
Proposed Maceda Law changes could give Negros homebuyers longer payment grace periods
Homebuyers in Negros who purchase residential properties on installment could receive stronger protection against contract cancellation and payment penalties under proposed amendments to the 54-year-old Realty Installment Buyer Protection Act.Sen. Francis “Chiz” Escudero said Thursday, Oct. 1, that he is pushing amendments to Republic Act No. 6552, commonly known as the Maceda Law, to provide additional safeguards for buyers who experience difficulty paying their installments.The existing law covers installment purchases of real estate, including residential condominium units, and provides grace periods and refund rights to qualified buyers who default on succeeding payments.The proposed changes would apply nationwide, including to covered installment homebuyers in Negros Islan...









