This action might not be possible to undo. Are you sure you want to continue?
Ibarra: This letter is a formal demand with regard to the non-payment of the balance of the purchase price of a house and lot, owned by Ms. Maria Clara, located on Matimyas Street Sampaloc Manila amounting to 5 million pesos, and was due on June 10, 2012. Please be advised that failure to settle the balance due within 30 days, in accordance with Republic Act 6552, known as the “Buyers protection Act”, would give the vendor, Ms. Maria Clara, the right to cancel the contract and refund to you the full payment of the cash surrender value of the payments made on the property. RA 6225 Sec 3: (b) If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent of the total payments made and, after five years of installments, an additional five percent every year but not to exceed ninety percent of the total payments made: Provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer. As a consequence, failure to fulfill the obligation would leave our client with no choice but to elevate this matter to the proper court. Should you have any inquiries with regard to this settlement, please feel free to contact our office. Thank you.
Sincerely, Atty. Santiago de los Santos Noli Tangere Law Office Emerald Building Makati City