Cebu City, Philippines (PressExposure) August 07, 2009 -- When looking to buy some philippines properties for sale , such as a condominium, its important for people to know what goes around buying and owning a condo unit. First off, what is a condominium. In layman's term, a condo unit is like a owning a house, only smaller, which are usually found on buildings. In a more professional term, A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
What is a condo? Technically, a condominium is a collection of individual home units along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home, which is the Anglo-Saxon law systems for owning a condominium. The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. In Asia, including the Philippines, things can be different.
Asian Condominium Government In Asia, a homeowners association, consisting of all the members, manages the condominium through a board of directors elected by the members.The same concept exists under different names depending on the jurisdiction, such as "unit title", "sectional title", "commonhold," "strata council," or "tenant-owner's association", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association."
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" (also known as the "Enabling Declaration", the "Declaration of Conditions", or the "Condiminium Document") which authorizes a board of directors to administer the condominium affairs and to assess the owners for adequate maintenance.
Rules and Regulation in Condos A set of Rules and Regulations providing specific details of restrictions and conduct are established by the Board and are more readily amendable than the Declaration or Bylaws. philippines properties for sale such as condos typically have rules that include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from the exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record via a condo or homeowners association website, or through public files depending on the state and its applicable laws.
People seeking to buy or rent some philippines properties for sale such as condos may usually find some condo owners may also accept tenants to live on the condo unit on their stead. In general, condominium unit owners can rent their home to tenants, similar to renting out other real estate, although 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.