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If I buy a condo, do I own the land? |
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Condominiums titles are called Condominium Certificate of Titles (CCT) while land titles are called Transfer Certificate of Titles (TCT). Both are legal titles of property ownership issued by the Philippine Republic. The prime commercial land that the condominum is built on is partially owned by the condominium unit owner where ownership of the land is pro-rated among the other unit owners. The unit owners are organized to form a condomium association. The land where the condominium is built on has a TCT which is named under the condominium association. The CCT given to condominium unit owners qualifies them to be a member of the association and entitles them to a pro rated share of the the TCT titled land.
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