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RE: Newbie Condo Buying 101: All About Buying Condominium Units in the Philippines (1 of 2)
I think this is a very good article. Very informative and well-prepared. Congrats for this . Good job.
I have one question, though, that was not addressed in the article. You see, I heard that, especially in Makati, all business and residential structures and establishments will revert back to the developer after 50 years. Does this mean that if I buy a condo after 50 years it will not be mine anymore? Of course I would like to think of the condo as an heirloom which I will pass along to my kids and grandkids and so on. Thanks for your time to read this comment.
Hmmm... I am not aware of such. :) Maybe you are referring to the Ayalas? As far as I know, reversion may only happen if the land is leased by the people who built properties on it. If the developers own the land and did not lease it from anyone then there is no reversion to the developers because the condo buyers own it already. Reversion mostly happens to commercial properties.
Usually residential condos will belong to the condo corporation, meaning the people who bought the property from the developer. It will not go back to the developer at all because it is owned by the people who bought the property. Each unit is titled and is registered to the owners.
I do have a part 2 as well. Have not been able to post it yet. Haha.
Thanks for the reply. Looking forward to Part 2.
Alright! You're welcome. 😁👍
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Part 2 is posted! 😊