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LAWS ON REAL ESTATE BUYERS AND OWNERS SHOULD KEEP IN MIND

Understanding important pieces of legislation related to owning real estate in the Philippines MANILA, JUNE 28, 2015: Due diligence goes a long way, especially in real estate. Homebuyers are always advised not to jump quickly into buying a property without giving the purchase due consideration. More importantly, they are advised to arm themselves with information, especially on pieces of legislation that not only protect their rights, but also stipulate their responsibilities as owners of real properties. Global property portal Lamudi Philippines lists down four of the most important laws related to real estate, and their provisions that apply specifically to buyers and owners of properties. Maceda Law Also known as the Realty Installment Buyer Act enacted in 1972, this law stipulates that buyers who have already paid at least two years of installments for a residential property—but for any reason default in the payment of the succeeding installments—are still qualif