Bill Type
Congress Name
Long Title
AN ACT TO PROVIDE ADDITIONAL PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS BY REQUIRING SUBDIVISION OR REAL ESTATE OWNERS TO HAVE AN INDIVIDUAL TITLE ON EVERY LOT AVAILABLE FIRST BEFORE OFFERING THE SAME FOR SALE, PROHIBITING ANY MORTGAGE, LIEN OR ENCUMBRANCE ON THE SAME, MAKING THE ANNOTATION ON THE TITLE OF THE CONTRACT TO SELL OR SALE MANDATORY, MAKING IT COMPULSORY FOR THE EXECUTION OF A DEED OF ABSOLUTE SALE AND THE DELIVERY OF THE TITLE TO THE BUYER UPON COMPLETION OF INSTALLMENT PAYMENTS, AND PROVIDING OTHER PROTECTIVE MEASURES, INCLUDING THE IMPOSITION OF PENALTY FOR VIOLATION THEREOF
Text as filed (link)
Date filed
July 1, 2013
Scope
Legislative History
| House Bill/Resolution NO. HB00532 | |
| FULL TITLE : AN ACT TO PROVIDE ADDITIONAL PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS BY REQUIRING SUBDIVISION OR REAL ESTATE OWNERS TO HAVE AN INDIVIDUAL TITLE ON EVERY LOT AVAILABLE FIRST BEFORE OFFERING THE SAME FOR SALE, PROHIBITING ANY MORTGAGE, LIEN OR ENCUMBRANCE ON THE SAME, MAKING THE ANNOTATION ON THE TITLE OF THE CONTRACT TO SELL OR SALE MANDATORY, MAKING IT COMPULSORY FOR THE EXECUTION OF A DEED OF ABSOLUTE SALE AND THE DELIVERY OF THE TITLE TO THE BUYER UPON COMPLETION OF INSTALLMENT PAYMENTS, AND PROVIDING OTHER PROTECTIVE MEASURES, INCLUDING THE IMPOSITION OF PENALTY FOR VIOLATION THEREOF | |
| ABSTRACT : Requires subdivision or real estate owners to have an individual title on every lot available first before offering the same for sale, prohibiting any mortgage, lien or encumbrance on the same, making the annotation on the title of the contract to sell or sale mandatory, making it compulsory for the execution of a deed of absolute sale and the delivery of the title to the buyer upon completion of installment payments. | |
| PRINCIPAL AUTHOR/S : BIAZON, RODOLFO G. | |
| DATE FILED : 2013-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| NATURE : Economic | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Batocabe (009 2013-08-07) | 2. Co (009 2013-08-07) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON HOUSING AND URBAN DEVELOPMENT ON 2013-07-24 |
Abstract
Requires subdivision or real estate owners to have an individual title on every lot available first before offering the same for sale, prohibiting any mortgage, lien or encumbrance on the same, making the annotation on the title of the contract to sell or sale mandatory, making it compulsory for the execution of a deed of absolute sale and the delivery of the title to the buyer upon completion of installment payments.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.