skip to Main Content
[font_awesome icon="phone"] 1-800-987-654[font_awesome icon="envelope"] [email protected][font_awesome icon="user"][wp_login_url text="User Login" logout_text="Logout"]

Understanding Condominium Ownership Business Seeker

(Last of two parts)

Although the ownership of the common portions remains undivided, one or more owners of condominium units can only bring an action for sharing if they demonstrate that the owners of the units holding in total more than 50% of the interests in the portions. municipalities are opposed to the repair, restoration, remodeling or remodernization of the condominium, which has existed for more than 50 years, making it obsolete and unprofitable.

Judicial partition also applies when: (a) owners of units holding a total of more than 30 percent interest in the common areas object to the repair, restoration, remodeling or remodernization of the condominium after damage or destruction has rendered at least half of its units non-tenants; (b) the condominium has not been rebuilt or substantially repaired to its original condition within three years of the damage or destruction, rendering a material part of it unsuitable for its use; (c) owners of units holding a total of more than 70 percent interest in the common portions object to the continued co-ownership after the expropriation or condemnation of its material part (s), rendering the unsustainable condominium project; and (d) the conditions for such sharing are set out in the duly registered restriction statement.

The restriction statement must provide for the management of the condominium by the condominium corporation, the condominium owners association, the duly elected board of directors or the duly elected managing agent. It also provides for voting majorities, quorums, notices of meeting, meeting date and other rules governing the management body.

This declaration may also contain provisions relating to: a) the management body; (b) independent audit of the accounts of the management body; (c) the manner and procedure for modifying the restrictions contained therein; (d) reasonable estimates to cover authorized expenses; e) the subordination of the privileges guaranteeing these valuations to other privileges described in a general or specific manner; f) the conditions under which the partition of the co-ownership and the dissolution of the condominium corporation can be carried out.

Said declaration, as well as any other act or plan, must be interpreted liberally to facilitate the operation of the co-ownership and its provisions are presumed to be independent and separable.

When the common portions of a co-ownership are held by a condominium corporation, the latter constitutes its management body.

The corporate objects of the said corporation are limited to the holding of the common portions, either in ownership or in any other real estate interest recognized by law, to the management of the co-ownership, and for any other purposes that may be necessary, incidental, or convenient for the accomplishment of said purposes.

In addition, the term condominium corporation coincides with the term of the co-ownership, subject to the provisions of the Corporations Code.

Unless authorized to do so by the affirmative vote of all shareholders or members, a condominium corporation must not, during its existence, sell, exchange, rent or otherwise alienate the common portions that it owns or that it does. holds in the condominium.

An appraisal on a condominium made in accordance with the deed of declaration constitutes a lien on the condominium, provided that the management body registers a notice of appraisal in the appropriate register of acts. This privilege is superior to all other privileges registered subsequently, except in the case of fiscal land privileges and when said declaration may provide for the subordination of these to other privileges and charges.

Labor performed or services or materials provided with the consent or at the request of a unit owner or his agent or contractor will only form the basis of a lien when the other owners have expressly consented or requested such services.

Such express consent is deemed to be given by the owner of the unit, however, in the event of emergency repairs to his unit.

In the meantime, the work carried out or the services or materials provided for the common areas, if they are duly authorized by the management body, are deemed to have been expressly consented to by each owner of the accommodation.

Read more

Don’t miss the latest news and information.

To subscribe to REQUEST MORE to access The Philippine Daily Inquirer and over 70 other titles, share up to 5 gadgets, listen to the news, download from 4 a.m. and share articles on social media. Call 896 6000.

For comments, complaints or inquiries, Contact us.



Source link

Back To Top