The Condominium Act - a treat to investing foreigners!

Republic Act No. 4726 (The Condominium Act),which defined what is called condominium properties allows foreigners to directly own condominium units where the owners become collective through a Condominium Corporation. Members own and manage the common areas like hallways, stairs, open spaces through the Corporation. Ownership is through a Condominium Certificate of Title (CTC). For peaceful and harmonious living with other owners, there is a master deed with declaration of restrictions and house rules which all should abide by.