Section 23 of P.D. 957 covers the most common dilemma of property buyers, DELAY ON THE DELIVERY OF THE PROJECT.
SECTION 23. Non-Forfeiture of Payments.
- No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer may, at his option, be reimbursed the total amount paid including amortization interests but excluding delinquency interests, with interest thereon at the legal rate.
You may download the full text of Presidential Decree 957 using the link below.
/C:/Users/User/Downloads/pd_957%20(2).pdf
Download [191.90 KB]
SECTION 23. Non-Forfeiture of Payments.
- No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer may, at his option, be reimbursed the total amount paid including amortization interests but excluding delinquency interests, with interest thereon at the legal rate.
You may download the full text of Presidential Decree 957 using the link below.
/C:/Users/User/Downloads/pd_957%20(2).pdf
Download [191.90 KB]
RSS Feed
