Master Deed Condominium Meaning In Orange
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Master Deed/Declaration of Covenants and Restrictions It is filed with the county clerk's office where the community is located and outlines the physical boundaries of the property, including common areas, limited common elements or areas, and individual units/lots.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
The most definitive proof of land ownership in the Philippines is a Torrens title. The title is issued by the Registry of Deeds, and it is the most reliable document that shows who the legal owner of the land is.
What is perpetual ownership? Perpetual ownership means that you have every right a inium unit owner is entitled to as provided in the inium Act, granting you full ownership rights to your unit and a proportionate share of ownership to all common areas of the building and the land itself.
Types of inium Ownership Structures: Freehold iniums: Freehold iniums are the most common type of inium ownership structure. Leasehold iniums: Leasehold iniums are less common than freehold iniums. Common Elements iniums. Vacant Land iniums:
To summarize, while a tax declaration might suggest possession or a long history of paying taxes, it does not confer ownership rights. In contrast, a Torrens title offers conclusive evidence of ownership, and courts generally prioritize it over tax declarations in property disputes in the Philippines.
Ownership of a inium unit is evidenced by a inium certificate of title. With respect to real property other than land and inium units, there is no system that is equivalent to the Torrens system for registration under which a document is issued to evidence the owner's title.
The ownership of these condos might differ; they might be leasehold or freehold. One of the main differences between these types is that in leasehold condos, you only own the right to operate your unit for a specific period. In freehold condos, you have full ownership rights forever.
Your inium doesn't have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point.
