The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
NON-FORFEITURE OF PAYMENTS IN THE SALE OF SUBDIVISION LOTS AND CONDOMINIUM UNITS
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The owner of developer is mandated to develop the subdivision or condominium project according to the approved plan within the time limits
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The buyer may stop payment in case of failure of the developer or owner to develop the subdivision or condominium project
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The installment payments made by the buyer may not be forfeited in favor of the owner or developer
ON ALTERATION OF SUBDIVISION PLAN
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An owner or developer may alter the roads or open spaces as contained in the subdivision plan
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Alterations of subdivision plan can not be done at the sole will of the developer
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Alteration must be approved by the Housing and Land Use Regulatory Board (HLURB) and the written conformity of homeowners
RECOVERY OF THE PURCHASE PRICE IN THE SALE OF CONDOMINIUM UNITS
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A condominium unit’s bounds are reckoned by the interior surfaces
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Common areas are excluded in determining the total area of a condominium unit
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A buyer may recover the total amount of the purchase price in the sale of condominium units
MAY BUYERS OF A REAL ESTATE SUSPEND AMORTIZATION PAYMENTS?
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A buyer is entitled to demand reimbursement of the total amount paid in case of incomplete development of the subdivision or condominium
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A buyer may suspend amortization payments until the completion of the project
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In case of incomplete development, the developer is at fault
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