29/05/2019
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, just like that. 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 investment, your condominium property can last, can be profitable and can be passed on to your heir(s)
