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REQUISITES
a) Transactions or contracts involving sale or
financing of real estate on installment
payments including residential
condominiums
b) Buyer default in succeeding installments
NOTE: installments involve at least 2
installments
Rights of the Buyer
1) If the buyer has paid ATLEAST 2 YEARS OF
INSTALLMENTS
Buyer must pay without additional interest, the
unpaid installments due within the total grace
period earned by him
1 month grace period for every 1 year of
installment payments made
Cancellation Notarial notice of rescission and
refund of cash surrender
Cash Surrender- seller shall refund the buyer 50% of total
payments made but. There should be aditional 5% every
year but not more than 90%