Mandalagan Bacolod Properties All About The Condominium Act Of 1966

Condominiums are sprouting like mushrooms in the Philippines nowadays. This is because of the benefits brought when the unit appreciates. Many people are already on the lookout for investing in soon-to-be developed condominium projects where the selling price is still at its lowest form. Whether you are still one of the eager ones to buy a condo in Mandalagan Bacolod or maybe you’re already one of those who have acquired a unit, this article is your guide to knowing more regarding how your investment will flow after making a purchase.

Thankfully, there is already a law in the Philippines that covers the protection of the condo unit owner’s investments. This is the Condominium Law of the Philippines or otherwise known as the RA 4726 which was enacted on June 18, 1966. This law enumerates all the requirements in putting up condominium projects and protects unit owners from evil schemes of some development companies.

In the act, a condominium in Mandalagan Bacolod is defined as a type of real estate property which is divided in units or spaces. These units may be residential, industrial or commercial ones. It is, however, undivided in common areas of the building.

What will happen to your investment after 50 years? RA 4726 also answers this question. To summarize this section in the Republic Act, it states that once the condominium unit has been turned over to the owners of these spaces, like you, automatically you become one of the co-owners of the building. You are also given the right to co-own a portion of the land which the building is built upon, meaning, you will have a voice when it comes to managing the building. In cases where the building is decided to be sold, you don’t have to worry because you’ll also have a share in the profits. The law also states that you can pass your property through hereditary succession after 50 years. This section of the law assures condo unit owners that their investments will not be put in vain after 50 years since their children can also acquire their possessions.

However, the provisions of RA 4726 are only applied to properties recorded in the Registry of Deeds in Mandalagan Bacolod where the building is located.