Anything You Should Know About Maceda Law
Do you have a transaction involving the sale or financing real estate on installment payments or intend to enter this transaction sooner? Then, this post is for you to be at least to have a grasp of what are your rights or how you would be protected against onerous and oppressive conditions. This post focuses on Maceda Law or the Republic Act Number 6552 or otherwise known as the "Realty Installment Buyer Act". Maceda Law got its moniker from the main proponent lawmaker himself, Senator Ernesto M. Maceda. What is the purpose of this Act? It is basically to protect buyers of real estate on installment payments against onerous and oppressive contracts. What is the coverage of this Act? It covers all transactions or contracts INVOLVING the sale or financing of real estate on installment payments, INCLUDING residential condominium apartments, where the buyer has paid at least two years installments. What are not covered by this Act? It does not ...