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Maceda Law in the Phillippines applies to the purchaser of real property by installment payments when the purchase becomes cancelled by a delinquency in payment. It provides the buyer with a right to a refund as a requisite for cancellation of contract due to delinquency when the buyer has paid at least two years. The refund is 50% of total payments; additional 5% per year after 5th year.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoThe Maceda Law is a law in the Philippines. The Maceda Law provides protection to purchasers of real estate regarding installment payments.
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