BP 220 / PD 957 and IRR Flashcards
PD 957. This Decree shall be known as
Subdivision and Condominium Buyer’s Protective Decree
PD 957 was initiated by the late President Ferdinand Marcos on ___ and applied with the latest revised implementing rules and regulations in 2009
July 12, 1976
natural or juridical person, refers to business firm whether a corporation, partnership, cooperative or association or a single proprietorship
person
shall include every disposition, or attempt to dispose, for a valuable consideration, of a subdivision lot, including the building and other improvements thereof, if any, in a subdivision project or a condominium unit in a condominium project
Sale or Sell
A privilege given to a member of a cooperative, corporation, partnership, or any association and/or the issuance of a certificate or receipt evidencing or giving the right of participation in, or right to, any land in consideration of payment of the membership fee or dues, shall be deemed a sale within the meaning of this definition.
Sale or Sell
shall mean a tract or a parcel of land registered under Act No. 496 which is partitioned primarily for residential purposes into individual lots with or without improvements thereon, and offered to the public for sale, in cash or in installment terms
Subdivision project
shall mean a subdivision plan of a registered land wherein a street, passageway or open space is delineated on the plan
Complex subdivision plan
shall mean the entire parcel of real property divided or to be divided primarily for residential purposes into condominium units, including all structures thereon
Condominium project
a part of the condominium project intended for any type of independent use or ownership, including one or more rooms or spaces located in one or more floors (or part of parts of floors) in a building or buildings and such accessories as may be appended thereto
Condominium unit
the registered owner of the land subject of a subdivision or a condominium project
Owner
the person who develops or improves the subdivision project or condominium project for and in behalf of the owner thereof
Developer
any person directly engaged as principal in the business of buying, selling or exchanging real estate whether on a full-time or part-time basis
Dealer
any person who, for commission or other compensation, undertakes to sell or negotiate the sale of a real estate belonging to another
Broker
the person regularly employed by a broker to perform, for and in his behalf, any or all functions of a real estate broker
Salesman
shall mean the National Housing Authority.
Authority
Section 3. shall have exclusive jurisdiction to regulate the real estate trade and business in accordance with the provisions of this Decree
National Housing Authority
Section 4. The registered owner of a parcel of land who wishes to convert the same into a subdivision project shall submit his ___ to the Authority which shall act upon and approve the same, upon a finding that the plan complies with the Subdivision Standards’ and Regulations enforceable at the time the plan is submitted
subdivision plan
National Building Code
RA 6541
Condominium Act
RA 4726
The subdivision plan, as so approved by the NHA, shall then be submitted to the ___ for approval in accordance with the procedure prescribed in Section 44 of the Land Registration Act
Director of Lands
The condominium plan as likewise so approved, shall be submitted to the ___ of the province or city in which the property lies and the same shall be acted upon subject to the conditions and in accordance with the procedure prescribed in Section 4 of the Condominium Act
Register of Deeds
Land Registration Act
Act No. 496
The owner or the real estate dealer interested in the sale of lots or units, respectively, in such subdivision project or condominium project shall register the project with the Authority by filing therewith a sworn registration statement. The following documents shall be attached to the registration statement:
*Copy of the Subdivision plan or Condominium plan
*Copy of any circular, prospectus, brochure, advertisement, letter or communication to be used for the public offering
*Balance sheets showing the amount and general character of its assets and liabilities and a copy of its articles of incorporation or articles of partnership or association
*Title to the property which is free from all liens and encumbrances
Section 5. Such owner or dealer to whom has been issued a registration certificate shall not, however, be authorized to sell any subdivision lot or condominium unit in the registered project unless he shall have first obtained a ___ the project within two weeks from the registration of such project
license to sell