PD 957 Flashcards
PD 957
The Subdivision and Condominium Buyers’ Protective Decree
PD 957 has amended what PD No..?
PD 1216
mean a natural or a juridical person
Person
Refers to a business firm whether a corporation, partnership, cooperative or associations or a single proprietorship.
Juridical 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
shall include any contract to buy, purchase, or otherwise acquire for a valuable consideration a subdivision lot, including the building and other improvements, if any, in a subdivision project or a condominium unit in a condominium project
Buy and purchase
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. It shall include all residential, commercial, industrial and recreational areas as well as open spaces and other community and public areas in the project.
Subdivision project
shall mean any of the lots, whether residential, commercial, industrial, or recreational, in a subdivision project.
Subdivision lot
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
shall mean 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
shall refer to the registered owner of the land subject of a subdivision or a condominium project.
Owner
shall mean the person who develops or improves the subdivision project or condominium project for and on behalf of the owner thereof.
Developer
shall mean any person who, for commission or other compensation, undertakes to sell or negotiate the sale of a real estate belonging to another.
Broker
shall refer to the person regularly employed by a broker to perform, for and in his behalf, any or all functions of a real estate broker.
Salesman
