Legal Aspects of Sale Lease Mortgage Dec5

CARTOJANO REALTY SERVICES
LEGAL ASPECTS OF CONTRACTS,

SALES, LEASES & MORTGAGES
By Atty. Rey D. Cartojano, REC, REA, REB
3/20/2015
OPERATIVE TERMS
CONTRACTS
SALES
LEASES
MORTGAGES
3/20/2015
DEFINITION OF A BROKER
Section 3(G)(4) Real estate broker - a duly registered
and licensed natural person who, for a professional
fee, commission or other valuable consideration, acts
as an agent of a party in a real estate transaction to
offer, advertise, solicit, list, promote, mediate,
negotiate or effect (OAS-LPM-NE) the meeting of the
minds on the sale, purchase, exchange, mortgage,
lease or joint venture, or other similar transactions
(SPEM-LJO) on real estate or any interest therein
3/20/2015
GENERAL PRINCIPLES ON HUMAN

RELATIONS
ARTICLE 19. Every person must, in the

exercise of his rights and in the
performance of his duties, act with justice,
give everyone his due, and observe
honesty and good faith. (Civil Code)
3/20/2015
WHAT IS A CONTRACT?
ARTICLE 1305. A contract is a meeting of

minds between two persons whereby one
binds himself, with respect to the other, to
give something or to render some service.
(Civil Code)
3/20/2015
WHAT ARE ESSENTIAL

REQUISITES OF CONTRACT?
ARTICLE 1318. There is no contract unless the

following requisites concur:
(1) Consent of the contracting parties;
(2) Object certain which is the subject matter of
the contract;
(3) Cause of the obligation which is established.
(Civil Code)
3/20/2015
WHAT IS A CONTRACT OF SALE?
ARTICLE 1458. By the contract of sale one of

the contracting parties obligates himself to
transfer the ownership and to deliver a
determinate thing, and the other to pay
therefor a price certain in money or its
equivalent.
3/20/2015
REQUISITES OF A CONTRACT OF SALE
CONSENT OR MEETING OF MINDS on the part

of the seller, to transfer and deliver, and on the
part of buyer, to pay;
OBJECT OR SUBJECT MATTER a determinate
thing; and
CAUSE Price certain in money or its equivalent,
such as a check or promissory note.
3/20/2015
WHO SHOULDERS EXPENSES FOR

DOCUMENTATION AND TITLING?
ARTICLE 1487. The expenses for the

execution and registration of the sale
shall be borne by the vendor, unless
there is a stipulation to the contrary.
3/20/2015
10
CAN THE SPOUSES SELL PROPERTY

TO EACH OTHER?
Art. 1490. The husband and the wife cannot
sell property to each other, except:
(1) When a separation of property was agreed
upon in the marriage settlements; or
(2) When there has been a judicial separation
of property.
3/20/2015
11
WHO ARE PERSONS SPECIFICALLY

DISQUALIFIED TO ACQUIRE PROPERTY
ARTICLE 1491. The following persons cannot acquire
by purchase, even at a public or judicial auction, either
in person or through the mediation of another:
(1) The guardian, the property of the person or
persons who may be under his guardianship;
(2) Agents, the property whose administration or sale
may have been entrusted to them, unless the consent
of the principal has been given;
3/20/2015
12

(3) Executors and administrators, the property of the
estate under administration;
(4) Public officers and employees, the property of the
State or of any subdivision thereof, or of any
government-owned or controlled corporation, or
institution, the administration of which has been
entrusted to them; this provision shall apply to judges
and government experts who, in any manner
whatsoever, take part in the sale;
3/20/2015

13
(5) Justices, judges, prosecuting attorneys, clerks of superior

and inferior courts, and other officers and employees connected
with the administration of justice, the property and rights in
litigation or levied upon an execution before the court within
whose jurisdiction or territory they exercise their respective
functions; this prohibition includes the act of acquiring by
assignment and shall apply to lawyers, with respect to the
property and rights which may be the object of any litigation in
which they may take part by virtue of their profession.
(6) Any others specially disqualified by law.
3/20/2015
14
WHAT IS AN EQUITABLE MORTGAGE?

Art. 1602. The contract shall be presumed to be an
equitable mortgage, in any of the following cases:
(1) When the price of a sale with right to repurchase is
unusually inadequate;
(2) When the vendor remains in possession as lessee
or otherwise;
(3) When upon or after the expiration of the right to
repurchase another instrument extending the period of
redemption or granting a new period is executed;
3/20/2015
WHAT IS AN EQUITABLE MORTGAGE?

15
Art. 1602. The contract shall be presumed to be an

equitable mortgage, in any of the following cases:
(4) When the purchaser retains for himself a part of
the purchase price;
(5) When the vendor binds himself to pay the taxes on
the thing sold;
(6) In any other case where it may be fairly inferred
that the real intention of the parties is that the
transaction shall secure the payment of a debt or the
performance of any other obligation.
3/20/2015
WHAT IS DACION EN PAGO?
Dation in payment is a transaction

where the debtor conveys and
transfers property in favor of the
creditor in payment of a preexisting obligation.
3/20/2015
16
17
DISTINGUISH DACION FROM SALE
(1) In SALE, there is no pre-existing credit,

while there is in dation in payment;
(2) In SALE, obligations are created, while
they are extinguished in dation; and
(3) In SALE, buyer has still to pay the
price, while payment is received
before the contract is perfected.
3/20/2015
18
WHAT IS AN EARNEST MONEY?

- Is
that given by the buyer to the seller to

bind the latter to a sale transaction
- It is actually a partial payment of the
purchase price and is considered as proof of
the perfection of the contract.
3/20/2015
WHAT IS AN OPTION MONEY?
19
- Is
that given by the buyer to the seller to

give the former the option or exclusive right
to purchase the property under certain terms
- As option money is not part of the purchase

price, the buyer is not obliged to buy the
property, unlike in earnest money where the
buyer is bound to pay the balance.
3/20/2015
REPUBLIC ACT NO. 6552
20
Realty Installment Buyers Protection Act

- Law
giving certain rights to buyers who have paid

at least two (2) years of installments in case of
default
-Covers sale or financing of real estate on
installment payments, including residential
condominium apartments
-Excludes sale on installments of industrial and
commercial properties as well as agricultural lands
3/20/2015
21

- To
pay without additional interest, the

unpaid installments due within the grace
period earned by him fixed at the rate of
one (1) month grace period for every one (1)
year of installment payments made, provided
this right shall be exercise only once in every
five (5) years
3/20/2015
22

- If
the contract is cancelled, the seller shall

refund to the buyer the cash surrender value
of the payments made equivalent to 50% of
the total payments made, and after five (5)
years of installments, an additional of 5%
every year but not to exceed 90% of the
total payments made
3/20/2015
RULES IN CASE OF DOUBLE SALES

1.
2.
3.
Vendee who first registers in good faith the

deed of sale with the Register of Deeds;
Both vendees did not register, the vendee who
first takes possession of the property in good
faith; and
In the absence of Items (1) and (2) above, the
vendee who has the oldest title, meaning the
contract of sale with earlier date.
3/20/2015
23
WHAT IS A MORTGAGE?
24
a contract wherein the debtor guarantees the

fulfillment of a principal obligation to the
creditor, secured by a real property in case of
non-fulfillment of said obligation within the
agreed period of time.
a debt instrument, secured by the collateral of
specified real estate property, that the
borrower is obliged to pay back with a
predetermined set of payments.
3/20/2015
WHAT ARE REQUISITES OF REM?

25
The mortgage must be constituted to secure the

fulfillment of a principal obligation.
The mortgagor must be the absolute owner of the
real or immovable property given as security;
The person constituting the mortgage must have free
disposal of his property, or if he be an agent or
representative, that he be legally authorized; and
To bind third person, the mortgage must be duly
recorded with the Register of Deeds.
3/20/2015
KINDS OF MORTGAGE
26
Voluntary or Conventional mortgage (agreed

upon) is a contract by which a person binds his
property in favor of another to secure the
execution of some judgment, but without divesting
himself of possession.
Judicial resulting from a judgment of the court
Equitable (constituted for reasons of equity)
Example is Pacto de retro sale.
3/20/2015
CHARACTERISTICS OF RE MORTGAGE
27
It is an accessory contract, dependent upon a principal

obligation.
It is indivisible even though the debt may be divided
among different holders.
It can secure all kinds of obligation.
It limits ownership.
Collateral cannot be automatically appropriated by the
mortgagee upon default of payment.
3/20/2015
MORTGAGE WITHOUT CONSENT

28
For Wife
Mortgage of Paraphernal property.
When wife is the administrator.
She
is guardian of her husband

Husband is an absentee declared by the court
Civil interdiction of the husband
When husband and wife chose regime of

complete separation of property.
3/20/2015
MORTGAGE WITHOUT CONSENT

29
For Husband
His
exclusive property or capital property.

When wife is declared spend thrift.
Civil interdiction of wife.
When wife refuses unreasonable to give
consent, court may compel her to grant
consent.
3/20/2015
MORTGAGE TO ALIENS
30
Mortgage to alien is allowed but under the

following conditions
Alien cannot take, possess or enjoy the fruits
of the mortgaged property.
He cannot bid or take part in any sale in
case of foreclosure.
3/20/2015
WHAT IS ANTICHRESIS?
31
ARTICLE 2132. By the contract of antichresis

the creditor acquires the right to receive the
fruits of an immovable of his debtor, with
the obligation to apply them to the
payment of the interest, if owing, and
thereafter to the principal of his credit.
3/20/2015
REQUISITES OF ANTICHRESIS
32
The real or immovable property is surrendered in

possession to the creditor who acquires the right to
receive the fruits thereof to be applied to the payment
of interest and the balance to the principal of the
credit.
The amount of the principal and of the interest must be
specified in writing otherwise the contract shall be void.
To bind third persons, the antichresis must be duly
annotated in the title with the Register of Deeds.
3/20/2015
WHAT IS FORECLOSURE?
33
A process whereby property as security to a debt is sold

to pay the debt in the event of default of payment.
JUDICIAL Under Rule 68 of the Rules of Court is done
by filling a complaint in court. Judgment debtor is given
90 days to pay amount due. In case of default, the
property shall be sold to realize the mortgage debt and
costs.
EXTRAJUDICIAL Sale at public auction under the
direction of the sheriff or notary public under Act No.
3135, as amended.
3/20/2015
TYPES OF REDEMPTION
34
RIGHT OF REDEMPTION is granted to a

mortgagor to pay the amount of obligation at
the time of auction sale within a period of one
year from registration of certificate of sale with
Register of Deeds
EQUITY OF REDEMPTION the right to redeem
within 90 days after court judgment but before
foreclosure sale is finally confirmed by the court.
3/20/2015
MORTGAGE TERMS
35
DEFICIENCY JUDGMENT It is a judgment for the

mortgagor to pay the balance of the obligation
if proceeds of the foreclosure sale will not suffice
to fully pay the obligation.
DEFEASANCE CLAUSE A clause giving the
mortgagor the right to redeem his property upon
payment of his obligation.
3/20/2015
GLOSSARY
36
PACTUM COMMISSORIUM An illegal

stipulation authorizing the mortgagee to
appropriate the property as his own upon
default of payment of the mortgagor.
PACTUM DE NON ALIENDO Another
illegal stipulation which prohibits the
mortgagor from alienating or selling the
property during the period of the mortgage
3/20/2015
WHAT IS LEASE?
37
is a contract whereby one party binds

himself to give to another the enjoyment
or use of a thing for a price certain, and
for a period which may be definite or
indefinite.
3/20/2015
LEASE
38
NO lease for more than 99 years shall

be valid.
Persons disqualified to buy referred to
in Article 1490 (husband and wife) and
Article 1491 (Guardians, agents,
executors, administrators, etc) are also
disqualified to become lessees.
3/20/2015
LEASE
39
A lease is binding upon third person only

if it is recorded in the Register of Deeds
There can be no assignment of lease

unless stipulated in the contract
3/20/2015
WHAT IS SUB-LEASE?
40
Sublease/Sublet is lease of the thing

leased made by the lessee if there is no
expressed prohibition. In short, no need to
stipulate sub-lease as it is allowed
UNLESS expressly prohibited.
3/20/2015
41
LESSOR RIGHTS & OBLIGATIONS
To deliver the place in such condition as to

render it fit for its intended use;
To make necessary repairs during the lease to
keep it suitable for the use unless stipulated in
the contract.
To place the lessee in peaceful enjoyment of
during the lease period.
3/20/2015
42
RULES IN FORTUITOUS EVENT

If the thing leased is totally destroyed by
fortuitous event, the lease is extinguished.
If partially destroyed, the lessee may
choose:
Proportional reduction of the rent, or
Rescission of the lease.
3/20/2015
43
WHAT IS EXPECTED OF THE

LESSEE?
Pay the price of the lease according to

terms stipulated.
Pay expenses for the deed of lease.
3/20/2015
44
DURATION OF LEASE
As stipulated in the contract.
If there is no stipulation, it will depend on
rental period.
3/20/2015
45
ASSIGNMENT VS SUBLEASE
ASSIGNMENT OF LEASE The personality of
the original lessee is extinguished. The
contracting parties are the lessor and
assignees.
SUB-LEASE The original lessee remains as
party to the contract and the lessee continues
to be directly responsible to the lessor.
3/20/2015
WHEN CAN BUYER TERMINATE

LEASE
46
The lease is not registered with the

registry of property.
Buyer has no actual knowledge of the
lease.
There is no stipulation contrary to that
effect in the contract of sale.
3/20/2015
47
WHAT IS TACITA RECONDUCTA?
means that if at the end of the lease

period, the lessee continues to enjoy the
use of the thing leased with the
acquiescence of the lessor, and therefore
there is an implied renewal of lease.
3/20/2015
48
GROUNDS FOR EJECTMENT

Expiration of the lease contract.
Lessee is in arrears for three months at any
one time.
Assignment without written consent of the
lessor.
Lessee has another residential unit within the
same municipality.
3/20/2015
LEASE TERMS
49
Percentage Lease A lease of a property in

which the rent is a percentage of the amount
of sales made within the leased property
Economic Rent Is the potential rent that a
property can command considering rental of
similar or comparable properties in the
neighborhood.
3/20/2015
LEASE TERMS
50
Contract Rent The rent for the lease of a

property as agreed upon by the lessor and
the lessee.
Leasehold The interest or estate, which a
lessee of real estate has by virtue of his lease.
Lease Fee Estate Is the right of the lessor to
receive the rent and terminate the lease upon
expiration of the lease contract.
3/20/2015
51
LEASE TERMS
Sale and Leaseback A contract wherein the
buyer of property agrees to lease said
property to the seller.
Tenant at Sufferance A person who stay in
possession of real estate after his lease has
expired.
3/20/2015
RENT CONTROL LAW

Republic Act No. 9653
AN ACT ESTABLISHING REFORMS IN THE
REGULATION OF RENT OF CERTAIN
RESIDENTIAL UNITS,
PROVIDING THE MECHANISMS
THEREFORE AND FOR OTHER PURPOSES.
3/20/2015
52
53
RENT CONTROL LAW

Declaration of Policy
The State shall undertake a continuing program of
encouraging the development of affordable housing
for the lower income brackets and other
beneficiaries.
Toward this end, the State shall continue to protect
housing tenants in the lower income brackets and
other beneficiaries from unreasonable rent increases.
.
3/20/2015
54
RENT CONTROL LAW

Definition
Rent shall mean the amount paid for the use
or occupancy of a residential unit whether
payment is made on a monthly or other
basis.
.
.
3/20/2015
55
RENT CONTROL LAW

Residential unit shall refer to an apartment, house
and/or land on which anothers dwelling is located and
used for residential purposes and shall include not only
buildings, part or units thereof used solely as dwelling
places, boarding houses, dormitories, rooms and bedspaces
offered for rent by their owners, except motels,
motel rooms, hotels, hotel rooms, but also those used for
home industries, retail stores or other business purposes if
the owner thereof and his or her family actually live therein
and use it principally for dwelling purposes.
.
3/20/2015
.
56
RENT CONTROL LAW

Immediate members of family of the lessee or
lessor for purposes of repossessing the leased premises,
shall be limited to his or her spouse, direct descendants or

ascendants, by consanguinity or affinity.
Lessee shall mean the person renting a residential unit.

Owner/Lessor shall include the owner or administrator
or agent of the owner of the residential unit.
3/20/2015
RENT CONTROL LAW

Sublessor shall mean the person who leases
or rents out a residential unit leased to him by an
owner.
Sublessee shall mean the person who leases

or rents out a residential unit from a sublessor.
3/20/2015
57
58
RENT CONTROL LAW

LIMIT OF INCREASES IN RENT
no increase shall be imposed upon the rent of
any residential unit for a year from effectivity
after such period until Dec 31, 20l3,
the rent shall not be increased by more than
seven (7%) annually as long as the unit is
occupied by the same lessee
3/20/2015
RENT CONTROL LAW

59

when the residential unit becomes vacant, the
lessor may set the initial rent for the next
lessee
in the case of boarding houses,
dormitories, rooms & bedspaces offered
for rent to students, no increase in rental more
than once per year shall be allowed.
3/20/2015
RENT CONTROL LAW

60

when the residential unit becomes vacant, the
lessor may set the initial rent for the next
lessee
in the case of boarding houses,
dormitories, rooms & bedspaces offered
for rent to students, no increase in rental more
than once per year shall be allowed.
3/20/2015
RENT CONTROL LAW

61
COVERAGE OF THE ACT

All residential units in the NCR and other highly
urbanized cities, the total monthly rent for each of
which ranges from P1-P10,000 and all residential
units in all other areas, the total
monthly rent for each of which ranges
from P1-P5,000 as of the effectivity date of this
Act shall be covered, without prejudice to existing
contracts.
3/20/2015
RENT CONTROL LAW

62
AUTHOTITY TO CONTINUE REGULATION

the Housing and Urban Development Coordinating Council
(HUDCC) has the authority to continue the regulation of
the rental of certain residential units, to determine the
period of regulation and its subsequent extensions if
warranted, to determine the residential units covered and
to adjust the allowable limit on rental increases per annum,
taking
into
consideration
NSO
census on rental units, prevailing rental rates, the
monthly
inflation
rate
on
rentals
of
the
immediately preceding year, and rental price index.
3/20/2015
RENT CONTROL LAW

63
RENT AND BANK DEPOSIT

Rent shall be paid in advance within the first five
(5) days of every current month or the beginning
of the lease agreement unless the contract of lease
provides for a later date of payment. The lessor
cannot demand more than one (1) month
advance rent. Neither can he/she demand more
than two (2) months deposit which shall be kept in
a bank under the lessors account name during the
entire duration of the lease agreement.
3/20/2015
RENT CONTROL LAW

64
RENT AND BANK DEPOSIT
Any and all interest that shall accrue therein shall

be returned to the lessee at the expiration of the
lease contract. In the event however, that the lessee
fails to settle rent, electric, telephone, water or such
other utility bills or destroys any house components
and accessories, the deposits and interests therein
shall be forfeited in favor of the latter in the
amount commensurate to the pecuniary damage
done by the former.
3/20/2015
RENT CONTROL LAW

65
ASSIGNMENT OF LEASE OR SUBLEASING

Assignment of lease or subleasing of the whole or
any portion of the residential unit, including the
acceptance of boarders or bedspacers, without the
written consent of the owner/lessor is prohibited.
3/20/2015
66
RENT CONTROL LAW

GROUNDS FOR JUDICIAL EJECTMENT
Ejectment shall be allowed on the following
grounds:
(a) Assignment of lease or subleasing of
residential units in whole or in part, including the
acceptance of boarders or bed spacers, without the
written consent of the owner/lessor;
3/20/2015
67
RENT CONTROL LAW

Arrears in payment of rent for a total of 3 months:
-If lessor refuse to accept payment of the
rent agreed upon, the lessee may either deposit the
amount in court, or with the city or municipal
treasurer or barangay chairman, or in a bank in
the name of and with notice to the lessor, within
one (1) month after the refusal of the lessor to
accept payment.
3/20/2015
RENT CONTROL LAW

68

The lessee shall thereafter deposit the rent within 10 days
of every month.
Failure to deposit the rent for 3 months
shall constitute a ground for ejectment. The lessor,
upon authority of the court in case of consignation or
upon joint affidavit by him and the lessee to be submitted
to the city/municipal treasurer or barangay chairman and
to the bank where deposit was made, shall be allowed to
withdraw the deposits;
3/20/2015
RENT CONTROL LAW

69
Legitimate need of the owner/lessor to repossess his

property for his own use or for the use of any immediate
member of his family as a residential unit: Provided:
-That the lease for a definite period has expired
-That the lessor has given the lessee the formal notice 3
mos in advance of the lessors intention to repossess the
property
-That the owner/lessor is prohibited from leasing the
residential unit or allowing its use by a third party for a
period of at least 1 year from the time of repossession;
3/20/2015
70
RENT CONTROL LAW

Need of the lessor to make necessary repairs of the leased premises
because of a condemnation order by authorities to make the said
premises safe and habitable: Provided:
-That after said repair, the lessee ejected shall have the first
preference to lease the same premises
-That the new rent shall be reasonably commensurate with the
expenses incurred for the repair of the unit and:
-That if the residential unit is condemned or completely demolished,
the lease of the new building will no longer be subject to the
aforementioned first preference rule in this subsection;
3/20/2015
71
RENT CONTROL LAW

PROHIBITION AGAINST EJECTMENT
Prohibition Against Ejectment by Reason of Sale or
Mortgage. No lessor or his successor-in-interest
shall be entitled to eject the lessee upon the ground
that the leased premises have been sold or
mortgaged to a third person regardless of
whether the lease or mortgage is registered or not.
3/20/2015
72
RENT CONTROL LAW

RENT-TO-OWN SCHEME
At the option of the lessor, he or she may engage
the lessee in a written rent-to-own agreement that
will result in the transfer of ownership of the
particular dwelling in favor of the latter. Such an
agreement shall be exempt from the coverage of
Section 5 of this Act.
3/20/2015
73
RENT CONTROL LAW

Application of the Civil Code and Rules
of Court of the Philippines. Except when the
lease is for a definite period, the provision of paragraph
(1) of Article 1673 of the Civil Code of the Philippines,
insofar as they refer to residential units covered by this
Act, shall be suspended during the effectivity of this Act,
but other provisions of the Civil Code and the Rules of
Court on lease contracts, insofar as they are not in conflict
with the provisions of this Act shall apply.
3/20/2015
74
RENT CONTROL LAW

RENT CONTROL LAW IS EXTENDED UNTIL
DECEMBER 31, 2015 BY THE HUDCC
STATISTICAL RESEARCH AND TRAINING CENTER, an
attached agency of the National Economic and
Development Authority (NEDA)
1.5 million households or 7.2 percent of the total 21.5
million households nationwide are renters. Of this, 97
percent pay P10,000 and below monthly
3/20/2015
75
RENT CONTROL LAW

Penalties
A fine of not less than P25,000.00) nor more than

P50,000.00 or imprisonment of not less than one
(1) month and one (1) day to not more than six
(6) months or both shall be imposed on any person,
natural or juridical, found guilty of violating any
provision of this Act.
3/20/2015

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CARTOJANO REALTY SERVICES

LEGAL ASPECTS OF CONTRACTS,

CARTOJANO REALTY SERVICES

CARTOJANO REALTY SERVICES

CARTOJANO REALTY SERVICES

GENERAL PRINCIPLES ON HUMAN

ARTICLE 19. Every person must, in the

CARTOJANO REALTY SERVICES

ARTICLE 1305. A contract is a meeting of

CARTOJANO REALTY SERVICES

WHAT ARE ESSENTIAL

ARTICLE 1318. There is no contract unless the

CARTOJANO REALTY SERVICES

WHAT IS A CONTRACT OF SALE?

ARTICLE 1458. By the contract of sale one of

CARTOJANO REALTY SERVICES

REQUISITES OF A CONTRACT OF SALE

CONSENT OR MEETING OF MINDS on the part

CARTOJANO REALTY SERVICES

WHO SHOULDERS EXPENSES FOR

ARTICLE 1487. The expenses for the

CARTOJANO REALTY SERVICES

CAN THE SPOUSES SELL PROPERTY

CARTOJANO REALTY SERVICES

WHO ARE PERSONS SPECIFICALLY

CARTOJANO REALTY SERVICES

WHO ARE PERSONS SPECIFICALLY

CARTOJANO REALTY SERVICES

(5) Justices, judges, prosecuting attorneys, clerks of superior

CARTOJANO REALTY SERVICES

WHAT IS AN EQUITABLE MORTGAGE?

WHAT IS AN EQUITABLE MORTGAGE?

Art. 1602. The contract shall be presumed to be an

CARTOJANO REALTY SERVICES

WHAT IS DACION EN PAGO?

Dation in payment is a transaction

CARTOJANO REALTY SERVICES

DISTINGUISH DACION FROM SALE

(1) In SALE, there is no pre-existing credit,

CARTOJANO REALTY SERVICES

WHAT IS AN EARNEST MONEY?

that given by the buyer to the seller to

CARTOJANO REALTY SERVICES

WHAT IS AN OPTION MONEY?

that given by the buyer to the seller to

- As option money is not part of the purchase

CARTOJANO REALTY SERVICES

REPUBLIC ACT NO. 6552

Realty Installment Buyers Protection Act

giving certain rights to buyers who have paid

CARTOJANO REALTY SERVICES

REPUBLIC ACT NO. 6552

Realty Installment Buyers Protection Act

pay without additional interest, the

CARTOJANO REALTY SERVICES

REPUBLIC ACT NO. 6552

Realty Installment Buyers Protection Act

the contract is cancelled, the seller shall

RULES IN CASE OF DOUBLE SALES

Vendee who first registers in good faith the

a contract wherein the debtor guarantees the

WHAT ARE REQUISITES OF REM?

The mortgage must be constituted to secure the