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The first logical step would be to know what law applies and what that particular law contains, which in this case would be the full text of Republic Act No. 6552, which is more popularly known as the Maceda Law.
(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 vacation rentals 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 vacation rentals 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.
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 vacation rentals of the contract by a notarial act.
Sec. 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.
PRC Real Estate Broker vacation rentals Registration No. 3194 Blog: http://www.foreclosurephilippines.com Follow me in Twitter: http://twitter.com/jay_castillo Find us in Facebook: Foreclosure Investing Philippines Facebook Page
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Last updated vacation rentals by Jay Castillo on September 14, 2013 . Related Posts Republic Act No. 26 – An Act Providing A Special Procedure For The Reconstitution Of Torrens vacation rentals Certificates Of Titles Lost Or Destroyed Is BIR RR No. 10-2013 Favorable To Violators Of The RESA Law? 5 Tips for New Real Estate Brokers Republic Act 9904 – The Magna Carta For Homeowners And Homeowners Associations (Full Text) Republic Act 10173 – Data Privacy Act of 2012 (Full Text) February 2012 batch of Real Estate Service Professionals approved for registration without examination published December 2011 Real Estate Consultants, Brokers, and Appraisers approved for registration without vacation rentals examination November 2011 Real Estate Brokers, Appraisers, Consultants approved for registration vacation rentals without examination released
Jay is the founder of Foreclosurephilippines.com where he shares real estate investing tips and foreclosed property listings. He was an I.T. Manager that loved to make things work, which is exactly what he did when he crossed-over to Real Estate Investing and Internet Marketing. He is also a licensed real estate broker with PRC License # 3194 ... [Continue reading]
Sir jay..may makukuha po ba ako na refund sa kinuha kung bahay kahit na di ko pa natapus ang downpayment na aabot sa 15 months?nkapag hulog na po ako ng 6 months sa developer pero nag decide ako na pa cancelled pero sabi nila wala daw po ako makuha dahil wala daw 2 years ako nkapaghulog sa kanila..may habol po ba ako don sa mga nahulog ko..130thousand din aabot po..salamat..
I have a unit sa empire …nahulog ko po 20% down payment vacation rentals (phph200thous) for one year pero before mag start po ng installment na 80% nawalan po ako ng work at informed po ang agent ko. hanggang nakarecieved ako ng sulat ng computations na may mga penalties nako…sabi vacation rentals ko hindi ko n tutuloy …sabi po ng agent wla na daw po akong marerefund? tama po ba un…sana mabigyan po nyo ako ng advise kung may habol po ako s perang pinaghirapan ko abroad..
Nkapagbayad po ako ng 2 years plus 20% do