Condominium Building
A multi-unit residential building where each unit is individually owned under a Condominium Certificate of Title (CCT), while common areas are jointly owned by all unit owners through a condominium corporation.
📖 Definition
A multi-unit residential building where each unit is individually owned via a Condominium Certificate of Title (CCT), and common areas are jointly owned through a condominium corporation.
🇵🇭 Philippine Context
Condominium buildings dominate the Metro Manila, Cebu, and Davao skylines. Foreign nationals may own up to 40% of units in a project, making condos the primary real estate investment vehicle for foreign buyers. Association dues cover maintenance of common areas, elevators, security, and amenities.
🔗 Related Topics
Condominium, CCT, studio, penthouse, homeowners' association, pre-selling.
🇵🇭 Philippine Context
DHSUD References
- Governed by RA 4726 (Condominium Act)
Building Codes
- RA 4726
- BP 957
⚖️ Legal References
- Foreign ownership limited to 40% of total project units