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    Summary of PD 957

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    Marion Jossette

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    Summary of PD 957

    Uploaded by

    Marion Jossette
    92 views1 page

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    92 views1 page

    Summary of PD 957

    Uploaded by

    Marion Jossette

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Summary of PD 957

    This law is also known as the subdivision and condominium buyers’


    protective decree on “the regulation of sale of subdivisions lots and condominiums
    including their non-saleable areas which are parks and playgrounds, community
    facilities and circulation system. This policy aims to closely supervise and regulate
    real estate practitioners, owners, developers and all key players in the real estate
    industry in the Philippines.
    The primary objective of this is to protect buyers and prioritize their welfare
    from all kinds of real estate mishandling, and fraudulent transactions that leads to
    mistrust of buyers in the real estate practitioners. This law empowers the Housing
    and Land Use Regulatory Board (HLURB) to have “exclusive jurisdiction to
    regulate real estate trade and business” and implement it in a way that the industry
    would regain the trust of the buyers from the point of sale to the turnover of the
    real estate unit. This law promotes healthy competition among real estate
    practitioners and is devised for the prevention of blunders in a real estate
    transaction.
    Residential subdivision projects shall take into account and conform with the
    minimum design standards, applicable local government units’ (LGU) zoning
    ordinances as well as pertinent provision of the National Building Code. This law
    was established to promote peace and order and the enhancement of economic,
    social and moral condition of the Filipino people by closely supervising and
    regulating the real estate transactions in both subdivision and condominium
    projects and impose the necessary penalties on fraudulent practices and unjust
    manipulations committed in connection to these illicit activities. This further
    establishes procedures for the registration and requirements to obtain the license to
    sell. These requirements are made to ensure that the sale of the subdivision lots or
    condominium units to the public would not be fraudulent. Revocation of
    Registration Certificates or License to Sell and set penalties for violation of this
    law.

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