tag:blogger.com,1999:blog-8437006518777578298.post8581024305855121278..comments2024-01-18T20:03:51.735-08:00Comments on Real Estate Service Coach [RESC]: Realty Installment Buyer Protection Act (RA 6552)Rltr. John R. Petalcorinhttp://www.blogger.com/profile/00351282231301118967noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8437006518777578298.post-19348571219944861032013-07-10T00:27:27.548-07:002013-07-10T00:27:27.548-07:00When Developer, Bank, and Buyer get themselves int...When Developer, Bank, and Buyer get themselves into a deal, there are actually three transactions closed: <br /><br />(1) Developer is the Seller who sells the property to the Buyer on installment basis as evidenced by a document called Contract to Sell; <br /><br />(2) Buyer loans money from the Bank and makes the Title of the property as the Collateral as evidenced by a document called Rltr. John R. Petalcorinhttps://www.blogger.com/profile/00351282231301118967noreply@blogger.comtag:blogger.com,1999:blog-8437006518777578298.post-3443531625704234092013-07-09T22:15:12.978-07:002013-07-09T22:15:12.978-07:00Dear Rltr John, under Sec. 3,b) of the Maceda law,...Dear Rltr John, under Sec. 3,b) of the Maceda law, it says, "If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made, and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made: Provided, Alex D.https://www.blogger.com/profile/18182197996785321400noreply@blogger.comtag:blogger.com,1999:blog-8437006518777578298.post-39054643458980425892013-07-09T22:09:10.874-07:002013-07-09T22:09:10.874-07:00Dear Rltr John, under the Maceda law, who is refer...Dear Rltr John, under the Maceda law, who is referred as the Seller, is it the Developer who sold the unit or the Mortgagee bank where the Mortgagor Buyer pays his monthly installment or amortization. Under b) of Sec.3, it says,(b) If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total Alex D.https://www.blogger.com/profile/18182197996785321400noreply@blogger.comtag:blogger.com,1999:blog-8437006518777578298.post-35861915658942900862013-06-29T18:57:02.603-07:002013-06-29T18:57:02.603-07:00alexis igloria: "i was planning then to purch...alexis igloria: "i was planning then to purchase a house and lot...i paid the reservation fee...the down payment is payable for 12 months...im on my 5th month now,..then i changed my mind and planning to cancel such...would all my money not be refunded?" <br /><br />RESC RESPONSE: If you stop payment, you have to go to the Developer to formally cancel the purchase. The money that you Rltr. John R. Petalcorinhttps://www.blogger.com/profile/00351282231301118967noreply@blogger.com