Subdivision and Condominium buyer's Protective Decree

P.D No. 957 (1976)

 P.D No. 957
• seeks to regulate the sale of subdivision lots
and condominiums in view of the increasing
number of incidents wherein
“real estate subdivision owners, developers,
operators, and/or sellers have reneged on
their representations and obligations to
proved and maintain properly”
 CONTENT
• Title I
TITLE AND DEFINITIONS

• Title II
REGISTRATION AND LICENSE TO SELL

• Title III
DEALERS, BROKERS AND SALESMEN

• Title IV
PROCEDURE FOR REVOCATION OF REGISTRATION CERTIFICATE
 TITLE AND DEFINITIONS (Sect: 1-2)

• Section 1. Title. This Decree shall be known as:

“ THE SUBDIVISION AND CONDOMINIUM

BUYERS' PROTECTIVE DECREE”

• Section 2. Definition of Terms

REGISTRATION AND LICENSE TO SELL (SECT:
3-10)

•  National Housing Authority

shall have exclusive jurisdiction to regulate the
real estate trade and business in accordance
with the provisions of this Decree
• Registration of Projects
• License to sell
• Performance Bond
• Exempt transactions
• Suspension of license to sell
• Revocation of registration certificate and license to
sell
• Registers of subdivision lots and condominium units
 DEALERS, BROKERS AND SALESMEN
(Sect:11-12)
• Registration of dealers, brokers and salesmen
“Every registration under this section shall expire on the
thirty-first day of December of each year”

• Revocation of registration as dealers

“The suspension or revocation of the registration of a
dealer or broker shall carry with it all the suspension
or revocation of the registrations of all his salesmen”
 PROCEDURE FOR REVOCATION OF
REGISTRATION CERTIFICATE (Sect:13-43)
• The law also provides for the suspension and
revocation of the registration and license in
certain instances, as well as the:
“ procedure to be observed in the event”
thereof. Finally, the law provides for
administrative fines and other penalties in
case of violation of, or non-compliance with its
provisions
 REQUIREMENT
• P.D. 957 requires the registration not just of
the developers, seller, brokers and/or owners
of the project but also of the project itself.
Upon the registration of the project, a license
to sell must be obtained prior to the sale of
the subdivision lots or condominium units