, in the land on which it is located and in other common areas of the
building.

In other words, a condominium is a type of real estate divided into . owned units, by a
person or in some cases a corporation, along with shared common areas.

[Visual Element: video clips of a condominium unit]

What forms part of a condominium unit?

Everything within the boundaries of your unit, the interior surfaces of the perimeter
walls, floors, ceilings, windows, and doors form the boundary of your unit.

Who may own a condominium unit?


Everyone may own a condominium unit; Filipino citizens, corporations and Foreigners
as well.

However, regarding the entirety of the condominium, there is a restriction on foreign


ownership, limiting them to no more than 40 percent of the total outstanding capital
stock of a corporation, which must be Filipino-owned and controlled. This restriction
stems from the prohibition against foreigners and foreign corporations owning land.

[Visual element: the text below]


What rights do unit owners have over their unit?

-absolute ownership over your unit


-exclusive easement of the space inside it
-to repair, paint, decorate its interior
-to sell, mortgage, or lease it
-Right of co-ownership of land and common areas
-Right of non-exclusive easement to common areas for ingress or egress;
-Right to participate and vote in condominium corporation meetings.

[Visual Element: Video clips of a common area]

As a resident of a condominium, there are places that do not form part of your
condominium unit. These places are what we call the "Common areas" which means
the entire project excepting all units separately granted or held or reserved. These
refers to the walls, columns, floors, roofs, foundations and other common structural
elements of the building; lobbies, stairways, hallways, and other areas of common use.

So who owns these ẁcommon areas?

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.

What are the important documents you need to know about Condominium?

The Master Deed and second is the Declaration of Restriction:

[Visual Element: Sample of Master Deed]

The Master Deed is a legal document that outlines the physical boundaries and
specifications of each individual unit within the condominium property. It defines the
exact dimensions, boundaries, and common areas associated with each unit.

[Visual Element: Sample of Declaration of Restrictions]


The Declaration of Restrictions lays down the rules, regulations, and restrictions that
govern the conduct of unit owners within the condominium community. It covers aspects
such as pet ownership, noise regulations, usage of common areas, and architectural
guidelines.

Outro:
Moving forward to introduce further significant aspects of the Condominium Act, we now
welcome Ms. Laila to the discussion.i99

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