People belonging to the working class often consider investing in a piece of real estate such as a condominium unit because of its flexible payment schemes that make everyone’s dream of owning a real estate property a reality. As you flip through the pages of the developer’s brochures or magazines, you are left in awe as the units epitomize the kind of modern life you want to live.
The price range of these condo units vary from location to location and while these infrastructures make a great investment, there are condo unit owners who had their own share of not-so-pleasant experiences of buying a condo unit.
What can be worse than condos that do not have parking slots? Some owners have to buy a separate lot that can accommodate their vehicle and this means shelling out vast amounts of money. Developers often overlook this one essential space that makes living in a condo more comfortable and hassle-free. Condo unit owners are not only ranting about the lack of parking slots but lost deposits as well.
Buying a condominium unit can be very tedious as you need to go through all kinds of problems and dealing with the agent is no exception. Finding out about lost deposits can burst one’s bubbles. This is why, buyers make it a point to follow up on the agent or track their purchase. These are just a few issues associated with buying a condo unit let alone living in it.
Republic Act No. 4726 Or The Condominium Act Is One Of The Laws Related To Condominium Ownership:
“Sec. 2. A condominium is an interest in real property consisting of separate interest in a unit in a residential, industrial or commercial building and an undivided interest in common, directly or indirectly, in the land on which it is located and in other common areas of the building. A condominium may include, in addition, a separate interest in other portions of such real property. Title to the common areas, including the land, or the appurtenant interests in such areas, may be held by a corporation specially formed for the purpose (hereinafter known as the "condominium corporation") in which the holders of separate interest shall automatically be members or shareholders, to the exclusion of others, in proportion to the appurtenant interest of their respective units in the common areas.”
