The following By-Laws have been adopted to govern the affairs of the project described in the master deed of the owners. The form also contains defintions of the words and terms used in the document.
Oregon Bylaws of Condominium
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Multi-State
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US-AR-B1039
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FAQ
More Definitions of Condominium Rules Condominium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors.
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.
A condominium is inside a residential building or community but the unit is privately managed by the individual or landlord of the property. This landlord has no say in the functioning of the larger building or even the plot of land in which his/her property is built upon.
A condominium is a form of ownership, not a type of building. Existing apartment buildings can be turned or "converted" into condominiums, and condominiums can be changed back into traditional apartment buildings.
To sum up, the rights of a condominium unit owner are the following: Right of absolute ownership over his unit. Right of exclusive easement of the space of his unit. Right to repair, paint, decorate the interior of his unit.
Condominiums are essentially corporations Corporations, as mandated by Section 11 of Batas Pambansa Blg. 68, otherwise known as the Corporation Code of the Philippines, cannot exist for more than 50 years; hence, it follows that a condominium can only exist for 50 years.
Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex's residents.
ALTHOUGH the lifespan of a condominium unit is limited by law to only 50 years, there are a number of options that allow owners to profit from their investment at the end of a unit's life, according to online listing service MyProperty.ph.
HOA Directory - The Oregon Secretary of State gives the public the ability to search for corporation information, including an association's contact information, list of board members, and corporation documents, such as the association's articles of incorporation.
The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos. If you want to buy a house, consider a long-term lease agreement with a Filipino landowner.
