So there's this misconception where clients think that their condo units will be demolished after 50 years...
Here's a run-down of what the Republic Act 4726, also known as the Condominium Act of the Philippines says on this issue.
Fact #1: When you buy a condominium unit, you become part of a corporation.
Fact #2: A corporation’s lifespan is 50 years, but it can be renewed.
Fact #3: Three factors need to be fulfilled to declare a condominium uninhabitable.
Let your clients know that when they buy a unit, they are a shareholder of your condominium corporation. Their vote—and other shareholders’ votes as well—matter. If only less than 50% of homeowners vote to demolish the building, then demolition won’t push through.
And even if the condo corporation decides to push through with the demolition, this usually means that the property will be sold first to another land developer. As a condo owner, they are entitled to get a share of the sale.
Educate your clients. You can read more about this here: https://pursuitofpassion.ph/practical-living/what-happens-condo-50-years/
