Question

1. Carlos, Diego, and Eduardo inherited a property from their deceased father. They decided to convert the property into a condominium project. Carlos contributed 60% of the construction cost, Diego contributed 25%, and Eduardo contributed the remaining 15%.

a. What are the rights and obligations of the co-owners with regard to the condominium project? Explain.

b. Can Carlos, Diego, and Eduardo sell their respective units to third parties? If yes, what are the requirements and limitations? If no, what are the grounds for prohibiting the sale of their units?

c. What are the consequences if the co-owners fail to fulfill their financial obligations in the condominium project?

d. Assuming the condominium project is completed and operational, what happens if one of the owners fails to comply with the rules and regulations of the condominium association?

e. Discuss the legal remedies available to an owner who is aggrieved by the acts or decisions of the condominium association.

1. Discuss the characteristics and requirements of a valid co-ownership under the Civil Code.
2. Enumerate the essential elements of a condominium project under the Condominium Act.
3. State the instances when the sale of a co-owner's unit may be prohibited under the Condominium Act.