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What is a condo Corporation in the Philippines?
Jake Loria, a licensed real estate broker and founder of The Real Estate Group Philippines, shares that a condo corporation is considered a legal entity by the Philippine government, allowing it to own the title for the common areas of the building.What is a co-op condo?
A condop, an abbreviation of the words condominium and cooperative (or “co-op”), is a co-op inside a condo. Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
Is a condop a type of condominium?
The condop is a type of condominium building, not a distinct legal construct. A condop, a contraction of the words condominium and cooperative (or “co-op”), is a co-op inside a condo.
What would happen if there was no condo Corporation?
The unit owners today usually leave this work to the developer, but, if they so choose, they through the condo corporation can pick the service providers. If there was no condo corporation, the unit owners would feel like prisoners, unable to do anything when the service providers become problematic.What is a co-owner of a condo?
As your unit ownership means immediate membership in the condo corporation, you are, in essence, a co-owner of the condominium. This entitles you to the privileges and limits you to the restrictions following the title.
Can a condo be built on land leased from a Filipino?
One of the ways in which this applies is if the condominium is built on land that is leased from a Filipino owner, which allows for the condo corporation behind the project to be wholly foreign-owned. In most cases, however, land is not leased, and is often owned by the condo corporation themselves.