What Is A Condominium?
Other than townhouses and apartments, condominiums have also become a very popular
living space for a lot of Filipinos, particularly with its advantages and benefits. However, condominiums were only introduced in the Philippines only recently compared with other types of housing such as townhouses and apartments. So what is a condominium?The term condominium is a form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is usually executed under legal rights. According to Philippines property specialists, condominiums are commonly associated with the term apartment. A condominium may be simply defined as an "apartment" that the resident "owns" as opposed to rents. However, there are several differences between a condominium and an apartment.
Differences of Condominiums and Apartments
The difference between condominiums and apartments are purely in legal terms for there is no way to determine a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. According to Philippines property professionals, the same building developed as a condominium, which every unit is sold to different owners, could actually be built someplace else as an apartment building, in which the developer would retain its ownership and rent their units to individual tenants.
Overview
A condominium is a collection of individual home units along with the land upon which they sit. Individual home ownership within a condominium is constructed as ownership of only the air space confining the boundaries of the home. Typically, a condominium consists of multi-unit dwellings, which is similar to that of apartments. Each unit is individually owned, however, common areas or facilities such as hallways and recreational facilities are jointly owned by all the unit owners in the building.
The description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a Master Deed, or also known as "Enabling Declaration", the "Declaration of Conditions", or the "Condiminium Document" in most countries. Typical rules stated in a Master Deed include mandatory maintenance fees, pet restrictions, and color/design choices visible from the exterior of the units.
Condominiums could also rent out their units to tenants, similar to renting out other real estate. However, according to Philippines property professionals, leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law. For more information visit to our site at http://www.atayala.com
by: Deirdre Gonzales