1.6.9
Responsibilities & Obligations of Owners/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.
Deliver the title free from liens and encumbrance to fully paid buyers or if mortgaged redeem and deliver the same within six months from full payment
Secure clearance prior to any mortgage, alteration of plans, advertisement or change of ownership.
Pay the real estate tax/assessment on the lot/unit until the year the title is transferred to or actual possession/ occupation is taken by the buyer.
Refrain from forfeiting payments made by the buyers who suspend amortization after due notice to owner or developer on ground of incomplete development or non-development.
Submit report showing its extent of project development and changes in corporate officer within sixty days after each semester.
Observe the prescribed maximum selling price for BP 220 projects (Economic and Socialized Housing)
Display the registration certificate and this license in a conspicuous place in all offices of the owner and developer.
Initiate the organization of a home/unit owners.
Refrain from levying any fee for an alleged community benefit upon the buyers; and
Ensure the development of Socialized Housing Project presented as compliance to Section 18, RA 7279
