Top Cebu Properties, Ownership Distinctions

Ownership Distinctions

 

Evidence of ownership – In house and lot, evidenced by original or transfer certificate of title while in condominium, ownership is evidenced by condominium certificate of title

 

Capacity to buy – In house and lot, or lot only or townhouse, alien acquisition is not allowed. In the condominium concept, alien ownership not to exceed 40% interest in the project is legally allowed

 

Extent of ownership – the interest of the owner in house and lot consists of absolute ownership of the inner and outer structures of the building (the entire building). In the condominium concept, the unit owner is the absolute owner of the space within the interior surface of his unit, but is only a co-owner of the exterior or façade of the unit