CONDOMINIUM ACT

Notes:
1. A condominium is a building where sections of which can be owned individually by a person or, in
some cases, a corporation. This can be for either a residential, industrial, or commercial purpose.

2. A unit owner is a co-owner of the condominium, entitled to such privileges and limited by such
restrictions that may follow the title.

3. Filipino citizens and corporations can own condominium units.

4. Foreigners, by virtue of the Condominium Act, are allowed to purchase and acquire condominium units.

5. Foreigners and foreign corporations are, by law, prohibited to own land.

SELLING UNIT
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.

SELLING CONDOMINIUM
Restrictions:
1. Buyer should be either a Filipino citizen or corporation

2. Corporation buyer should be at least 60 percent owned and controlled by Filipinos. The foreign
ownership in the purchasing corporation cannot exceed 40 percent, otherwise, the sale would be
invalid.

3. If the master deed contains a requirement that the property should first be offered to the other
condominium owners within a reasonable time before offering it to third parties, then the
Condominium corporation may not sell it to others before offering it to unit owners.

4. They shall not sell, exchange, lease, or otherwise dispose of the common areas of a condominium
without the approval of the simple majority of the registered owners, subject as well, to the approval
of the Housing and Land Use Regulatory Board (HLURB).

The Condominium Act allows the owners to sell the Condominium after 50 years.
 If it has been decided that the building shall be sold, then you will be compensated for your appropriate
share from the proceeds of the sale.