What is the difference between a House-and-lot and a Condominium Unit?
There are 3 basic differences between a house and lot and a condominium unit. 1. Legal Proof of Ownership For a house-and-lot, the legal proof of ownership is a Transfer Certificate of Title (TCT). For a condominium unit, the legal proof of ownership is a Condominium Certificate of Title (CCT). 2. Boundaries of Ownership For a lot, the owner has exclusive ownership and rights of ownership within the boundaries of the lot property. In a condominium, your ownership and rights of ownership are limited to the area bounded by the floor, walls and ceiling of your condominium unit. The land on which the building or unit stands is owned by the Condominium Corporation which, in turn, is owned by the unit owners of the condominium development. 3. Common Areas Ownership The Condominium Corporation owns all of the common areas of the property such as the clubhouse, the swimming pool, the AV room and other facilities. Therefore, the maintenance and enhancement of these common areas will be the resp
