Question

Review Question IV: Property, Ownership, and Its Modifications - Co-Ownership and Condominiums

Alice and Bob are close friends who decided to invest in a real estate property together. They purchased a residential house and lot and registered it as a co-ownership under their names. As time went on, they encountered conflicts regarding the use and management of the property. They decided to consult a lawyer to settle their differences and clarify their rights and obligations as co-owners.

Based on the given scenario and the provisions of the Civil Code (arts. 484-501) and the Condominium Act (R.A. No. 4726, as amended), answer the following questions:

1. What are the rights and obligations of Alice and Bob as co-owners under the Civil Code?
2. Can Alice and Bob convert their co-ownership into a condominium unit? Explain the process and requirements under the Condominium Act.
3. What are the advantages and disadvantages of converting their co-ownership into a condominium unit?
4. Can Alice and Bob sell their respective shares in the co-ownership without the consent of the other co-owner(s)? Explain the limitations and requirements, if any.