For those who are not familiar with condominium living, we have prepared these answers to Frequently Asked Questions.

What is a condominium?
A condominium is a legal form of shared ownership whereby an owner holds the title to a specific apartment (or unit) and shares an interest in the community-owned elements.

Condominiums are governed by Republic Act No. 4726, otherwise known as the Condominium Act.

What are the advantages of condominium living?
Condominium living is ideal for individuals or families who want the financial benefits of owning their own homes but do not want the hassle of worrying about the daily maintenance and upkeep of their property.

Will I actually own my condominium unit?
Yes. For upon signing the Deed of Absolute Sale, you will receive the Condominium Certificate of Title (or C.C.T.) to your unit, together with the rights and interest in the common areas and in the appurtenant Condominium Corporation.

What exactly do I own when I purchase a unit at the Columbia Garden Residences?
When you purchase a unit at the Columbia Garden Residences, you are buying an apartment (or unit), plus a share in all the common elements such as the garden, the hallways, the social hall, etc. Your share of these common elements is proportional to the floor area (in square meters) of your unit in relation to the total floor area of all the condominium units.

What are my personal responsibilities when I own a unit in a condominium?
As an individual unit owner within the condominium, you will be responsible for the maintenance of your own unit, as well as for contributing to the monthly and other expenses for maintaining the common elements in the condominium.

How does a condominium corporation operate?
The by-laws of a condominium corporation spell out the duties and powers of the corporation. These by-laws outline the organization and operation of the corporation, including the set-up of its Board of Directors, the meetings of its owners and directors, the collection of the condominium maintenance fees and special assessments, and the rules and regulations relating to both the units and the common elements.

Who make up the Board of Directors?
At the annual meeting of the condominium corporation, the unit owners directly elect the members of the Board of Directors.

Do I need to participate in the condominium corporation?
Not unless you want to. However, we highly recommend that you attend at least the annual meetings of the unit owners when they elect the members of the Board of Directors. This is your opportunity to become a voice in the community.

For day-to-day matters, an independent building administrator hired by the Board of Directors will attend to the everyday responsibilities set out for him by the Board of Directors.

What is a condominium maintenance fee?
What is a special assessment?
In order to maintain the exterior of the building, its gardens, walkways and other common elements, as well as the security of the building, unit owners contribute to a shared budget. This contribution is the condominium maintenance fee.

In order to pay for its property taxes, the insurance of the building, as well as special projects such as repainting the exteriors and/or the interiors of the building, unit owners contribute to another shared budget. This contribution is the condominium special assessment.

Maintenance fees are intended for the day-to-day expenses of the condominium and are billed monthly, whereas special assessments are intended for the annual, as well as the occasional, expenses of the condominium and are billed annually.

How are condominium maintenance fees and special assessments assessed? Do I have any say in how much the condominium maintenance fees and special assessments will be?
Condominium maintenance fees, as well as special assessments, are determined via a three-step process:

First, THE COLUMBIA GARDEN RESIDENCES management team, under the direction of the Board of Directors, prepares a budget for a given calendar year.

Afterwards, the Board of Directors recommends this budget to the general membership who then approve it.

Finally, each unit owner contributes to the total budget proportionately to the floor area of his unit in relation to the total floor area of all the units in the condominium.

Condominium maintenance fees, as well as special assessments, are thus estimated annually by the Board of Directors who are elected by the unit owners and approved by the unit owners themselves. Therefore, the owners have a direct input into how much these fees should be.

Are all property taxes part of the condominium special assessments?
Not really.
For each unit owner has to pay the property taxes on his own unit.
The condominium corporation, on the other hand, pays for the property taxes of the common elements from the special assessments.

Will my condominium unit be private?
Yes. Your condominium unit will of course be your own private property. All the common elements however will be the private property of the condominium corporation - the totality of unit owners in the condominium.

If I wish to, may I make changes to the exterior of my condominium unit?
One of the reasons why condominium developments are very popular today is that their unit owners are assured that the original design integrity of the condominium will be maintained.

To ensure that requests for changes to the exterior of my condominium unit will be in the interests of the Columbia Garden Residences as a whole, any changes to the exterior of your condominium unit will be subject to the approval of the Board of Directors of the Condominium Corporation.

What about the interior? Will there be any restrictions to changes to the interior of my condominium unit?
You will be free to make any changes within your unit, provided it does not compromise the structural integrity of the condominium building.

Are condominiums a sound real estate investment?
Condominium values have kept pace with the marketplace. Because of the increased interest in the residential condominiums, top-quality and well-located properties such as the Columbia Garden Residences will always have the advantage of not only holding their value but also giving purchasers excellent re-sale potential.