LAW ON SALES 4

Villarica v Court

The right to redeem must be reserved by the seller through a stipulation to that effect in the contract of sale (________ of Appeals, G.R.

full unpaid balance

The buyer shall have the right to pay in advance any installment or the ________ of the purchase price any time without interest and to have such payment annotated in the certificate of title covering the property.

actual cancellation

The buyer has the right to sell his right or assign the same before ________ of the contract and to pay in advance any unpaid installment anytime without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property; and.

Civil Code

386: An Act to Ordain and Institute the ________ of the Philippines.

Definition

________: Conventional redemption occurs when the vendor reserves the right to repurchase the thing sold (Article 1600), with the obligation to return to the vendee (Article 1616): a. price of the sale;

contrary agreement

The liability of the vendee for the fruits received and debts and charges are subject to any ________.

Condominium unit

________ shall mean a part of the condominium project intended for any type of independent use or ownership, including one (1) or more rooms or spaces located in one (1) or more floors in a building or buildings and such accessories as may be appended thereto.

right of pre emption

The ________ or redemption shall be exercised within 30 days from the written notice by the prospective vendor, or by the vendor, as the case may be.

Equitable mortgage

________*** is one which, although lacking in some formality, or form or words, or other requisites demanded by statute, nevertheless reveals the intention of the parties to charge real property as security for a debt and contains nothing impossible or contrary to the law (Soriano, 2016)

Legal redemption

________ is the right to be subrogated, upon the same terms and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title (Article 1619)

Subdivision lot

________ shall mean any of the lots, whether residential, commercial, industrial, or recreational, in a subdivision project.

Actual cancellation

________ can only take place after 30 days from receipt by the buyer of the notice of cancellation or demand for rescission by a notarial act and upon full payment of cash surrender value to the buyer;

actual cancellation

The buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by updating the account during the grace period and before the ________ of the contract; and.

actual cancellation

The ________ shall take place after 30 days from receipt by the buyer of the notice of cancellation or the demand for rescission by a notarial act and upon full payment of the cash surrender value to the buyer.

If personal property

It must be in a public instrument

If real property

It must be in a public instrument recorded in the Registry of Property

Note

An assignment does not require the consent of the debtor

Warranties of the Assignor

The assignor warrants that

***Purpose

 ***To remedy the abuses committed in connection with the foreclosure of chattel mortgages; to prevent mortgagees from seizing the mortgaged property, buying it at foreclosure sale for a low price and then bringing suit against the mortgagor for a deficiency judgment *(Universal Motors Corp. v Dy Hian Tat, G.R

Note

 The above remedies are alternative, not cumulative, in that the exercise of one would bar the exercise of the others

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386

An Act to Ordain and Institute the Civil Code of the Philippines

Retrieved on December 5, 2018 from https

/ www.officialgazette.gov.ph/1949/06/18/republic-actno-386

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