Presidential Decree 957
We sometimes hear many people complaining that a certain subdivision developer didn’t deliver certain things or features of their project that they promised to their buyers. There are many instances that a buyer would be surprised in knowing that they had to pay many “hidden” charges that were not told to them before-hand. Still, there are many buyers of subdivision projects and condominiums who are not yet awarded their property titles by the subdivision developers even after paying the property in full many months or even years ago!
These real estate situations and many more are the scope of this law called Subdivision and Condominium Project Buyers’ Protective Decree or the Presidential Decree 957 (P.D.957).
There are times when I go to the sales offices of these real estate developers that I see clients blindly signing documents that are about three feet long, filled with very small fine printed texts on the front and back pages of each long sheets of paper, without bothering to read them. That is a big no-no in real estate transactions. There are developers who purposely put long and winding scripts of texts on their contracts to discourage clients to bother reading them. You must always read and study every real estate documents that you sign or else it could result in disastrous consequences!
Some real estate developers blatantly violates many provisions of PD957, yet majority of buyers have no knowledge of PD957, hence real estate developers could get away with it.
Please do read Presidential Decree 957; study it, and know your right! BECAUSE IGNORANCE OF THE LAW IS NOT AN EXCUSE!
Here’s the full text of the law Presidential Decree 957 or the Subdivision and Condominum Project Buyers’ Protective Decree