Rights Obligations
Rights Obligations
Rights Obligations
RIGHTS OBLIGATIONS
Right of resale. To transfer ownership of the determinate
thing
Right to receive payment for the thing To deliver the thing, with its accessions and
sold. accessories, if any, in the condition in which
they were upon the perfection of the contract.
RIGHTS OBLIGATIONS
Right to examine the goods To accept delivery of the thing sold
Warranty in case of eviction and To pay the price of the thing sold at the time
against hidden effects. and place stipulated in the
contract.
Right to the fruits of the thing existing after If stated in the agreement, pay for the
the perfection of the contract. expenses for the execution and registration of
the sale and putting the goods I deliverable
state.
In Maceda Law, if the contract is cancelled,
the buyer shall be entitled to the refund of
the cash surrender value of the payments on
the property.
In Maceda Law, the buyer shall have right to
the realty during the grace period before the
cancellation of the contract.
VENDEE
RECTO LAW
Law that governs the application of
installment sales of personal property.
Prevents abuse in the foreclosure of chattel
mortgages
Comprises Articles 1484 to 1486 of the Civil
Code.
SIMILARITIES
These laws provide MACEDA LAW
remedies for a seller of
contracts of sale on real Law that governs the application of
estate by installments. installment sales of personal property.
If the sale is cancelled, the seller must refund
The rights of the seller the buyer of cash surrender value
and buyer are assignable Grace period is computed at one month per
to third person. year of installment payment.
P.D. 957
Law that governs the application of
installment sales of subdivision lots and
condominiums, providing penalties for
violation thereof.
License to Sell
Protect buyers’ rights, public’s welfare and
protection from all types of real estate
misrepresentations and fraudulent actions.