Personal property means anything that can be moved and can be subject to ownership except land. Recto Law, however, forms as a part of the Civil Code that governs the sales of personal property. Maceda Law is also on the side of the homebuyers in the event that there will be any offenses on the part of the developer or the seller as this law declared the protection of real estate buyers on installment payments as a public policy.Īs a whole, it serves as a security defense of low-income and middle-class buyers who would like to purchase their property.ĭifference between the Maceda Law and the Recto Lawīoth laws regulate the sale of property in an installment arrangement. Meaning, purchases made for industrial lots, commercial lots, sales on tenants, and mortgage sales will not be covered by this law. Maceda Law covers real estate purchasing transactions or financing for residential properties only, including houses, lots, and condominiums under an installment payment arrangement. The Maceda Law, as it is known, is an act that protects property owners from unfavorable terms that may occur from sale transactions funded by an installment agreement by describing the rights of the buyers regarding refund entitlement and grace periods. 6552, or the Realty Installment Buyer Protection Act, is named after its primary author Ernesto Maceda. Before you purchase your dream house and lot or condominium unit and sign-up for payment terms like installment or financial loans, it would be a smart move to know about the law in installment arrangements.
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