Dear PAO, My wife and I bought a parcel of land in a subdivision which was payable in monthly installments. We started paying in January 2023.
Unfortunately, we failed to pay the remaining balance because of the steep hospital bills we have incurred when our son was hospitalized due to a car accident. Hence, our last installment payment was made in October 2024. We asked the developer for a grace period to pay, but we were only given a 30-day grace period.
Sections 3 and 4 of Republic Act 6552, which is an Act to Provide Protection to Buyers of Real Estate on Installment Payments, otherwise known as the 'Realty Installment Buyer Act,' which provides that:'Section 4. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due.
To Pay Installments Of Purchase Price Of Lot
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