LAND TITLES & DEEDS: RA 4726: THE CONDOMINIUM ACT

property divided or to be divided into condominiums. CONTENTS OF DEED: a. description of building and land on which building is located or to be located b. description of common areas and facilities c. statement of exact nature of interest acquired or to be acquired by the purchaser in the separate units and in common areas/facilities d. purpose for which the building and each of the units are intended or restricted as to use e. certificate of registered owner of property, if he is other than those executing the master deed APPENDED TO THE DEED: a. survey plan of the land included in project b. diagrammatic floor plan of building c. any reasonable restriction regarding the right of any condo owner to alienate or dispose of his condo 2) DECLARATION OF RESTRICTIONS RELATING TO SUCH PROJECT – these restrictions are annotated upon the certificate of title covering the land included in the project and constitute a lien upon each condominium. 3) INSTRUMENT CONVEYING A CONDOMINIUM – upon the registration and annotation of the conveyance on the COT covering the land within the project, the transferee is entitled to the issuance of a “condominium owner’s” copy of the pertinent portion of such COT. CONTENT OF OWNER’S COPY: a. description of land b. brief description of the condo conveyed c. name and personal circumstances of the condo owner 4) NOTICE OF ASSESSMENT UPON ANY CONDOMINIUM MADE IN ACCORDANCE WITH A DULY-REGISTERED DECLARATION OF RESTRICTIONS – this notice becomes a lien upon the condominium assessed when registered. Any release or discharge of this lien should also be registered.

“CONDOMINIUM” – an interest in real property consisting of: 1) A separate interest in a unit in a residential, industrial or commercial building, and 2) An individual interest in common, directly or indirectly, in the land on which it is located and in other common areas of the building. 3) (May in include, in addition) A separate interest in other portions of such real property. “CONDOMINIUM CORPORATION” – may hold title to the common areas (including the land, or the appurtenant interests in such areas), in which corporation 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. REAL RIGHT IN CONDOMINIUM: the ownership or any other interest in real property recognized by law on property. HOUSING AND LAND USE REGULATORY BOARD – has the exclusive jurisdiction to regulate the real estate trade and business. A.REGISTRATION OF PROJECTS: 1) SUBMIT SUBDIVISION PLAN – submitted by the registered owner of a parcel of land who wishes to convert the same into a condominium project to the House and Land Use Regulatory Board. 2) STANDARDS AND REGULATIONS COMPLIANCE – the HLURB shall act upon and approve the plan, with respect to the building/s included in condominium project, upon a finding that it complies and standards and regulations enforceable at the time the plan was submitted. 3) REGISTER OF DEEDS (OF PROVINCE/CITY WHERE PROPERTY LIES) – will approve the condo plan, and shall be acted upon in accordance with Condo Act procedure. B. REQUISITE REGISTRATION IN REGISTER OF DEEDS: 1) ENABLING OR MASTER DEED – it is the recording of this deed that makes the provisions of the Act applicable to

5) COURT DIRECTING REORGANIZATION OF A PROJECT – the proper court, in an action for partition of a condominium project or for the dissolution of condominium corporation on the ground that the project or material part thereof has been condemned or expropriated, may issue such a decree. C. “LICENSE TO SELL” GENERAL RULE: such owner or dealer to whom has been issued a registration certificate shall not be authorized to sell any condominium unit in the registered project unless he shall have first obtained a license to sell the project within 2 weeks from the registration of such project. EXEMPT TRANSACTIONS: a license to sell and performance bond shall not be required in the sale of a condominium unit by or for the account of a mortgagee in the ordinary course of business when necessary to liquidate a bona fide debt. GROUNDS FOR REVOCATION OF CERTIFICATE AND LICENSE TO SELL: 1) 2) Insolvency Has violated any of the provisions of law, rules or regulations, or any undertaking of his bond Has been or is engaged or is about to engage in fraudulent transactions Has made any misrepresentation in ay prospectus, brochure, circular or other literature about the condominium project that has been distributed to prospective buyers Of bad business repute Does not conduct business in accordance with law or sound business principles.

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 AYN RUTH NOTES 