Nature of Condominium

Abstract

A condominium is form of real property ownership in which an individual owns a unit exclusively and owns common elements jointly with all other unit owners in the condominium. Condominium ownership includes ownership of common land, common facilities and common equipment are the integral and inseparable parts of the unit. In this regard, some of the countries in ASEAN region promulgate the specific law for condominium because of the growth of population and development of the urban areas in their countries. The legal owners have the rights of common land, common facilities and common equipment as common ownership according to their Laws. In the transaction of the process of real estate ownership, there are various issues on the complexity of formation process, real estate market, exclusive rights and common rights. Therefore, developed countries should enact the Condominium Law for the protection of the rights of the unit owners in Condominium.