A condominium, commonly referred to as a condo, is a type of housing where a specified part of real estate (typically an apartment within a complex) is individually owned. Owners also share ownership of common areas and facilities within the complex.
The common areas in a condominium typically include facilities such as hallways, Lounge, elevators, swimming pools, gyms, parking lots, and other recreational areas. These spaces are collectively owned by all unit owners and are maintained by the condominium association.
Absolutely YES. This is a way of earning Additional Income from your Condominium Investments as long as it follows the rules and regulations set by the condominium association and local laws.
Standard Requirements:
• 2 Valid IDs
• TIN ID/verification slip
• Photocopy of Birth Certificate/Marriage Certificate
• Proof of Billing Address
• Proof of Income
Condo unit does not come with a parking slot, but you have the option to buy a permanent parking space within the property as long as there is still an available slot. Secure your parking slot as early as possible.
Residential condo unit owners enjoy Perpetual Ownership of the units and they can pass it to their kin. They are issued a Condominium Certificate of Title (CCT). This title is issued for condo units and for basement or level parking units. The unit owner will receive the title depending on the type of financing availed.
Under Bank Financing, the CCT will be provided to the bank institution as collateral for the condo. Under Deferred (i.e. Spotcash or In-house financing), the title turnover will be upon payment of total contract price.
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