06/05/2023
WHAT WILL HAPPEN TO A CONDOMINIUM INVESTMENT AFTER 50 YEARS?🤔
(RA 4726 or The Condominium Act of the Philippines)
This is one of the most common concerns raised by condominium buyers and it is a very relevant question to ask especially since we are talking about millions of money here.
✅In the Philippines, there is a law that protects the interest of the unit owners in a condominium project. This is the Republic Act 4726 or The Condominium Act of the Philippines which was mandated on June 18, 1966.🇵🇭
✅Perpetual ownership - It’s not like you will buy a condominium property and then after 50 years, your investment will be gone. When a condominium project is fully turned over to the unit owners, it becomes just like a corporation, and you are one of the owners of that corporation if you have a unit there.🏢
✅So it follows that you will have a “say” in the decision-making as to what to do with the whole building and if it has been decided that the property is going to be sold or demolished so that a new property will be developed on the area, you will get your appropriate share of the proceeds of the sale.💵
Just like any other investment, your condominium property can last, can be profitable, and can be passed on to your heir(s).😇
