More notes on condominium law

The Condominium Act or Republic Act No. 4726 governs the creation and other incidents of condominiums.

[1] A condominium corporation is a corporation specially formed to hold title to the land and common areas. (Section 2, R.A. 4726)

[2] A master deed is an enabling deed to be recorded in the Register of Deeds and annotated in the title of the land, which shall contain:

[a] a description of the land;
[b] a description of the building
[c] a description of the common areas
[d] a statement of the interest acquired or to be acquired by the purchaser;
[e] a statement of the purposes for which the building and units are intended or restricted;
[f] consent of the registered owner; and
[g] any reasonable restriction on the right of the owner to alienate. (Sec.4)

[3] Declaration of restrictions. Restrictions on the use of the condominium which shall constitute a lien on each unit in the project, to be enforced, by the owner or management body, description and powers of the management body.

[4] The corporate purposes shall be limited to the holding of the common areas, either by ownership or any other interest in rel property recognized by law, to the management of the project, an to such other purposes as may be necessary, incidental or convenient to the accomplishment of said purposes. The articles of incorporation or by laws of the corporation shall not contain any provision contrary to or inconsistent with the provisions of R.A. 4726, the enabling or master deed, or the declaration of restrictions of the project. (Sec. 10, R.A. 4726)[5] Membership in a condominium corporation shall not be transferable separately from the condominium unit of which it is an appurtenance. (Sec. 10, R.A. 4726)

[6] The term of a condominium corporation shall be coterminous with the duration of the condominium project. (Sec. 11, R.A. 4726)

[7] Under the declaration of restrictions, the management body shall provide for reasonable assessments to meet authorized expenditures. Such assessments shall constitute a lien on the unit assessed when a notice of such assessment is registered with the Register of Deeds. (Sec. 20, R.A. 4726)