REAL ESATE LAWS AND REFERENCES 1.9

Rights of unit owner:

• Absolute ownership of his unit
• Co-ownership of land and common areas
• Exclusive easement of the space of his unit
• Non-exclusive easement to common areas for ingress or egress
• Right to sell, lease, or mortgage his unit
• Right to repair, paint, decorate the interior surface of his unit
• Right to participate and vote in condominium corporation meetings

Obligations of condominium unit owner

• Pay the realty tax on his unit.
• Share the realty tax on the land and common areas.
• Pay the insurance on his unit.
• Share the insurance on the common areas.
• Comply with use restrictions.
• Pay dues and assessments.
• Give other unit owners the priority right to buy his unit (right of first refusal). If so required by the master deed.

Dues and Assessments

The Deed of Restriction usually provides for two kinds of assessments:

• Regular assessment – a monthly obligation to fund ordinary project expenses, such as security, garbage collection, repair and maintenance of the common areas, electricity and water bills on the common areas and realty tax and insurance on the common areas.
• Special assessment – this is imposed as the need arises, such as the need for replacement of the generator.