Simple Facts About The Condominium Act in Daang Hari Cavite
Because of the demand of living nowadays, people are tangled with work, busy schedules, social responsibilities, traffic, stress and many other factors. As a result, developers decided to build condominium towers in Daang Hari Cavite, which you can call compressed and capsulized residential houses. A condominium can still give you the comfort and peace that a proper home offers. The popularity of this type of living is very much appreciated by many millennials as they fit perfectly to their convenience. Looking for available and nice units is never an issue.
In spite of these positive remarks, having a condominium unit in Daang Hari Cavite is not all about the glamour and extravagance that you can get. Financial and legal matters have are parts of owning a unit. The Philippines, for instance, has a Condominium Act known as Republic Act No. 4726 that regulates and standardizes all the do’s and don’ts necessary in acquiring a condominium. Before you decide to buy a unit, allocate some time to educate yourself how this law works for you and the developer.
Bottom line is, when you purchase a condominium unit, you become partly an owner of the entire building. This gives you authority to some organizational titles only that they are limited. By law, the boundaries of your unit makes the entirety of your ownership. You are entitled to lease it or sell it freely considering that no rules have been violated. Selling or leasing a condo unit must abide to the building administration regulations and the Condominium Act. This also applies to selling your condominium shares and membership.
Being a legal stakeholder of a business, you are safe and assured that you’ll never become a homeless person any moment. It is guaranteed under Corporation Code R.A. No. 7899 and approval of Housing and Land Use Regulatory Board. It states that corporation owners shall not sell, exchange or lease any area in the condominium without the approval of the majority of the condominium members or registered owners. Otherwise, if the property was being legally sold to any third party aside from other condominium owners, it is imperative that members must be appropriately compensated and proceeds of the sale must be transparent and shared.