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||What are the rights and restrictions of private corporations or associations organized under the Philippine laws in acquiring and owning real property in the Philippines?
Private Corporations or associations organized under the laws of the Philippines 60% of the capital of which is owned by Filipinos are entitled to acquire and own private lands in the Philippines. They may also hold alienable agricultural lands of the public domain only by lease for a period not to exceed 25 years renewable for not more than 25 years and not to exceed 1,000 hectares.
Such right to own or hold lands are subject to the following legal restrictions:
Zoning Law – delineation of the particular uses of lands
Subdivision Regulations – required for subdivision projects like open space requirement, development specification and completion period
Building Code – regulations pertaining to height, setback, material specification etc.
Power of Eminent Domain of the State – the power of the State to take private property for public use upon payment of just compensation
Escheat -the reversion of the property to the State due to the intestate death (without will) of the owner without any heir
Taxation – the power of the State to impose and collect tax and other charges on the real estate.
It is also subject to the following voluntary or contractual restrictions:
Lease Contract – the temporary surrender of the rights to possess, use and enjoy in favor of another person who pays rent
Right of Way Easement – the right given to an owner of an adjoining land to pass or have access thru another land
Usufruct – transfer to another person of the right to enjoy the fruits of the propertyUse Restrictions in Subdivision contracts.