THE OWNER OF A UNIT IS CONSIDERED A SHAREHOLDER IN THE CONDOMINIUM CORPORATION

> Any transfer or conveyance of a unit or an apartment, office or store or other space therein, shall include the transfer or conveyance of the undivided interest in the common areas or in a proper case, the membership or share holdings in the condominium corporation

> Not every purchaser of a condominium unit is a shareholder of the condominium corporation. The Condominium Act leaves it to the master deed the determination of when the shareholding will be transferred to the purchaser of a unit

> The provisions of this Act shall apply to property divided or to be divided into condominium only if there shall be recorded in the Register of Deeds of the province or city in which the property lies, and duly annotated in the corresponding certificate of title of the land, xxx an enabling or master deed which shall contain, among others, the following: xxx A statement of the exact nature of the interest acquired or to be acquired by the purchased in the separate units and the common areas of the condominium projects. Where title to or to appurtenant interests in the common areas is to be held by a condominium corporation, a statement to this effect shall be included

> Inasmuch as ownership is conveyed only upon full payment of the purchase price, it necessarily follows that a purchaser of a unit who hasn’t paid the full purchase price is not the owner of the unit and consequently is not a shareholder of the Condominium Corporation