REPUBLIC ACT No. 3802
AN ACT PROVIDING FOR THE SALE AT COST TO REGISTERED TENANTS OR THEIR SUCCESSORS IN INTEREST OF ALL THE DWELLING UNITS IN ALL THE HOUSING PROJECTS OF THE PEOPLE'S HOMESITE AND HOUSING CORPORATION.
Section 1. Subject to the provisions hereinafter set forth, all dwelling units of the People's Homesite and Housing Corporation, including those constructed with foreign aid as well as the lots on which they are constructed, are directed to be sold, at cost, free from all liens and encumbrances whatsoever except those hereinafter set forth, to the present registered tenants or their successors in interest.
Section 2. The sale price of each dwelling unit, including the lot, may be paid in cash or equal monthly installments for a period not exceeding fifteen years. If the sale be made on the installment basis, the purchase price may include interest thereon at not exceeding six per centum per annum.
Section 3. Failure to pay three or more installments when they become due on the fifth day of each month...
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Republic Acts
An Act Providing For The Sale At Cost To Registered Tenants Or Their Successors In Interest of All The Dwelling Units In All The Housing Projects of The People's Homesite and Housing Corporation.
Republic Act No. 3802
Summary of Republic Act No. 3802
Provision for Sale of Dwelling Units to Tenants
- All dwelling units of the People's Homesite and Housing Corporation, including those constructed with foreign aid, and the lots on which they are constructed, shall be sold at cost to the present registered tenants or their successors in interest. (Section 1)
- The sale price of each dwelling unit, including the lot, may be paid in cash or equal monthly installments for a period not exceeding fifteen years. (Section 2)
- If the sale is made on an installment basis, the purchase price may include interest at not exceeding six percent per annum. (Section 2)
Payment Terms and Consequences
- Failure to pay three or more installments when due on the fifth day of each month shall cause the balance of the purchase price to be immediately due and demandable. (Section 3)
- All past rentals paid by a registered tenant or successor shall be credited and applied in full towards the purchase price. (Section 4)
Computation of Purchase Price
- The purchase price for each dwelling unit shall include the proportionate cost of the lot, with each purchaser paying the cost of the lot in proportion to the rent of the dwelling unit before the sale. (Section 5)
- The purchase price shall be subject to approval by the Office of Economic Coordination and the General Auditing Office. (Section 5)
Real Estate Taxes and Mortgage Registration
- Real estate taxes on the sold properties shall commence to be levied and collected in the year following the payment of the full purchase price. (Section 6)
- No Register of Deeds shall register any mortgage contract involving the lots without annotating the installment sales contract as a superior lien on the title. (Section 7)
Subdivision and Cost Proration
- The People's Homesite and Housing Corporation shall, within one year, cause the property on which the dwelling units are constructed to be subdivided into necessary lots, including the yard. (Section 8)
- The cost of the subdivision shall be prorated among the tenant-purchasers. (Section 8)
Effectivity
- This Act shall take effect upon its approval. (Section 9)
Provision for Sale of Dwelling Units to Tenants
- All dwelling units of the People's Homesite and Housing Corporation, including those constructed with foreign aid, and the lots on which they are constructed, shall be sold at cost to the present registered tenants or their successors in interest. (Section 1)
- The sale price of each dwelling unit, including the lot, may be paid in cash or equal monthly installments for a period not exceeding fifteen years. (Section 2)
- If the sale is made on an installment basis, the purchase price may include interest at not exceeding six percent per annum. (Section 2)
Payment Terms and Consequences
- Failure to pay three or more installments when due on the fifth day of each month shall cause the balance of the purchase price to be immediately due and demandable. (Section 3)
- All past rentals paid by a registered tenant or successor shall be credited and applied in full towards the purchase price. (Section 4)
Computation of Purchase Price
- The purchase price for each dwelling unit shall include the proportionate cost of the lot, with each purchaser paying the cost of the lot in proportion to the rent of the dwelling unit before the sale. (Section 5)
- The purchase price shall be subject to approval by the Office of Economic Coordination and the General Auditing Office. (Section 5)
Real Estate Taxes and Mortgage Registration
- Real estate taxes on the sold properties shall commence to be levied and collected in the year following the payment of the full purchase price. (Section 6)
- No Register of Deeds shall register any mortgage contract involving the lots without annotating the installment sales contract as a superior lien on the title. (Section 7)
Subdivision and Cost Proration
- The People's Homesite and Housing Corporation shall, within one year, cause the property on which the dwelling units are constructed to be subdivided into necessary lots, including the yard. (Section 8)
- The cost of the subdivision shall be prorated among the tenant-purchasers. (Section 8)
Effectivity
- This Act shall take effect upon its approval. (Section 9)