Introduction
In the Philippines, foreign nationals cannot freely own land, but they may legally own condominium units subject to constitutional and statutory limits. That single distinction explains most of the law in this area: a foreign buyer may own a condominium unit, but not the land underneath the building except indirectly through the condominium corporation and only within strict foreign-ownership ceilings.
For that reason, buying a condominium in the Philippines is not just a real-estate transaction. It is also a constitutional, corporate, tax, inheritance, immigration, and regulatory matter. A foreign national considering a purchase should understand the legal basis for foreign ownership, the 40% cap, the structure of condominium projects, title transfer rules, documentary taxes, restrictions on use, inheritance consequences, anti-dummy rules, financing limitations, and compliance issues for remittances and estate planning.
This article explains the legal framework in Philippine context and organizes the practical legal issues from the first due-diligence stage to post-closing ownership.
I. Constitutional Rule: Why Foreigners May Own Condominiums but Not Land
The starting point is the Philippine Constitution’s rule that lands of the public domain and, in general, private lands may be owned only by Filipino citizens and by corporations or associations at least 60% owned by Filipinos. In practice, this means a foreign national is generally barred from owning land in the Philippines in his or her own name.
A condominium unit is treated differently because the law separates ownership of the unit from ownership or control of the land and common areas. The Condominium Act allows foreign ownership of condominium units provided that foreign participation in the condominium project does not exceed 40%.
So the practical rule is:
- A foreigner may own a condominium unit.
- A foreigner may not own the land directly.
- Total foreign ownership in the condominium project must stay within the 40% legal ceiling.
That is the core legal foundation.
II. Primary Legal Sources
A serious legal understanding of the topic usually involves these bodies of law:
1. The 1987 Philippine Constitution
This provides the basic nationality restrictions on land ownership and certain forms of property holding.
2. Republic Act No. 4726, or the Condominium Act
This is the principal law governing condominium ownership and foreign participation in condominium projects.
3. The Civil Code of the Philippines
The Civil Code governs sale, co-ownership, obligations, contracts, hidden defects, warranties, succession, leases, easements, and related property rules.
4. Presidential Decree No. 957
This regulates the sale of subdivision lots and condominium units by developers, including licensing and buyer protections.
5. Rules of the Department of Human Settlements and Urban Development (formerly HLURB in many functions)
These regulate developers, licenses to sell, and project compliance.
6. Land Registration laws and Land Registration Authority procedures
These govern titles, registration, annotations, and issuance of Condominium Certificates of Title.
7. Tax laws
These cover documentary stamp taxes, capital gains tax, creditable withholding tax where applicable, transfer taxes, VAT issues, local real property tax, and estate tax.
8. The Anti-Dummy Law and nationality regulations
These prevent schemes that circumvent constitutional ownership restrictions.
9. Condominium corporation by-laws, master deed, declaration of restrictions, and house rules
These are often as important in day-to-day ownership as the statute itself.
III. What Exactly Does a Foreign Buyer Own?
A foreign buyer of a Philippine condominium unit typically owns:
- The individual unit itself, as described in the condominium plan and title.
- An undivided interest in the common areas, held under the condominium structure and subject to the master deed and condominium corporation arrangements.
The buyer does not own a separately transferable portion of the land in the same way a lot owner does. The legal architecture of condominiums allows ownership of the space/unit and a corresponding participation in common areas without violating the constitutional prohibition on foreign ownership of land, so long as the statutory structure is preserved and the 40% foreign cap is observed.
IV. The 40% Foreign Ownership Limit
A. The rule
Foreign ownership in a condominium project cannot exceed 40%. This is the most important numerical rule in the entire subject.
This means that at least 60% of the condominium units, or the beneficial ownership/control in the condominium corporation structure, must remain Filipino-owned, depending on how the project is organized and documented under the Condominium Act.
B. Why it matters
A foreign buyer may be willing and able to pay for a unit, but the transaction can still be legally impossible if the project has already reached its foreign ownership limit.
C. Practical consequence
Before buying, a foreign national should verify in writing:
- the current percentage of foreign-owned units;
- the developer’s or condominium corporation’s method of counting foreign ownership;
- whether the unit being sold is eligible for transfer to a foreign buyer under the cap.
D. Risk area
A project may market aggressively to expatriates and overseas buyers. That does not mean every remaining unit can legally be conveyed to a foreign national. Reservation and negotiation are not the same as lawful transfer.
A cautious buyer should assume that foreign-cap compliance must be confirmed before signing the final sale documents, and ideally before paying substantial reservation money.
V. Types of Condominium Transactions a Foreigner May Enter Into
A foreign national may encounter several transaction types.
A. Purchase from a developer (pre-selling or ready for occupancy)
This is common in Metro Manila, Cebu, Davao, and tourist-heavy areas. The buyer usually signs:
- a reservation agreement;
- a contract to sell;
- installment or financing documents;
- eventually, a deed of absolute sale.
Legal issues here include license to sell, project registration, turnover conditions, delays, hidden charges, and title release timing.
B. Purchase from an individual resale owner
This involves secondary-market acquisition of an existing titled unit. Legal issues include:
- verification of the title;
- unpaid association dues;
- unpaid real property taxes;
- mortgage annotations;
- pending litigation;
- outstanding utility balances;
- compliance with the foreign ownership cap at the moment of transfer.
C. Purchase through inheritance
A foreigner may become involved with condominium property by succession, either as heir to a foreign owner or as heir to a Filipino relative. This raises a different set of rules discussed later below.
D. Corporate acquisition
If the buyer uses a corporation, nationality rules become even more important. A corporation used to hold Philippine real estate is heavily scrutinized for nationality compliance. Using a corporation does not lawfully bypass restrictions.
VI. What Foreigners Cannot Do
A foreign national should be clear about the legal limits.
1. A foreigner cannot directly own land
No matter how the paperwork is phrased, a foreigner cannot lawfully acquire the land component as a private landowner in the ordinary sense.
2. A foreigner cannot use a Filipino “nominee” to hide true ownership of land
This is a classic anti-dummy problem. If the structure is designed to evade nationality restrictions, it is legally dangerous and may be void or criminally problematic.
3. A foreigner cannot ignore the condominium project’s foreign cap
A sale beyond the 40% cap is exposed to invalidity and registration problems.
4. A foreigner cannot assume marriage to a Filipino automatically cures all restrictions
Marriage to a Filipino spouse does not convert a foreigner into a Filipino citizen. Property regimes, titling, inheritance, and beneficial interests still require careful legal analysis.
5. A foreigner cannot assume a long lease is the same as ownership
A lease is only a lease. It may be useful for houses or land-based occupancy, but it is not ownership.
VII. Due Diligence Before Buying
A foreign buyer should approach the purchase in layers.
A. Verify the project itself
Check whether the developer or project has:
- proper registration;
- license to sell, if required at the stage of sale;
- approved condominium plan;
- master deed;
- declaration of restrictions;
- condominium corporation documents;
- authority to sell the particular unit.
For a pre-selling project, this is critical because the buyer is relying on promises of future delivery.
B. Verify the title
For a resale unit, the buyer should examine the Condominium Certificate of Title (CCT). Important checks include:
- registered owner’s name;
- unit identification and floor area;
- annotations such as mortgages, liens, notices of lis pendens, adverse claims, or restrictions;
- consistency between title, tax declaration, and actual possession.
C. Verify foreign ownership headroom
This deserves separate confirmation. Ask for a developer or condominium corporation certification on foreign ownership percentage and the project’s ability to transfer the unit to a foreign national.
D. Check for unpaid obligations
The unit may be burdened by:
- unpaid association dues;
- special assessments;
- real property taxes;
- utility arrears;
- mortgage obligations.
These can create expense or administrative problems for the buyer even after transfer.
E. Inspect restrictions on use
Some buyers intend to:
- live in the unit;
- use it as a vacation property;
- rent it out long-term;
- operate short-term rentals.
The governing documents may prohibit or restrict certain uses. House rules may ban transient accommodations or impose registration requirements. A foreign buyer interested in income generation should never assume short-term rental use is allowed.
F. Verify identity and authority of seller
Where the seller is:
- an individual, verify identity and marital status;
- an estate, verify authority of the executor, administrator, or heirs;
- a corporation, verify board authority, secretary’s certificate, and corporate good standing.
VIII. The Master Deed, Declaration of Restrictions, and Condominium Corporation
Many foreign buyers focus only on the deed of sale and title. Legally, that is incomplete. Condominium ownership is shaped by a set of project documents.
A. The master deed
The master deed defines the project and usually contains:
- legal description of land;
- building and unit descriptions;
- common areas;
- boundaries;
- easements;
- ownership structure;
- rights and obligations tied to unit ownership.
B. Declaration of restrictions
This often contains the rules on:
- residential or commercial use;
- renovations and alterations;
- leasing restrictions;
- pet policies;
- nuisance rules;
- garbage disposal;
- parking;
- voting and association compliance.
These restrictions can bind the foreign buyer even if not separately negotiated.
C. Condominium corporation
Many projects use a condominium corporation to hold common areas and manage collective interests. Unit owners usually become members or shareholders in accordance with the project structure.
This has several implications:
- voting rights may attach to unit ownership;
- assessments and dues are enforceable;
- the corporation enforces by-laws and house rules;
- common area management can materially affect the value and usability of the unit.
A foreign buyer should understand whether ownership includes membership rights and how these are documented and transferred.
IX. Buying from a Developer: Legal Stages
When the seller is a developer, the transaction usually progresses through several phases.
A. Reservation agreement
This often secures the unit temporarily but may contain strict forfeiture clauses. The buyer should understand:
- whether the reservation fee is refundable;
- what happens if financing fails;
- whether the developer guarantees foreign-cap eligibility.
B. Contract to sell
This is common in installment transactions. Ownership usually does not transfer yet. The contract to sell often says title will transfer only upon full payment and fulfillment of conditions.
Important issues include:
- construction timeline;
- turnover date;
- grace periods;
- default interest;
- forfeiture provisions;
- treatment of delays by the developer;
- taxes and charges allocated to the buyer.
C. Deed of absolute sale
This is the instrument that normally transfers ownership once conditions are met.
D. Transfer and issuance of CCT
After sale, the title must be transferred and registered. A foreign buyer should not assume that “paid” means “fully protected.” Registration is central in Philippine property law.
X. Buying a Resale Unit: Legal Stages
For resale transactions, the key documents often include:
- letter of intent or offer to buy;
- deed of absolute sale;
- tax clearances;
- condominium corporation clearance;
- real property tax receipts;
- certificate on association dues;
- release of mortgage, if any;
- transfer tax and registration paperwork.
The critical legal objective is to ensure the seller truly has the right to sell, the property is clean or disclosed as encumbered, and transfer to the foreign buyer is legally permissible under the 40% cap.
XI. Title and Registration
A. Why registration matters
Under Philippine property law, registration is not a mere clerical step. It is the operative act that protects ownership against third persons in many circumstances.
B. Condominium Certificate of Title
Ownership of the unit is typically evidenced by a CCT. The buyer should ensure that the title actually gets transferred into the buyer’s name after closing.
C. Annotations matter
A title may carry annotations involving:
- mortgages;
- adverse claims;
- notices of levy;
- court cases;
- restrictions;
- easements.
Each annotation has legal meaning. A buyer should never rely only on a photocopy handed over by a broker without updated verification.
D. Possession is not enough
Even if the seller has the keys and the unit is physically occupied, the decisive legal question remains whether the title and registration situation support lawful transfer.
XII. Taxes, Fees, and Transaction Costs
Foreign buyers are often surprised that Philippine real-estate closings involve multiple layers of taxes and charges. Which party bears a particular item depends on law, contract, and market practice.
A. Common items in a resale sale
These may include:
- capital gains tax, commonly shouldered by the seller unless the contract shifts economic burden;
- documentary stamp tax;
- transfer tax;
- registration fees;
- notarial fees;
- local government clearances;
- unpaid real property taxes, if any;
- association dues and move-in fees.
B. In developer sales
The price structure may involve:
- base contract price;
- VAT or VAT-related treatment, depending on the unit and applicable thresholds/rules;
- miscellaneous fees;
- registration charges;
- legal documentation fees;
- utility connection fees;
- move-in charges.
C. Contract vs. statutory incidence
A contract may say that a party will shoulder a tax, but that does not always change the statutory taxpayer for regulatory purposes. It may only reallocate the economic burden between the parties.
D. Real property tax after acquisition
Once the foreign buyer lawfully owns the condominium unit, the owner becomes liable for ongoing local real property taxes and usually for association dues and special assessments.
Because tax rules and thresholds can change, buyers should read the tax breakdown in the actual transaction documents very carefully rather than relying on sales talk.
XIII. Can a Foreigner Get a Mortgage?
Yes, in practice a foreign national may obtain financing for a condominium purchase, but financing conditions are often stricter than for Filipino borrowers.
Common issues include:
- higher down payment requirements;
- proof of foreign-sourced income;
- visa or residency status;
- bank compliance documents;
- limited lender appetite for non-resident foreigners;
- remittance documentation.
The legal point is simple: the ability of a foreigner to own a condominium does not guarantee the availability of local bank financing. Many foreign buyers therefore purchase in cash or through developer installment arrangements.
XIV. Use of the Unit: Residence, Lease, and Short-Term Rentals
A. Personal residence
A foreign owner may generally reside in his or her lawfully owned condominium unit, subject to immigration rules and condominium regulations.
B. Long-term lease to tenants
A foreign owner may generally lease the unit out, but the lease must comply with:
- condominium by-laws and house rules;
- local ordinances;
- building administration requirements;
- Philippine landlord-tenant rules.
C. Short-term rental operations
This is a major risk area. Even if online platforms make transient rental look easy, a project’s house rules may prohibit daily or short-term stays. Some localities or buildings impose additional controls.
So ownership does not automatically grant hotel-like operating rights.
D. Renovation and fit-out
Interior alterations may require:
- prior management approval;
- compliance with building rules;
- contractor accreditation;
- security deposits;
- restrictions on structural modification.
XV. Marriage to a Filipino Spouse
This is one of the most misunderstood parts of Philippine property law.
A. Marriage does not make the foreign spouse eligible to own land
A foreign national married to a Filipino still does not become legally qualified to own land simply by reason of marriage.
B. Condominium ownership remains possible
A foreign spouse may personally own a condominium unit subject to the same 40% rule applicable to foreigners generally.
C. Titling scenarios
A married couple may structure condominium ownership in different ways, but counsel normally examines:
- citizenship of each spouse;
- property regime of the marriage;
- source of funds;
- whether the unit is paraphernal, exclusive, conjugal, or community property under applicable law;
- implications in case of death, annulment, or sale.
D. Extra caution for land-linked transactions
Sometimes foreign spouses are told to place land or house-and-lot property “in the Filipino spouse’s name” while privately treating it as shared ownership. That creates severe legal vulnerability for the foreign spouse. For condominiums, the analysis is different because foreign ownership is allowed, but documentation still matters.
XVI. Inheritance and Succession Issues
Succession is one of the most important long-term issues for foreign owners.
A. A foreigner may own a condominium and leave it to heirs
In general, the condominium unit forms part of the owner’s estate. But inheritance issues depend on:
- nationality of the deceased;
- nationality and status of the heirs;
- whether there is a will;
- conflicts-of-law rules;
- Philippine forced-heirship rules where applicable;
- tax obligations.
B. Intestate vs. testate succession
If the owner dies without a will, succession rules determine who inherits and in what shares. If there is a will, probate and conflict-of-law questions arise.
C. Estate tax
The estate may be subject to Philippine estate tax for property situated in the Philippines. This can affect transfer timing and the heirs’ ability to sell or register the property.
D. Foreign heirs
A condominium unit may generally pass through succession to foreign heirs more readily than land, because condominium ownership by foreigners is itself legally permitted subject to the statutory structure. Still, formal transfer requires compliance with estate procedures and taxes.
E. Estate planning is critical
For a foreign buyer, ownership should be viewed together with:
- a Philippine or cross-border estate plan;
- marital property analysis;
- tax planning;
- practical transfer arrangements for heirs.
XVII. Can a Foreigner Inherit Land in the Philippines?
This question sits near the topic and causes confusion. The law has long recognized a narrow exception allowing acquisition of land by hereditary succession in some contexts, but that exception is not the same as free inter vivos purchase by a foreigner. It is a specialized constitutional issue and not a general workaround for purchase restrictions.
For condominium transactions, this matters mainly because buyers sometimes mix up two separate ideas:
- foreigners generally may buy condominium units directly subject to the 40% cap; and
- foreigners generally may not buy land directly, subject only to narrow exceptions that should not be used casually as planning assumptions.
XVIII. The Anti-Dummy Law and Illegal Circumvention Schemes
Any discussion claiming to cover “all there is to know” must address the anti-circumvention problem plainly.
A. Common risky schemes
These include attempts to:
- use Filipino friends or romantic partners as nominal owners;
- sign side agreements saying the foreigner is the true owner of land;
- issue powers of attorney to simulate control;
- use a corporation with nominal Filipino shareholders while actual control remains foreign;
- conceal beneficial ownership arrangements intended to defeat constitutional restrictions.
B. Legal danger
Such structures may be void, unenforceable, and in some cases expose the parties to criminal, civil, tax, and immigration consequences. Even where no prosecution occurs, the practical risk is devastating: the foreigner may pay for property but later have no enforceable ownership rights.
C. Relevance to condominiums
Even though condominium ownership is permitted, illegal structuring can still arise where the transaction is actually aimed at acquiring prohibited land interests or bypassing the 40% cap.
The safest rule is simple: if the arrangement depends on secrecy or on paperwork that contradicts reality, it is legally dangerous.
XIX. Developers, Brokers, and Sales Agents: What a Foreign Buyer Should Know
A. A broker’s statement is not the law
Foreign buyers often rely on marketing statements such as:
- “foreigners can buy here, no problem”;
- “the title will follow later”;
- “that restriction is only technical”;
- “just use your spouse/friend/company.”
These are not legal assurances.
B. Verify licensing and authority
A buyer should distinguish between:
- the developer;
- the licensed real-estate broker;
- the salesperson or marketing agent;
- the owner of the unit in a resale deal.
Each has different authority and liability exposure.
C. Written disclosures matter
Important claims should be put in writing, especially:
- foreign-cap availability;
- parking rights;
- title status;
- taxes and fees allocation;
- turnover date;
- rental restrictions.
XX. Parking Slots, Storage Areas, and Ancillary Rights
Foreign buyers often overlook whether a parking slot is:
- separately titled;
- appurtenant to the unit;
- exclusive-use only;
- leased rather than owned;
- subject to separate nationality restrictions or project rules.
The same goes for storage areas, maid’s rooms, balconies, and roof-deck rights. These should be verified through the actual project documents and title records, not assumptions based on brochures.
XXI. Common Legal Problems in Condominium Purchases by Foreigners
1. The project has already reached the foreign cap
The buyer discovers the problem only near closing.
2. The seller lacks clean title
There may be a mortgage, estate issue, or dispute.
3. The buyer assumes the unit can be used for Airbnb-type rentals
But the declaration of restrictions or house rules prohibit it.
4. Taxes and closing costs were understated
The buyer’s actual acquisition cost becomes much higher than advertised.
5. The unit has unpaid dues or special assessments
The buyer inherits practical problems after turnover.
6. The buyer relied on informal nominee arrangements
This creates unenforceability and potential illegality.
7. The title transfer is delayed
Especially common in developer sales where full payment has been made but documentation lags.
8. The unit delivered differs from representations
Issues may involve floor area, finishes, amenities, view obstruction, or common-area promises.
XXII. Buyer Protections Under Real-Estate Regulatory Law
Developer sales of condominium units are not wholly unregulated private contracts. Philippine real-estate regulatory law imposes obligations on developers, including registration and licensing requirements, and provides certain buyer protections against improper sales practices.
This does not mean every buyer dispute is easy to win. But it does mean a foreign buyer should not assume the transaction is governed only by the fine print of the reservation agreement. Regulatory compliance of the developer matters, especially in pre-selling projects.
XXIII. What Happens if the Foreign Cap Is Exceeded?
This is one of the hardest issues in practice because the legal and administrative consequences can become messy. Potential consequences may include:
- refusal to register the transfer;
- inability to issue title in the foreign buyer’s name;
- contractual disputes over refund or damages;
- pressure to restructure the transaction;
- regulatory scrutiny.
A foreign buyer should avoid being the test case. The safest course is to treat foreign-cap confirmation as a condition precedent to major payment and closing.
XXIV. Citizenship Changes and Their Effect
A buyer’s citizenship matters greatly.
A. If a foreign buyer later becomes a Filipino citizen
That may expand property rights prospectively, but the effect depends on the manner and timing of citizenship acquisition and on the specific property arrangement.
B. Former natural-born Filipinos
Philippine law grants former natural-born Filipinos certain rights to acquire land subject to statutory limits. That is a separate legal category from an ordinary foreign national and should not be confused with general foreigner rules.
C. Dual citizens
A dual citizen recognized as Filipino under Philippine law is legally different from a purely foreign national for property purposes.
Because citizenship status can alter legal rights substantially, the exact classification must be established from legal documents, not personal belief.
XXV. Death, Incapacity, and Practical Ownership Management
Foreign owners should think beyond acquisition.
A. Who will manage the unit if the owner becomes incapacitated?
A durable arrangement may be needed for payment of dues, taxes, rentals, and administration.
B. Where are the title and records kept?
Loss of original title and tax records can complicate future sale or estate transfer.
C. Are heirs informed?
Many estates become difficult because heirs do not know the property exists, what rules govern it, or which dues are unpaid.
D. Cross-border probate issues
A will executed abroad may still interact with Philippine formalities and situs-property rules.
XXVI. Litigation and Dispute Scenarios
A foreign condominium buyer may end up in disputes involving:
- breach of contract by developer;
- specific performance or rescission;
- refund claims;
- title transfer delays;
- defective construction;
- boundary or floor-area discrepancies;
- association disputes;
- illegal denial of access or amenities;
- unpaid assessments;
- lease disputes with tenants;
- estate disputes among heirs;
- conflicts between spouse and heirs.
Philippine litigation can be slow, so prevention through due diligence and documentation is much more valuable than theoretical remedies after the fact.
XXVII. A Foreign Buyer’s Legal Checklist
A sound legal checklist would include at least the following:
- Confirm that the asset is truly a condominium unit, not disguised land ownership.
- Verify the project’s foreign ownership headroom under the 40% rule.
- Check the developer’s registration and license to sell where applicable.
- Review the master deed, declaration of restrictions, by-laws, and house rules.
- Verify the CCT and all title annotations.
- Confirm the seller’s authority and marital/estate status.
- Secure certificates for association dues, special assessments, and real property tax payments.
- Determine exactly which taxes and fees each party will shoulder.
- Check whether leasing, especially short-term leasing, is allowed.
- Ensure all promises on parking, storage, furnishings, and amenities are in writing.
- Avoid any structure that depends on a nominee or concealed beneficial ownership.
- Plan for succession, taxes, and practical administration after purchase.
XXVIII. Misconceptions to Avoid
“Foreigners can’t own any real estate in the Philippines.”
Too broad. Foreigners generally cannot own land, but they may own condominium units within the legal cap.
“Buying through a Filipino partner solves everything.”
False. That can create extreme legal risk and may violate anti-dummy principles if used to evade restrictions.
“Once I pay the price, I’m the owner.”
Not safely so. Registration, title transfer, tax compliance, and legal capacity to transfer all matter.
“All condominiums allow Airbnb or short stays.”
False. Many do not.
“Marriage to a Filipino makes me eligible to own land.”
False.
“A corporation is an easy workaround.”
Not if it violates nationality rules.
XXIX. Bottom-Line Legal Position
A foreign national may legally buy and own a condominium unit in the Philippines, but only within a narrow and regulated framework:
- the Constitution still prohibits general foreign ownership of land;
- the Condominium Act creates the lawful exception for condominium units;
- foreign participation in the condominium project must not exceed 40%;
- the buyer’s rights are heavily shaped by the master deed, condominium corporation documents, title records, and regulatory compliance;
- tax, registration, inheritance, and anti-dummy issues are not side matters but central parts of the legal analysis.
The safest legal understanding is this: a Philippine condominium can be an entirely lawful and secure acquisition for a foreign national when the transaction is a genuine condominium purchase, fully documented, properly registered, compliant with the foreign ownership cap, and free from schemes intended to evade land restrictions.
XXX. Final Practical Legal Conclusion
For a foreign national, a Philippine condominium is often the most legally viable path to property ownership in the country. But the legality of the purchase does not rest on the sales brochure or on the general statement that “foreigners can buy condos.” It rests on specific legal facts:
- whether the project structure qualifies under condominium law;
- whether the foreign cap remains available;
- whether the seller has valid and transferable title;
- whether regulatory requirements were met;
- whether the taxes, title transfer, and condominium clearances are complete;
- whether the intended use is permitted;
- and whether long-term succession and compliance issues have been addressed.
A buyer who understands those points is not just buying a unit. He or she is buying into a legal system that permits foreign condominium ownership, but only on exact terms.