The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
ON LICENSE TO SELL SUBDIVISION LOT OR CONDOMINIUM UNIT
License to Sell is required to ensure that the buying public will be dealing with accredited or recognized subdivision or condominium developers
Lack of a license to sell does not result to the invalidation of the contract to sell
The buyer is still entitled to a 50% refund of the total payments made, if applicable
NOTICE OF CANCELLATION UNDER REALTY INSTALLMENT BUYER ACT
In contracts involving the sale or financing of real estate, the notice of cancellation must be notarized
For the actual cancellation of contract to take place, the seller must refund the cash surrender value, if applicable
The buyer has the right to occupy the property and may still reinstate the contract by
WHAT IS REALTY INSTALLMENT BUYER ACT?
Buyers of real estate on installment payments are protected against oppressive conditions
Buyers may pay their unpaid installments without additional interest
If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments made on the property
GUIDELINES ON CORPORATE TERM
A corporate may now exist perpetually
Corporations with certificate of incorporation prior to the effectivity of the Revised Corporation Code may also exist perpetually
Any change in the corporate term is without prejudice to the appraisal right of dissenting stockholders