What will happen if the entire condominium project is damaged ...

For Philippine Condominium buyers. You may find this helpful about your knowledge on the Condominium concept. Please read below selected provision

THE CONDOMINIUM ACT
(REPUBLIC ACT NO. 4726)
As amended by Republic Act No. 7899

SECTION 8. Where several persons own condominiums in a condominium project, an action may be brought by one or more such persons for partition thereof by sale of the entire project, as if the owners of all the condominiums in such project were co-owners of the entire project in the same proportion as their interests in the common areas; Provided, however, that a partition shall be made only upon a showing:

a. That three years after the damage or destruction to the project which renders a material part thereof, unfit for its use prior thereto, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction; or

b. That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that condominium owners holding in aggregate more than 30 percent interest in the common areas are opposed to repair or restoration of the project; or

c. That the project has been in existence in excess of 50years, that it is obsolete an uneconomical, and that condominium owners holding in aggregate more that 50 percent interest in the common areas are opposed to repair or restoration or remodelling or modernizing of the project; or

d. That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in aggregate more than 70% interest in the common areas are opposed to the continuation of the condominium regime after expropriation or condemnation of a material proportion thereof; or

e. That the conditions for such partion by sale set forth in the declaration of restrictions duly registered in accordance with terms of this Act, have been met.

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Source: http://www.dayritproperties.com/2012/08/what-will-happen-if-the-entire-condominium-project-is-damaged-philippines-real-estate/?utm_source=rss&utm_medium=rss&utm_campaign=what-will-happen-if-the-entire-condominium-project-is-damaged-philippines-real-estate

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