Owners can profit from end of condo’s lifespan

ALTHOUGH the lifespan of a condominium unit is limited by law to only 50 years, there are a number of options that allow owners to profit from their investment at the end of a unit’s life, according to online listing service MyProperty.ph.

The main law governing the purchase, ownership, maintenance, transfer, and conveyance of condominium units in the Philippines is Republic Act 4726, also known as “The Condominium Act.” Under Section 2 of the Act, a condominium development (which may consist of one or more buildings) is defined as a “corporation.”