What is a condominium?

[1] A condominium is an interest in real property consisting of a 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. (Sec. 2, R.A. 4726)

[2] Interest in real property may be ownership or any other real right in real property recognized by the law of property in the Civil Code and other pertinent laws. (Sec. 2, R.A. 4726)

[3] Common areas are the entire project excepting all units separately granted or held or reserved. (Sec. 3, RA 4726)

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