To request cancellation of purchased unit or back-out from your purchase, a notarized cancellation letter must be submitted to your Accounts Officer for verification and approval. All payments made will be forfeited if the account is not covered by Republic Act No. 6552 or “Maceda Law”, less applicable deductions.
REPUBLIC ACT NO. 6552 OR “MACEDA LAW”
The “Maceda Law” is a public policy that protects buyers of real estate on installment payments. It is only applicable to accounts defaulting in their payments and does not cover those who surrender their units because of other reasons. “Maceda Law” provides the buyer with a right to a refund if installment payments or monthly amortization was paid for at least two (2) years.
To request pull-out of your checks, a request letter or email must be submitted to Customer Care Department. Your checks will be available for release after the following number of days upon verification and approval of the Treasury Department:
- Seven (7) banking days if check is on hand of Treasury Department.
- Fifteen (15) banking days if check is in warehoused banks.