Master Deed

by PRIME Radar Team  June 16, 2015

Question:

Greetings PRIME Philippines! I'm just curious about condominiums and its developers, actually a lot of my friends own or rent a condo and in the future, I'm going to buy my own. But for the meantime, Let me ask you this: how do developers of those huge condominium buildings divide the property among unit owners because as I look at it, condominiums are composed of huge multiple storeys with several individual units.

Answer:

Greetings in return and thank you for asking! We'll introduce you to the term "Master Deed." Condominium developers use this deed as an instrument to transform a single property, which is the whole building, to multiple individual-owned suits whose owners also share ownership of common areas.

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