Everything About Realty Installment Buyer Protection Act In Koronadal City

Being a real estate investor or buyer means that you will be using your own money to venture on a business or buy a new home in Koronadal City. In dealing with these issues, you need to be extra careful on everything that you accept and be very careful on whatever you are planning to sign.

To be a wise real estate buyer, you need to know the its foundation. Get educated with law and its connection to real estate. One of the law made in the Philippines for real estate is the Realty Installment Buyer Protection Act or also known as the Maceda Law (RA 6552). With that, here are some of the facts that you should be familiar with:

You can sell your rent-to-own property. This is absolutely possible given that you will follow the legal instructions covered by the Realty Installment Buyer Protection Act. Just keep in mind that it will be possible given that these plans would be within the given period of time. Also, it should be before the cancellation of your own contract because once the contract is canceled already, the property and the rights are no longer yours. The deed of sale should be done by a notarial act.

You have the right to pay in advance. If you have the money and the capability to pay the unpaid balance in advance, you may do so anytime you want. With this, you don’t need to pay the interests so it would be a smart move on your part. The full payment of the purchase you’ve made should be annotated in the certificate of the title which covers the Koronadal City property.

Paying with no additional interest. After two years of continuous payment for the real estate installation, you can already take a deep breath because you will not be paying the interests for a month. Keep in mind that you can only practice this right once in every five years of contract and its extensions.

Being a wise person will give you more confidence than being ignorant at all. Be educated and always keep in mind that whatever problems you might face in the future with regards to realty purchase in Koronadal City, the law will protect you.