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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

Ardent Properties, Inc. (a developer) sells a subdivided residential lot of 1,820 square meters to Purchaser Kiko for PHP 9,700,000. The price is payable in 54 equal monthly installments after a 25% down payment. Legal title to the lot remains with Ardent Properties until full payment, but Kiko takes possession and begins construction. The contract is in writing. Kiko has paid 40 installments and then defaults on the 41st installment. (a) Is this installment sale a “transaction covered” by the Realty Installment Sales Act (R.A. No. 6552)? (b) If yes, outline the scope of “transactions covered” under RA 6552 and identify the controlling rule that applies to such installment sales. (c) What is the effect on the parties’ rights and remedies under RA 6552 when the purchaser defaults?

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Yes; It is a ‘transaction covered’ under RA 6552 because it involves a real property sale on installment terms with the vendor retaining title; the scope includes subdivided lots in residential developments; upon default, the vendor may cancel the contract, retake possession, and apply the installments already paid toward the purchase price, with the purchaser entitled to a possible refund of excess payments or deductions for use and improvements. No; RA 6552 excludes sales where the purchaser is a corporate entity engaged in development activities. Yes; RA 6552 prohibits any cancellation upon default and requires the seller to transfer title to the purchaser once any installment is paid, regardless of default. Yes; The sale is covered, and the seller’s remedy upon default is to demand full payment, initiate legal ejectment, and retain all installments previously paid as liquidated damages.

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