Professional Documents
Culture Documents
CA
GR 125347 (June 19, 1997)
FACTS:
CORB REALTY executed Contract to sell
of Condominium unit with RILLO. The
contract price was P150,000.00, one half of
which was paid upon its execution, while the
balance of P75,000.00 was to be paid in
twelve (12) equal monthly installments
of P7,092.00. RILLO defaulted in his
payment and the contract was restructured
several times but RILLO was only able to
pay less than 2 years in installments.
ISSUE:
WON Rillo is entitled for the refund
amounting to the 50% of the total payment
he made
HELD:
NO. Under RA 6552 (Maceda Law):
(2) Where he has paid less than two
years in installments,
"Sec. 4. x x x the seller shall give the buyer
a grace period of not less than sixty days
from the date the installment became
due. If the buyer fails to pay the
installments due at the expiration of the
grace period, the seller may cancel the
contract after thirty days from receipt by the
buyer of the notice of cancellation or the
demand for rescission of the contract by a
notarial act."
Under Republic Act No. 6552, the right of
the buyer to a refund accrues only when he
has paid at least two (2) years of
installments. Petitioner RILLO paid less
than two years in installment payments,
hence, he is only entitled to a grace period
of not less than sixty (60) days from the due
date within which to make his installment
payment. CORB REALTY, on the
otherhand, has the right to cancel the
contract after thirty (30) days from receipt by
LAGANDAON VS. CA
GR 102526 (MAY 21, 1998)
FACTS:
Pacweld Steel Corporation (Pacweld) a now
defunct domestic corporation executed in
favor of several purchasers a Contract to
Sell pieces of lots payable in installment
which payments started to be made.
Eventuallty, DBP acquired ownership of the
property from PACWELD thru foreclosure