The Condominium Act of the Philippines is otherwise known as Republic Act 4762.

While there may be several options for Filipinos, Filipinos with families and even foreigners who frequent the Philippines, one of the better options that are given to these different types of buyers is the purchasing of a condominium. With that as a pre-emptive step in finding the most value for your money, you need to make sure that you are aware of the different scenarios and setting that would come along purchasing a condominium.

With the Philippine Condominium Act, you are given the liberty to be able to purchase a unit, or for those foreign businessmen, they can acquire condominium units. At the same time, should you want to invest in a condominium property, foreigners can, as long as they own up to forty percent of the total and outstanding stock.

When you purchase a condominium unit, it is almost similar to purchasing a house, a lot, or even a townhouse. The only and main difference that purchasing a condominium is that you own a space in the building property, which is different when purchasing a house and lot because you own the lot where your house is situated.

For pure foreign investors (this means not married to a Filipino Citizen or naturalized in any way), it would be near to impossible to own a piece of land in the Philippines but can own condominium unit(s) as long as the it will not go beyond 40% of the total ownership of the condominium project.

It is also of importance to highlight Section 8 of the Act especially for individuals who wish to purchase a unit, new or otherwise. Wherein the conditions of multiple ownership and the rights of the owners in dissolution, renovation, remodeling, restoration or demolition of the condominium project is stated. This particular section of the Condominium act is augmented in Section 13.

To read more about this topic and to access the full PDF version the act, you may visit: What Will Happen To a Condominium Investment After 50 Years?

This is why there are many details that you need to know about, when purchasing a condominium unit. It is not just wholly about owning a unit, but being aware that included in the unit, once you start living in the unit itself, there are dues, which are legally included. This would include Association dues, and even being made aware of the existence of such books and records, as you are officially a part-owner of the condominium property itself.

Now, should you decide to purchase a condominium unit that has been pre-sold, pre-owned, or even pre-purchased by another individual, it is a must that you have the sole ownership of the CCT, otherwise known as the Condominium Certificate of Title. Some brokers are not quite so knowledgeable with the Condominium Act, and would probably be able to know only a few sections here and there, which is why doing your own research and learning about this RA4726 is going to be beneficial for you. What’s more, asking for the assistance of a lawyer might also be advantageous for you, foreigner or local, should you want to invest in a condominium unit.