SALES - Extinguishment of Sales: Legal Redemption (Discussed in accordance with 2020 CPALE Syllabus) Atty. Glenn Mar P. Acas, CPA January 2021 LEGAL REDEMPTION ‘is the right to be subrogated upon the same terms and conditions stipulated in the contract, in the place of one who acauires the thing by purchase or by dation in payment or by other transaction whereby ownership is transmitted by onerous title (Art. 1619). 4. Among Co-Owners ‘A co-owner of a thing may exercise the right of redemption in case the shares of all the other co-owners or of any of them, are sold to a third person. It the price of the alienation is grossly excessive, the redemptioner shall pay only @ reasonable one. Should two or more co-owners desire to exercise the right of redemption, they may only do so in proportion to the share they may respectively have in the thing owned in common. 2. Among Owners of Adjoining Lands RURAI L LANDS The owners of adjoining lands shall also have the right of redemption when a piece of rural land, the area of which does not exceed one hectare, is alienated, unless the grantee does not own any rural land This right is not applicable to adjacent lands which are separated by brooks, drains, ravines, roads and other apparent servitudes for the benefit of other estates If two or more adjoining owners desire to exercise the right of redemption at the same time, the owner of the adjoining land of smaller area shall be preferred; and should both lands have the same area, the one who first requested the redemptionURBAN LAND * Whenever a piece of urban land which is so small and so situated that a major portion thereof cannot be used for any practical purpose within a reasonable time, having been bought merely for speculation, is about to be re-sold, the owner of any adjoining land has a right of pre-emption at a reasonable price. «Ifthe re-sale has been perfected, the owner of the adjoining land shall have a right of redemption, also at a reasonable price. When two or more owners of adjoining lands wish to exercise the right of pre-emption or redemption, the owner whose intended use of the land in question appears best justified shall be preferred. Period of Legal Redemption and Pre-Emption: Right of legal pre-emption or redemption shall be exercised within 30 days from written notice by the prospective vendor or vendor. The deed of sale shall not be recorded in the Registry of Property, unless accompanied by an affidavit of the vendor that he has given written notice thereof to all possible redemptioners. The right of redemption of co-owners excludes that of adjoining owners. -end-