Ano Ang All Souls Day?

Ang Araw ng mga Kaluluwa (All Souls' Day), na ipinagdiriwang tuwing Nobyembre 2, ay isang araw ng panalangin at pag-alala para sa mga yumaong tapat. Ito ay isang mahalagang araw para sa mga Katoliko, Anglikano, at ilang iba pang mga denominasyong Kristiyano, kung saan pinaniniwalaan na ang mga kaluluwa ng mga yumao ay maaaring tulungan sa kanilang paglalakbay tungo sa langit sa pamamagitan ng panalangin at mga mabubuting gawa ng mga nabubuhay.

Kasaysayan at Pinagmulan:

Source from

cici AI

By Admin Arthur 

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What are the Processing Cost in Buying a Real Estate Property?

What are the processing costs in buying a real estate property?
By Admin Bench R. Milanio

Imagine how simple it is to shop for groceries. You see an item on the shelf – its price tag visible for everyone to see – so, you know how much money to spend for other needs. You take and place the item in your pushcart. Later, once you’ve completed your grocery list, you have these items punched. It is only then that you find out there are other charges, so that you can fully “own” your groceries. Sounds problematic, right?

When it comes to buying property, it is important to know that there are transaction costs for buying a house and lot or a condo.

Apart from the actual base price of the property, there are closing costs necessary to complete the transaction, which then legitimizes the transfer of rights to the property. From both ends, the buyer and seller will have to pay particular fees, such as taxes, to ensure that the purchase was done in good faith and executed in a legal manner.

What Fees Do I Need to Pay When Buying a House and Lot ? Or a Condominium?

Since the completion of a property transaction is made official through documented paperwork, it is the transferal of ownership that formalizes the deal. This means that outside of the property’s actual price tag, there are costs that one has to shoulder so that the house or property is legally theirs. Listed below are the typical transaction costs in real estate:

Transfer Tax – This refers to the fee that the buyer has to pay for the complete transfer of the property’s ownership. Usually, the transfer tax is paid to the city where the property is located. Rates vary from city to city, but they typically range around 0.50 to 0.75 percent.

Title Registration Fee – This refers to the fee that the buyer has to pay for the issuance of a new title with his or her name certifying the change in ownership. This fee is rated around a percent of the property price.

Notary Fee – Payment of these is negotiable and are generally around 1 to 2 percent of the property value.

Documentary Stamp Tax – Paid by the seller to the Bureau of Internal Revenue (BIR), this refers to the fee for the agency evidencing the transaction as an agreement between all parties involved. The cost is at 1.5 percent, or higher, levied on the property’s selling price or fair market value.

Capital Gains Tax – Paid by the seller to the BIR as well, this refers to another form of transaction tax that considers real estate properties as capital assets. This is levied at 6 percent of the property’s gross selling price or fair market value, whichever is higher.

Real Estate Agent’s Fee – Paid by the seller to the Real Estate Agent or Broker, this serves as commission based on an agreed percentage of the gross selling price of the property. Often, these fees average at around 3 to 5 percent.

How Much is the Transfer Fee When Buying a House
Outside the property’s selling price, if we were to total all the fees necessary to complete a sale, we’ll probably yield a total of 4.5 to 16.25 percent.

The costs paid by the buyer should come to around 1.5 to 3.75 percent of the property’s price tag. The costs paid by the seller, meanwhile, should range between averages of 3 and 12.5 percent – depending on agreements made with the real estate agent.

Knowing these things should prove helpful, especially if one were to engage in property transactions. Apart from knowing these fees, it will also be useful to familiarize oneself.

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What are the Advantages of Buying PRE-SELLING CONDO?

Here are some of the benefits of buying real estate during its pre - selling stage:

If you are an aspiring condo home buyer who is actively searching for properties for sale in listing websites, online social media, or if you are actively on the rounds attending open houses, online forums you may have probably encountered the word pre selling at some point.

What is a preselling property and what are its advantages?

Pre - selling, or off-the-plan properties as it is more commonly known in the West, are pieces of real estate—either condominiums, townhouses, or a house and lots - that are being sold by a real estate developer in advance before their actual completion.

What is a “Pre-Selling” condo?

In real estate, a pre-selling condo is a condo being sold before its completion, during its construction, or while still in the planning stages. These mean that the property still does not exist and the developer is yet to break ground for the project. At this point, it seems that opting to buy a pre-selling condo would be like throwing money into a hole yet to be dug. The question really is not whether to buy or not to buy a pre-selling condo, but what are the risks? What makes people take those risks? 

What makes pre-selling properties attractive and even seductively desirable?While it may seem unconventional to a condo home buyer to buy a property that does not yet exist (save for actual site where the property will be built and a blueprint), presold properties afford homebuyers many advantages, such as discounted prices and the first pick of the best locations and/or units. In this article, we have put together a list of benefits of buying properties while they are still in its preselling stage.

Pre - selling Properties Are Normally Cheaper

In the absence of the physical unit, pre - selling properties are normally sold at a cut-rate price of 30–50 percent off compared to the price of a finished unit. Aside from its affordable introductory price, many property developers offer flexible payment schemes and even BIG DISCOUNTS on the down-payment price for their pre - selling projects. These developers also offer in-house financing in the event that the condo home buyer fails to qualify for a bank housing loan.
They Give Buyers the Best Unit Options.

In buying pre - selling properties, buyers are granted a privilege to choose their ideal lot or unit location at an early phase, usually during the project launching stage. When buying a condominium unit during the project’s pre - selling stage, the buyer is given the opportunity to pick the best unit, such as those facing the best direction and located on the perfect floor, or even one of the best units that are normally reserved for repeat customers. Some condo units are just highly sought-after either because they offer great views or they come at the right size that are highly attractive to future renters. Once Completed, They Can Provide a Steady Source of Income

Speaking of renters, once the property is completely done and is now ready for occupancy, the buyer can opt to rent it out, and through this, the buyer earns a steady cash flow. If buying a condo property to have it rented out after completion, it makes sense to buy a pre - selling one, especially during the project’s earliest stage, as it affords buyers the first pick of units—those that will be loved by future tenants. Alternatively, the buyer can also make more from his or her property by selling it once completed, by which time the property has increased its value.
They Are an Excellent Investment Option

Advantages of buying Pre-selling condos
Cheaper prices, flexible payment schemes, promising investment

Many buyers go for the pre-selling option, largely because of its lower introductory price, which can be (more or less) 30% cheaper than a finished unit. On top of that, developers might throw in a 10%-15% discount or offer flexible payment schemes where the down payment can be as low as 10% payable for 3 years (with most real estate companies), with the lump sum to be paid either through a bank financing, government sponsored home loan, or the developer’s in-house financing options.

If you are a real estate investor, pre-selling condos are a promising investment since their market value can increase by the time they are finished. Given favorable market conditions, you can resell the finished units for q higher price than you put down when they were in the pre-selling stage.The value of real estate, especially well-located ones, appreciates over time. This is true for pre - selling properties. At the time of their completion, the value of pre - selling condos or house and lots have increased considerably, that the buyer can earn a profit by selling them in the secondary market. It is not uncommon to see condos bought five years ago, especially those in Makati or Bonifacio Global City, for just over Php3 million, that can now fetch double this amount in the secondary market.

Some Tips Before Buying

As a smart condo home buyer, you must be vigilant that any offer that comes with great advantages also carries some risks. One of the most drawbacks of buying a pre selling property is that there is a chance that the developer you signed up with might back out from the contract and may not be able to deliver the unit at all. If you are unsure of investing to pre sold properties but does not also want to miss its perks, make sure to buy only from reputable real estate developers, those who have a good track record with delivering quality properties on time all the time.

This article was research and contributed by Real Homes Team

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Advantages of Buying Ready for Occupancy

1% DOWN PAYMENT TO MOVE-IN!

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WHY CHOOSE READY FOR OCCUPANCY?

8 ADVANTAGES OF BUYING READY FOR OCCUPANCY CONDO

Ready for Occupancy units have several benefits which make them an ideal real estate purchase for investors and aspiring property owners.

RFO VS. Pre-Selling

RFO or ready-for-occupancy refers to house and lot, condominium or apartment units which are available to move in anytime you want. While pre-selling units seem to be practical due to its lower selling price, RFO units also present a lot of advantages and benefits which makes it more enticing.

1. You can already see the finished project

RFO units as its term suggests are fully-constructed and developed and are ready for turnover. Unlike in pre-selling units, for RFO, you do not have to wait for years before you can actually get to move into the unit, or if promises will really be fulfilled such as the turnover date.

Since RFO units are already available for move in, what you see is what you get. These are FIT TO FINISH OR BARE UNITS, so you get to let your imagination work (decors, furniture and all) and visualize your future home.

2. Ready for inspection

Condo hunting is fun especially if you get to see and experience the unit right there and there. This is also known as tripping. During the visit, you get to inspect the units actual size, its condition, cuts, features, view from the window, and even the quality of the materials and the work itself.

By tripping, you get to evaluate if the unit is according to your standards—aesthetically and practicality. You can even visit all your options and eventually select the one that suits your preferences and budget best.

Should you wish to redesign or renovate, you already know what you are working with, therefore making the planning process easier.

3. Move in as soon as payments and paperwork are settled

One of the best advantages of an RFO Unit is the ability to move in as soon as possible. Unlike pre-selling units wherein you will have to wait for years before you get to move in, in an RFO unit, as soon as all the paperwork and requirements are submitted and signed, and payments are already settled, you can immediately move in. This is ideal for relocating families and individual, expats, foreigners, and immigrants.

4. Avail discounts and The Lowest Downpayment

Pre-selling units are not the only ones who can get the best deals, lower selling price, and discounts. Some real estate companies, brokers and even owners offer discounts and move-in promos for those who will avail an Ready for Coccupancy unit, especially if it’s a rush sale. Choose the lowest down payment and minimal investment to start.

5. Flexible payment options

Most RFO units offer flexible payment terms including rent-to-own, which is also known as lease-to-buy. That way, you can move in right away, pay it every month until the entire amount has been paid off. NSJBI condo projects offers the lowest downpayment to move - in (5% is the minimal investment).

6. Utility services are available

If you are buying an RFO unit which has been previously owned, it probably already has available utilities such as water, electricity, telephone, internet connection and even cable so you won’t have to worry about applications and installations, just changing of the name.

7. Amenities can already be used

Nowadays, one of the selling points of a condominium or an apartment is its complete basic amenities. The more amenities there is, and the better the quality, it’s guaranteed to get a huge demand from the market, especially for pre-selling units. Some projects get sold out immediately because of how premium their amenities are.

What’s good in an RFO unit though, is you get to enjoy your private space while getting the privilege to use the amenities in your building. Some of this include a swimming pool, fitness center or gym, function hall, and more.

8. Ready-made investment

Investing in real estate is a good decision especially if it’s a residential property because you get to earn in various ways—sell it or lease it out short-term via Airbnb, or long-term. Renting it out via Airbnb is one of the fastest ways to earn.

All you have to do is to furnish the unit with the necessary furniture, appliances, and a little décor here and there. Once you’re done, you list it online, advertise, and prepare to cater to staycationers and tourists.

Also, if a Ready for Occupancy unit is located in a prime real estate location, chances are, it has already appreciated in value the minute you have acquired it. This can be beneficial to you because condominiums or apartments in a prime real estate area have better saleability, which gives you the chance to sell it at prime real estate rates.

Purchasing an RFO unit may cost higher and require a significant amount of down payment, but with all these advantages, it can be a good idea to consider buying one. Especially if you’re aiming to move in immediately.

ALWAYS CHOOSE THE LOWEST DOWN PAYMENT OR MINIMAL INVESTMENT TO START!

We recommend the condo properties of URBAN DECA HOMES MANILAas the lowest down payment as low as 5% to movec- in.

VISIT www.affordablecondoinmetromanilaph.com

SOURCE: Financial Coach, Personal experience.

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FOR INTERESTED BUYER/AGENT PARTNER,
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How to Decorate Your Condo Efficiently

Basic Tips on How to Decorate Your Condo Efficiently

Getting decorating ideas and inspiration is the fun part, especially now that we can easily draw inspiration from Pinterest or other decorating blogs. But after taking note of the styles you want, how do you make it happen? That’s when it can get pretty overwhelming.

The key to decorating your space is to break it down into steps and develop a system for working. If you plan on decorating your living space by yourself, here are some tips on how to give your room a quick and efficient makeover:

1. Do your measurements.

This lets you know how much space you’re working with. Taking measurements helps prepare you for the next step, which is ordering your materials. Measuring properly ensures that you don’t order too much paint or wallpaper, or get the wrong size of furniture. Mistakes like these can be costly on your part.

2. Order everything in one go.

Once you’ve chosen all your paint, furniture, fabrics or other working materials, order them all at once if possible. Some of these materials will take longer to arrive so you need to get a head start. It’s a big inconvenience if you start working on your decorating while having to wait for certain materials to arrive.

3. Call in your decorating team.

Identify the professionals you need, like a painter, electrician, or upholsterer. Do some research or get referrals ahead of time so you won’t be scrambling at the last minute. When you’re rushing, you may not end up with the best person for the job.

4. Start with the floors.

If you’re planning to sand or stain your floor, or even put down carpeting, always start with this first. This is so you minimize any damage to your walls.

5. Install cabinets before you start painting.

If you’re decorating your bathroom, kitchen or any space that requires cabinet installation, do this first before you start painting. Doing it in reverse can cause damage or scratches to the paint job.

6. Hang your light fixtures.

After painting your room, you can start hanging your chandeliers, sconces or other light fixtures. Install these first before your drapes or anything else so they don’t get in the way.

7. Arrange your furniture.

If you can, prepare a floor plan of where your furniture will go. In case your plan doesn’t go as well as you’d hoped, don’t be afraid to experiment and move things around.

8. Add the accessories.

After all the furniture is in place, add your artwork, figurines, lamps and other decorative items like books and pillows. These small items add touches of personality to a room, so be unique and have fun!

This is a simple guide to decide INVESTING A CONDO OR A HOUSE & LOT?
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TIPS IN CHOOSING YOUR CONDO

Choosing a Family-Friendly Condo

When envisioning your family’s dream home, where do you see yourself? The big dream used to be one where you own a house and lot, but the current state of real estate, more and more families are considering high-rise living.


The real estate industry is developing at a fast-pace to meet the changing priorities of today’s modern people. Of course, people will always want their own house, but there is a growing demand for condominiums. The offer of affordable luxury living is extremely attractive after all. But contrary to popular belief, condo living is not just for young professionals. More and more families are choosing condos for their convenience and affordability.

The perks of living in a condo

Many people think that retirees and young people are better suited for condo living, but families can definitely enjoy the perks of high-rise living. Space is no longer a big concern as more condos adapt to the needs of a growing family.
In choosing a condo that suits your family’s needs, here are some things for you to consider:

1. Location

One of the main reasons why families choose to live in condos is for the convenience the locations offer. Because condos are built in strategic locations, family members can be closer to where they work or go to school. Most of these properties are close to malls, supermarkets, and other recreational areas as well. Some condos even have their own malls, which can really save families the time and the stress of the commute.

2. Security

Families can also rest easy with the security features available in condos. Condos are typically well-guarded, with security guards, receptionists, and doormen in the property. If you want additional security in your unit, you can easily talk to the management about additional locks or other security features.

3. Space and amenities

We tend to think of condos as a place more suited for young professionals, but new developments are made to be more family-friendly. These properties have more bedrooms and amenities like swimming pools, playgrounds, gaming areas, and so on. Space is not much of a concern as more condos provide plenty of moving room in gardens and open spaces.

4. Price

While price is a major factor in the buying process, it shouldn’t be the sole deciding point. After all, you’re investing on something for your whole family. Aside from the price, also think about what your family members prefer and need.

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LEGAL DOCUMENTS IN PURCHASING REAL ESTATE PROPERTIES

 

With the advancement of technology, properties for sale can be viewed online with just a touch of our fingertips. In a few clicks, we can check out the numerous properties’ details, photos, the sellers and their contact details without having to leave the comfort of our own home or condos. With such ease, there has been a rise in real estate interest, which eventually leads to investment and purchase.  

But despite all the advantages that technology brings, there are still some aspects of the property buying process that can’t be automated—the drafting, checking, and signing of legal documents just a few of them. In order to save time (and your hard-earned money) and to make sure everything that goes with the purchase will be put into writing, it’s better to keep yourself informed on the documents you will need.

1. Intent to Purchase Real Estate document or Letter of Intent

Once an ocular inspection of the property has been done and the title of the property has been checked with the Register of Deeds, a letter of intent to purchase a property must be made and sent to the seller. A non-binding document, the Letter of Intent documents the buyer’s tentative terms and conditions in regards to price, reservation fee or initial deposit, and financing details. Also included in a Letter of Intent is the detailed description of the property you are interested in.

If the seller accepts the terms and affixes his signature on the Letter of Intent, the seller is expected to reserve the property for you unless the conditions and terms on the letter have been breached.

An earnest money or down-payment must then be paid, securing your hold on the property within the time frame agreed upon between you and the buyer.

2. Contract to Sell

The Contract to Sell, a document that binds both you and the seller, is where all the final terms and conditions are stated. This will be issued to you by the seller after you have given your down-payment. In this contract, you are assured that the buyer will exclusively sell the property to you and will take it off the market. However, until the full payment for the agreed price of the property has been made, the ownership of the property remains with the seller. The Contract to Sell must be attested by a Notary Public.

SAMPLE

3. Deed of Absolute Sale

After you have given the full payment of purchase price to the seller and settled other fees with the proper government agencies, a Deed of Sale will be created, filed with the Register of Deeds, and issued to you. It is a notarized document that legally transfers the ownership of the property from the seller to you after all of the conditions have been met and executed. Indicated in this document are the names and signatures of both parties, the Transfer Certificate of Title number, the technical description of the property, and the agreed selling price.

4. Certificate of Titles

You will be provided a photocopy of the new title that certifies you as the new owner of the property indicated. This document is issued by the Register of Deeds of the city or municipality where the property is located. A Transfer of Certificate of Title will be given to those who bought houses and lots, while condominium unit buyers will be given a Condominium Certificate of Titles.

5. Tax Declaration

As the new owner of the property, you will request a Tax Declaration from the Assessor’s office. You will need to present the new title and a photo of the purchased property for it to be processed. Once this has been released under your name as the new owner of the property, all tax obligations will now be under you. Along with the release of the new Tax Declaration is the success of the transaction of property purchase.

YOU CAN VISIT PHILIPPINES BIR FOR TAX DECLARATION ASSISTANCE.

If you're ready to purchase your new CONDO HOMES, here's a list of properties for sale that might include your dream condo living lifestyle!

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Default Payment Applies for Maceda Law RA 6552

As the COVID19 pandemic affect the real estate industry. How can we applies the default payments?The government have to support the default payments specially on the pandemic.

The Bayanihan to Heal as One Act, officially designated as Republic Act No. 11469, is a law in the Philippines that was enacted in March 2020 granting the President additional authority to combat the COVID-19 pandemic in the Philippines.[1] The word "bayanihan" is a Tagalog word for communal work.


Defaulting Payments – Know Your Rights under Republic Act 6552 (Maceda Law)

REPUBLIC ACT NO. 6552
AN ACT TO PROVIDE PROTECTION TO BUYER OF REAL ESTATE ON INSTALLMENT PAYMENTS

Knowing your rights as purchaser of a real estate property under the Maceda Law, will mean a huge difference. It can mean losing everything you have put in for your investment, or getting at least 50% of it back, when for some reason on your part, you cannot continue with your installment purchase. So in this post, we will discuss the most important points in the Maceda Law that are relevant to a distressed real estate buyer.

WHAT IS THE MACEDA LAW?

The Maceda Law, also known as The Realty Installment Buyer Act or Republic Act 6552 is the law that lays out a defaulting buyer’s rights in the Philippines with regards to his purchase of a real estate property, whether it’s a condominium unit or a house-and-lot unit in a subdivision development. This was initiated by lawmaker Ernesto Maceda and has taken into effect on August 26, 1972.

WHO IT APPLIES TO

Today, more and more people in the working class, especially OFW’s are buying condominiums or house-and-lots in subdivision projects. But paying them in full in just one payment is just too much.

So practically, they opt to pay the equity by installment since developers’ or contractors’ installment equity payment schemes have become increasingly affordable. This is through stretching their equity payment or down payment stage to 20, 30, 40 months or sometimes even longer. Then they just take out a loan from their bank for the remaining balance since banks usually have lower interest rates compared to in-house financing.

If you have taken advantage of this convenience in acquiring your property, everything is okay as long as you can keep up with your payments. But times are not always good. There are times when we face difficult situations and times when we just can’t make the payments anymore.

If you come into this situation, the Maceda Law was passed to help protect you. It established the rights of a qualified buyer who can’t continue with his payments anymore.

Under the Maceda Law, there are two qualification categories of buyers accorded protection. These buyers are:
Under Section 3 of Maceda Law, a buyer with at least 2 years of installments
Under Section 4 of Maceda Law, a buyer with less than 2 years of installments


RIGHTS OF A BUYER

Section 3
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:

To pay, without additional interest, the unpaid installment 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.

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 percent of the total payments made… 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 30 days from the receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.


In other words, Section 3 of Maceda Law indicates that the buyer has a right to a refund and grace periods as long as the buyer has paid at least two years. However, if there’s still less than 2 years of installment payments made, the buyer is only entitled to 60 days grace period as indicated in Section 4.

More importantly, there is a section in the Maceda Law that protects the buyers from the fine prints of contracts imposed by the contractors or developers. These fines prints are oftentimes neglected by the buyers to review during the contract signing.

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

This section emphasizes the overriding power of the Maceda Law against the contract made by the developer and the buyer.

FREQUENTLY ASKED QUESTIONS

The following questions have been commonly asked by our readers:

Does it apply when I’ve been paying to the bank already?

A common practice today is for the developers to require only the equity to be paid in installments. This equity or also called “down payment”, varies from 10% to 50% (usually 20%), depending on the developer or the particular development project. The remaining balance after the equity, will be shouldered by some financing scheme.

This financing scheme may be provided by:
Banks
HDMF (formerly PAG-IBIG)
“In-house Financing”, by the developer themselves
or other financing institutions

If you opt to pay your remaining balance using bank financing, that means you’ll be taking a housing loan from the bank.

When you start paying to the bank, that means you have already taken out your housing loan from them. When you took a loan from your bank, you basically borrowed money and then you used that money to pay the developer in full. But this all happened in the background and the money did not go through your hands anymore. The bank gave it straight to the developer. And this is what commonly confuses people.

So now, your property has been fully paid as far as the developer/seller is concerned. In fact, as far as the law is concerned, your property has been fully paid already. But your loan from the bank is what’s outstanding. Your debt is now to the bank — the money you borrowed, to pay the developer.

So the answer to the question on whether this Maceda Law will still apply, is no, it will not apply anymore. That’s because the property is technically, already paid in full.


Does it apply when I’ve been paying to PAG-IBIG already?

Please refer to the answer to the preceding question above.

My developer/seller is very slow or is already late in delivering the property, will Maceda Law apply if I back out from the purchase?

You check first when the developer is supposed to deliver the property to you — their supposed “deadline”. You may check your contract. Or you may also call your nearest HLURB office and check with them when is the deadline given to the developer, as indicated in their License to Sell for the specific project where your property is in.

After determining that your developer is at fault, you may file a complaint for recision of your contract and for total refunds plus damages, as appropriate, at HLURB.

But as far as Maceda Law is concerned, it is not the appropriate law to rely on, now. Read carefully the provisions of P.D. 957. This is what applies in cases like this.


My developer is for some reason, the one who’s at fault and I want to back out. Will Maceda Law apply?

The Maceda Law only assures 50% refund on all the payments you’ve made (or a little more as appropriate). If your developer is at fault, you should not ask for only 50% refund but for the entire amount you’ve already paid. You can even demand for damages as you deem fit.

If your developer is at fault, the provisions of P.D. 957 may apply; and/or the appropriate provisions of Book IV of the New Civil Code on Obligations and Contracts.

Below is the full text of the Maceda Law:

OTHER LAWS PROTECTING BUYERS OF REAL ESTATE IN THE PHILIPPINES

Further, there are other laws that protect the rights of condominium and subdivision property buyers such as The Condominium Act of the Philippines or RA 4726 and The Subdivision and Condominium Buyers’ Protective Decree or Presidential Decree 957 (more commonly known simply as PD 957).

Although both basically cover the same issue which is ‘refunds’, both laws cover different situations on how the refunds are supposed to be granted.

Depending on your situation, there are laws that protect you as a buyer. Know your rights and you don’t have to loose more money than you have to. You may not know it, but you might even be entitled to receive 100% full refund of all the payments you have made.

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