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.
Puerto Rico Bylaws of Condominium
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US-AR-B1039
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FAQ
Sec. 11. The registration and regulation of a condominium corporation shall be vested with the Housing And Land Use Regulatory Board (HLURB) and the term of the said corporation shall be coterminous with the duration of the subdivision projects, the provision of the corporation law to the contrary notwithstanding.
A condominium is an interest in 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 which it is located and in other common areas of the building.
What are the requirements of a condominium association? The Act requires the association of co-owners to keep current copies of the master deed, all amendments to the master deed, and other condominium documents available for review by co-owners, prospective purchasers, and prospective mortgagees.
While a landlord can clear out a rental building at any time, assuming there are no complicating rent control regulations, a condo is yours forever.
Republic Act No. 4726, otherwise known as The Condominium Act, governs the ownership, rights, and obligations of condominium owners.
A condo, also known as a condominium, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. When someone rents a condo, they're renting directly from the condominium owner.
The Condo Act is at the top of the hierarchy and it applies to and regulates all condo corporations in the province of Ontario. The Condo Act lays out the requirements for each of the governing documents, how they are created and amended, and the requirement that they be consistent with the Condo Act.
It is an excellent time to buy a condominium because the market and economy are both down, which means that the value paid is currently low due to the unstable market and down economy. On the other hand, as time passes and things return to normal, the value of these properties will skyrocket.
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.
Your condominium 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 condominium ownership does not necessarily end at that point.
