Is a condominium corporation mandatory to be formed in every condominium project?
Condominium Corporation :
Optional and Mandatory Requirement. The condominium corporation is optional if no unit will be sold in foreigners. However, the corporation is mandatory if some units, not exceeding forty percent interest in the project, will be sold to foreigners, in which case title to the land will be transferred in the name of the condominium corporation and thus comply with the constitutional mandate that corporations may acquire real estate provided that at least sixty percent of its capital or membership is Filipino
1.Principal Purposes: a) To hold title to the land and b) To set as the management body of the condominium project.
2.Conflict with Master Deed. In case of conflict between the articles of incorporation of the condominium corporation and the master deed of the condominium project, the latter should always prevail because:
a) It is the master deed which gives birth in the condominium project. The project cannot exist without a master deed, but it can exist without a condominium corporation.
The condominium law specifically provides that the articles of incorporation and by-laws of the condominium corporation shall not conflict with the master deed.
