DUTY OF OWNER TO DELIVER TITLE OF THE CONDOMINIUM UNIT
Category: Land Titles And Deeds
DUTY OF OWNER TO DELIVER TITLE OF THE CONDOMINIUM UNIT
> Upon full payment of the purchase price, the seller is duty-bound to deliver the title of the unit to the buyer
> Even with a valid mortgage over the lot, the seller is still bound to redeem said mortgage without any cost to the buyer apart from the balance of the purchase price and registration fees
> Section 25 imposes an obligation on the part of the owner or developer in the event the mortgage over the lot or unit is outstanding at the time of the issuance of the title to the buyer, to redeem the mortgage and corresponding portion thereof within 6 months from such issuance
> The 6-month period will run from the full payment of the agreed price
Newer Philippine Law Resources:
Additional Law Reading:
- Time of Completion of Subdivision or Condominium Plans -
- LIABILITY OF OWNER FOR BREACH OF WARRANTIES- CONDOMINIUM UNIT BROCHURES -
- MORTGAGE OF CONDOMINIUM WITHOUT KNOWLEDGE OF BUYER IS AN UNSOUND BUSINESS PRACTICE -
- REGISTRATION OF SALE OF SUBDIVISION LOTS AND CONDOMINIUM UNITS -
- The period within which to appeal the decision of the Board of Commissioners of the HLURB -
Popular in BATASnatin:
DUTY OF OWNER TO DELIVER TITLE OF THE CONDOMINIUM UNIT
Category: Land Titles And Deeds
DUTY OF OWNER TO DELIVER TITLE OF THE CONDOMINIUM UNIT
> Upon full payment of the purchase price, the seller is duty-bound to deliver the title of the unit to the buyer
> Even with a valid mortgage over the lot, the seller is still bound to redeem said mortgage without any cost to the buyer apart from the balance of the purchase price and registration fees
> Section 25 imposes an obligation on the part of the owner or developer in the event the mortgage over the lot or unit is outstanding at the time of the issuance of the title to the buyer, to redeem the mortgage and corresponding portion thereof within 6 months from such issuance
> The 6-month period will run from the full payment of the agreed price
Newer Philippine Law Resources:
Additional Law Reading:
- Time of Completion of Subdivision or Condominium Plans -
- LIABILITY OF OWNER FOR BREACH OF WARRANTIES- CONDOMINIUM UNIT BROCHURES -
- MORTGAGE OF CONDOMINIUM WITHOUT KNOWLEDGE OF BUYER IS AN UNSOUND BUSINESS PRACTICE -
- REGISTRATION OF SALE OF SUBDIVISION LOTS AND CONDOMINIUM UNITS -
- The period within which to appeal the decision of the Board of Commissioners of the HLURB -
Popular in BATASnatin:
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