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What happens if your condo is destroyed in an earthquake?
When the condominium is declared by the local government as habitable or safe for human use, the homeowners’ association/corporation can decide to repair the destroyed portion of the building, particularly the common areas. The affected condo owner shall repair his/her own condo.
Are condos safe in earthquakes?
This has prompted many to ask where they would be safer during a quake: In high-rise buildings like many condominiums in the metro or in low and mid-rise structures? Regardless, both buildings are safe — as long as they follow the National Building Code, structural engineer Ronaldo Ison told The Source.
Do you actually own a condo?
Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex’s residents.
How long can you own a condominium in the Philippines?
68, otherwise known as the “Corporation Code of the Philippines,” cannot exist for more than 50 years; hence, it follows that a condominium can only exist for 50 years. Section 8(c) of the RA 4726 notes of a condominium unit becoming “obsolete and uneconomical” after an existence in excess of 50 years.
What happens if a condo is destroyed Philippines?
What protects your ownership of a condo unit is The Condominium Act of the Philippines (Republic Act 4726) passed in 1966. In summary, it stipulates that if a project has been obsolete or uneconomic after 50 years, the majority owners of the common area reserve the right to stop any restoration or remodelling.
Does My Hoa need earthquake insurance?
California law does not require HOAs to carry earthquake insurance, but boards should check their CC&Rs.
How do condos survive earthquakes?
During the Earthquake Keep calm and duck, cover, and hold under a desk or table until the shaking subsides. Drop on your arms and knees and hide under the sturdiest table in your condo unit. Try to relax but watch out for anything that can fall on you.
What is the best floor to live on in a condo?
Buying a unit on one of the middle floors is the ideal choice if you want to avoid the extremes of the upper and lower levels. You can still use the stairs with ease, and traffic noise is tolerable at this level. On a higher floor, you won’t have to have to deal with street noise.
Who owns the outside of a condo?
With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities.
What is the lifespan of a condominium?
Most of the new condominium projects today are designed and built with modern techniques and durable materials to endure the ordinary wear and tear of everyday use. Modern condos will likely remain in good shape even after 50 years.
Is it true that the lifespan of a condo in the Philippines is only 50 years?
Your condominium doesn’t have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your condominium ownership does not necessarily end at that point.
What happens to a condo after 50 years Philippines?