The growing need for residential space and the resulting lack of developable land in urban areas in the Philippines have led to condominium developments further becoming common in local real estate. If you are among the numerous first-time home-seekers who are considering to buy a condo unit, you likely have a number of questions regarding condo ownership. One of the most likely queries is: How does it work given that there are shared spaces in a condominium development, including the land on which the property stands on? The quick answer is by way of a condo corporation where the members are yourself and the other separate unit owners. However, there is more to a condo corporation than being a simple ownership group. Read the Q&A…………..
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