Master Deed Condominium Meaning In Tarrant
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FAQ
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.
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.
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:
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.
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 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.
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.
