Ordinarily, the provision/agreement regarding the terms and conditions of Condominium

Corporation is not embodied in the Contract to Buy and Sell.

A Contract to Buy and Sell merely refers to an agreement between a seller and a buyer.
The contract shows that the seller promises to sell something to the buyer and the
buyer also promises the seller the buy the property. However, the contract does not
instantly transfer the right to the buyer even when this contract is signed. There are still
conditions that have to be fulfilled by one or both parties before transfer of ownership
can take place. Further, the Deed of Absolute sale will only be executed once the
conditions stated in the Contract to Sell have been met. 

On the other hand, A condominium corporation is different person from the above
mentioned buyer and seller. It is he body formed to manage the common areas and
assets of the condominium, it is different from the building commonly known as
Condominium Unit. RA 4726 provides that title to the common areas, including the land,
or the appurtenant interests in such areas of a condominium may be held by a
condominium corporation specially formed for the purpose. Holders of separate interest,
or unit owners, shall automatically be members or shareholders, to the exclusion of
others. Such ownership is in proportion to the appurtenant interest of their respective
units in the common areas (Section 2 of RA 4726, The Condominium Act of ).

On matters of corporate existence, same with all other corporation, the corporate term
limit of 50 years has been removed such that a corporation can now enjoy perpetual
existence unless expressly limited by its AOI. (Sec. 11 of Republic Act No. 11232,
otherwise known as the “Revised Corporation Code of the Philippines”).

In summary, while it is true that owning a Condominium Unit is a requirement to be a

part of Condominium Corporation. The existence or absence of the latter will not divest
the owner of the of the Condominium Unit of all its rights of the said property as
Condominium Corporation primarily focuses only on common areas of the Building.
Ownership of the condominium unit is absolute to the owner upon purchase thereto.