What is the difference between condominium and apartment?
The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented.
Is a condominium residential or commercial?
A condominium, according to the law, is an “interest in a real property consisting of a separate interest in a unit in a residential, industrial, or commercial building and an undivided interest in common, directly or indirectly, in the land in which it is located and in other common areas of the building.”
What document describes the basic rules under which a condominium operates?
Condominium documents are generally divided into three parts: Declaration, Articles of Incorporation, and Rules and Regulations. the basic rules under which the condominium operates. the condo’s owner or developer.
What are the common areas of a condominium?
Common Area
- The condominium building (the physical structure housing the condominiums), as well as the lot the condominium building sits on.
- Carports and/or parking spaces or lots.
- Electrical systems (except for the outlets located within the interior of a condominium)
- Elevators.
- Fitness Center.
- Hallways.
- HVAC systems.
Why is it called a condominium?
Condominium is an invented Latin word formed by adding the prefix con- ‘together’ to the word dominium ‘dominion, ownership’. Its meaning is therefore ‘joint dominion’ or ‘co-ownership’.
How long does a condominium last?
Most of the new condominium projects today are designed and built with modern techniques and durable materials to endure the ordinary wear and tear of everyday use. Modern condos will likely remain in good shape even after 50 years.
What happens to a condominium after 50 years?
What the law refers to in the 50-year rule is the lifespan of a corporation which is essentially the same to unit owners who make up the condominium project. However, the condominium corporation can actually be renewed for another fifty years so the ownership does not necessarily end.
Do condos lose value over time?
Yes, condos generally appreciate in value. But, if you’re trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will. For example: From 2017 to 2018, the median price for condos grew by 3% while single-family homes grew by over 5%.
What is pd957?
Subdivision and Condominium buyer’s Protective Decree. (as amended by P.D. 1216) REGULATING THE SALE OF SUBDIVISION LOTS AND CONDOMINIUMS, PROVIDING PENALTIES FOR VIOLATIONS THEREOF.
What is the Maceda Law?
6552, otherwise known as the “Realty Installment Buyer Protection Act”, or more popularly the “Maceda Law”, was approved on August 26, 1972 to protect real property owners from inequitable conditions imposed on sale transactions involving real estate purchase financed through installment basis. .
What is the purpose of Hlurb?
The Housing and Land Use Regulatory Board (HLURB) is the government agency mandated to provide assistance to local government units in the preparation and approval of their comprehensive land use plans (CLUPs), regulate housing, land use development and homeowners associations.
What is non Saleable area?
Non-Buildable(Non-Saleable)Area – minimum of 30% of the gross area. These include roads, sidewalks, alleys and open spaces {i.e. parks/playgrounds, community facilities, area for sewagetreatment plant (STP), if any}. As much as possible, roads should conform to the contours of the land.
What is the MINimum lot area for a rowhouse economic housing?
Shelter Component a. Floor Area Requirement The minimum floor area requirement for single-family dwelling shall be 22 square meters for economic housing and 18 square meters for socialized housing.
What is the difference between economic and socialized housing?
It is crucial to clarify definitions. “Socialized housing segment” is for projects costing P450,000 or below, while “economic housing” covers the price range starting from P450,000 but not exceeding P1. 7 million.