Developers Responsibilities and Obligations

Responsibilities & Obligations of Owners and Developers

-  Complete the project in accordance with the approved development plan therefore not later than (Indicate target date of completion) and advise buyers in writing of such time frame for development.
- Maintain the common facilities until their turnover is authorized pursuant to PD 1216.
- Register the instrument relative to any sale with the Register of Deeds, whether or not the price is fully paid, within 180 days from execution.

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Banks and other Financial Institutions

Developmental Loan – All developmental loans from banks and other financial institutions, where the subdivision/condominium is constituted as its collateral, shall be subject of a mortgage clearance from the HLURB pursuant to Section 18 of PD 957, Subdivision and Condominium Buyers Protective Decree, Thus.

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