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Meron ka bang hinuhulugang bahay or condo na hindi mo na natuloy? Puede ka pa bang mag refund?

Alam mo ba na may batas na nagbibigay proteksyon at karapatan sa mga buyer ng mga properties or real estate tulad ng bahay o condo. Ito ay batas upang ma protektahan ang isang nag huhulog (installment) na nabiling real estate property.

The Maceda Law REPUBLIC ACT NO. 6552 (RA 6552) – Realty Installment Buyer Protection Act

AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS

Section 1. This Act shall be known as the “Realty Installment Buyer Act.”

Section 2. It is hereby declared a public policy to protect buyers of real estate on installment payments against onerous and oppressive conditions.

Section 3. In all transactions or contracts involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants under Republic Act Numbered Thirty-eight hundred forty-four, as amended by Republic Act Numbered Sixty-three hundred eighty-nine, where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:

(a) To pay, without additional interest, the unpaid installments due within the total grace period earned by him which is hereby fixed at the rate of one month grace period for every one year of installment payments made: Provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any.

(b) If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made, and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made: Provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.

Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.

Section 4. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due.

If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.

Section 5. Under Section 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by updating the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act.

Section 6. The buyer shall have the right to pay in advance any installment or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.

Section 7. Any stipulation in any contract hereafter entered into contrary to the provisions of Sections 3, 4, 5 and 6, shall be null and void.

Section 8. If any provision of this Act is held invalid or unconstitutional, no other provision shall be affected thereby.

Section 9. This Act shall take effect upon its approval.

Approved: August 26, 1972″

Maganda pong manapanood din po natin ang isang magandang ‘Legal Discussion’ patungkol sa mga ‘Real Estate Laws and Rights’ at kasama po sa naging topic nila ang ‘Maceda Law’.

Source: PTV  Youtube Channel

(News@1: Republic Act 6552 o Realty Installment Buyer’s Act [01/14/15])

One thought on “Meron ka bang hinuhulugang bahay or condo na hindi mo na natuloy? Puede ka pa bang mag refund?

  1. Hi,
    Thanks for all the info on this page. I just have a question about my case.

    I have already paid the the 2-year equity for a pre-selling condo unit and now, as they say, is ready for turn-over. I am ready to pay the full amount of the remaining balance but I had to ask for the status of completion of my condo (photos, titles, and etc.) before I would do so ( since I am an OFW and I don’t have time to go to the Phils. and check for myself). They’re telling me that I have to settle the remaining balance before they can set an appointment for viewing the property and provide the other docs (!). And worse is, since they are beating around the bush with I had asked for, I have been penalized for 30k+ for being a month late for paying the full amount. Is it legal for them to not let me see my unit until I pay the full amount? and Is it legal for them to penalize me for late payment even though I’m all ready to pay the full amount and it’s them who are late in delivering what I had requested?

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