What is maceda law?

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Answer:

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.

First answer by Kluss. Last edit by Kluss. Contributor trust: 636 [recommend contributorrecommended]. Question popularity: 2 [recommend question].

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