g2 identification Flashcards
The law that regulates the sale of subdivision lots and condominium units and imposes penalties for violations.
PD 957
The law that governs the sale and ownership of condominium units, ensuring that developers meet their obligations and protecting buyers from exploitation.
RA 4726 / Condominium Act
It provides a grace period for buyers to settle their arrears and avoid losing their property.
Maceda Law
Presidential Decree No. 957 was issued by _____
President Ferdinand Marcos
The legal document that a developer must secure before selling subdivision lots and condominium units.
License to Sell
The obligation of developers to transfer to buyers after full payment, with no extra fees except registration costs.
Delivery of Title
What law governs the installment sales of personal property in the Philippines?
Recto Law
Who was the senator responsible for enacting the Installment Sales Law in 1933?
Senator Claro M. Recto
Which article in the Civil Code contains the Recto Law?
Article 1484
What is the legal term for the seller’s right to take back the property if the buyer fails to pay two or more installments?
Cancellation of sale
What remedy prohibits the seller from pursuing the buyer for any deficiency after repossessing and selling the property?
Foreclosure of chattel mortgage
Which article in the Civil Code extends the application of Article 1484 to lease contracts with an option to buy?
Article 1485
What principle prevents a seller from choosing multiple remedies under the Recto Law?
Seller’s obligation to elect a remedy
The law that protects real estate buyers in installment sales.
Maceda Law
The full name of the Maceda Law.
Realty Installment Buyer Protection Act
The minimum refund percentage under Maceda Law.
50%
The required notice period before cancellation.
30 days
The maximum refundable percentage under Maceda Law.
90%
The minimum grace period per year of payment under Maceda Law.
1 month per year of payments
The senator who authored the Maceda Law.
Senator Ernesto Maceda
