The organization of a condominium corporation is a legal requirement, especially if some unit buyers are foreigners in order that title to the land may registered in the name of the corporation with all unit owners as members. Its primary purpose is ownership of the common areas and management of the project. In the Philippines, foreigners cannot (disallowed by the Constitution) own land, but they can own 40% share of stocks in a corporation.
1/07/2013
What is the essence and purpose of a Condominium Corporation?
The organization of a condominium corporation is a legal requirement, especially if some unit buyers are foreigners in order that title to the land may registered in the name of the corporation with all unit owners as members. Its primary purpose is ownership of the common areas and management of the project. In the Philippines, foreigners cannot (disallowed by the Constitution) own land, but they can own 40% share of stocks in a corporation.
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