Podcast
Questions and Answers
What is the consequence for the owner or developer if the buyer desists from further payment due to project development failure?
What is the consequence for the owner or developer if the buyer desists from further payment due to project development failure?
- The installment payment made by the buyer shall be forfeited in favor of the owner or developer.
- The buyer will be required to continue making payments despite the project development failure.
- The installment payment made by the buyer shall not be forfeited, and the buyer may be reimbursed the total amount paid. (correct)
- The buyer will lose the right to claim any refund for payments made.
What is excluded from the reimbursed amount if the buyer desists from payment due to project development failure?
What is excluded from the reimbursed amount if the buyer desists from payment due to project development failure?
- Delinquency interests (correct)
- Total amount paid
- Amortization interests
- Penalties
What action must the buyer take before desisting from further payment due to project development failure?
What action must the buyer take before desisting from further payment due to project development failure?
- File a lawsuit against the owner or developer for project development failure.
- Provide due notice to the owner or developer and obtain clearance from the relevant authority. (correct)
- Seek approval from the local municipality before stopping payments.
- Immediately stop making payments without any prior notice.
What is the interest rate mentioned in PD 957 for the reimbursement of payments to the buyer?
What is the interest rate mentioned in PD 957 for the reimbursement of payments to the buyer?
What is the aim of Republic Act No. 6552, also known as the Maceda Law?
What is the aim of Republic Act No. 6552, also known as the Maceda Law?
Who is the primary author of Republic Act No. 6552, also known as the Maceda Law?
Who is the primary author of Republic Act No. 6552, also known as the Maceda Law?
What is the legal interest rate specified in the Maceda Law?
What is the legal interest rate specified in the Maceda Law?
When was Republic Act No. 6552, known as the Maceda Law, approved?
When was Republic Act No. 6552, known as the Maceda Law, approved?
What is the total refund amount in the given scenario?
What is the total refund amount in the given scenario?
In the context of the Maceda Law, what are the rights of the buyer in case of default in payment of installments?
In the context of the Maceda Law, what are the rights of the buyer in case of default in payment of installments?
What is the total payments made by the buyer in the given scenario?
What is the total payments made by the buyer in the given scenario?
What is the amount of interest paid in the given scenario?
What is the amount of interest paid in the given scenario?
What is the amount of penalties paid in the given scenario?
What is the amount of penalties paid in the given scenario?
What does the Maceda Law aim to protect buyers from?
What does the Maceda Law aim to protect buyers from?
What does the cash surrender value calculations under the Maceda Law illustrate?
What does the cash surrender value calculations under the Maceda Law illustrate?
What is the effective date of Republic Act No. 6552, also known as the Maceda Law?
What is the effective date of Republic Act No. 6552, also known as the Maceda Law?
What is Mr. Doubtful's cash surrender value under the Maceda Law?
What is Mr. Doubtful's cash surrender value under the Maceda Law?
What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. subdivision lot at P10,000.00/sqm?
What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. subdivision lot at P10,000.00/sqm?
What is the cash surrender value under the Maceda Law for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the cash surrender value under the Maceda Law for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?
What is the cash surrender value under the Maceda Law for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?
What is the total basis of refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?
What is the total basis of refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?
What is the total refund for Mr. Doubtful under the Maceda Law?
What is the total refund for Mr. Doubtful under the Maceda Law?
What is the additional percentage refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the additional percentage refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P10,000.00/sqm?
What is the percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P10,000.00/sqm?
What is the total refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the total refund for the buyer who bought a 100 sqm. subdivision lot at P18,750.00/sqm?
What is the total basis of refund for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?
What is the total basis of refund for the buyer who bought a 200 sqm. commercial lot at P20,000.00/sqm?
What is the additional percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?
What is the additional percentage refund for the buyer who bought a 200 sqm. Subdivision lot at P3,000/sq.m.?
What is the percentage refund for the buyer who bought a 200 sqm. subdivision lot at P20,000.00/sqm?
What is the percentage refund for the buyer who bought a 200 sqm. subdivision lot at P20,000.00/sqm?
Study Notes
Maceda Law and Real Estate Buyer Protection Act
- Total payments made by the buyer: P780,000
- Legal interest (8%): P62,400
- Interest paid: (P30,000)
- Penalties paid: (P20,000)
- Total refund: P792,400
- Republic Act No. 6552, known as the Realty Installment Buyer Protection Act or Maceda Law
- Primary author: Ernesto Maceda, former senator
- Approved: August 26, 1972, effective immediately
- Aim: To protect buyers of real estate on installment payments
- Rights of the buyer in case of default in payment of installments
- Sample problems illustrating cash surrender value calculations under the Maceda Law
- Calculation of cash surrender value based on the Maceda Law for different scenarios
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Description
Test your knowledge of the Maceda Law and Real Estate Buyer Protection Act with this quiz. Explore the rights of buyers, payment calculations, and key provisions of Republic Act No. 655
