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Rights of Subdivision Lot Buyer under Maceda Law

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posted November 5, 2009 12:07PM
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RIGHTS OF SUBDIVISION LOT BUYER (MACEDA LAW - R.A. 6552)

 1. When buyer has paid at least two years of installment:

 2. To  pay, without additional interest, any  installment  due within  the grace period (which is equivalent to one month  for  every year of payment.)

 3. To receive a 30-day notarial notice of cancellation  before his contract can be canceled for non-payment of amortization.

 4. To  receive the cash surrender value of his  total  payments before  his contract can be canceled for non-payment of  amortization.  The  cash surrender value is equivalent to 50% of total payments  and, after the fifth year, an equivalent 5% per year but not to exceed  90% of the total payments.

 5. To transfer of assign his right to the contract.

 6. To register or annotate his contract on the title.

 7. To pay in advance the remaining balance before the term  of the contract.

 8. When buyer has paid less than two years of installment:

 a. To  pay, without additional interest, any  installment  due within the grace period of 60 days.

 b. To receive a 30-day notarial notice of cancellation  before his contract can be cancelled for non-payment of amortization.

 9. To transfer or assign his right to the contract.

 10. To register or annotate his contract on the title.

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