Learning More About The Type Of Ownership In Condominiums
There are many types of housing in the Philippines, and each are known to have their own type of ownership, or commonly known as housing tenure. Some of the most common types of ownership are tenancy and owner occupancy (or house ownership).
However, other than these types of ownership, there are also other types which have become a very popular type of ownership in the Philippines. One popular example is the condominium system.
Condominium as a housing tenure
Housing tenure is a term commonly used by experts to determine the type of ownership an individual, or group of people, have in any type of housing. According to many Philippine real estate experts, the most common type of ownership are tenancy and owner occupancy.
However, due to the many new types of housing introduced in the Philippines, many new housing tenures were applied to further distinguish a type of housing from other housings. And one of the most popular form of housing tenure used in the market today, particularly in Metro Manila, is the term known as condominium.
Condominium is an exclusive type of ownership which is only applied on condominiums. Condominiums are a type of housing which have become a very popular type of housing in the Philippines. According to many Philippine real estate experts, though its type of ownership is similar to that of buying a simple house, in which every unit is individually owned, its housing tenure is only a modified form of owner occupancy.
The difference is that condominiums involves ownership of a type of apartment or even a house, but common areas such as hallways, elevators, and recreational facilities, are controlled by the homeowners' association. And compared to owner occupancy, fees are also charged to the condo owners for maintenance of the common areas. These are referred to as "condo fees".
A form of commonhold and strata title
According to many Philippine real estate experts, other than being a modified form of owner occupancy, condominium is also a form of commonhold and strata title. Compared to commonhold, strata titles are mostly used in the Philippines. Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas.
Commonhold, on the other hand, is a type of tenancy or leasehold which was first introduced in England and Wales. It involves the freehold tenure of part of a multi-occupancy building (typically an apartment or a condominium building) with shared ownership of and responsibility for common areas and services.
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About the Author:
Deirdre Gonzales is a business entrepreneur from Cebu City Philippines. She's now based in Florida and writes in her spare time for various websites including Atayala.com
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