BOARD RESOLUTION No. 921 and 922: Recently Approved IRR by HLURB
"Ignorance of the law is no excuse" - A common saying we often hear when we talk about maintaining order.
To become a real estate professional entails compliance to the implementing rules that regulate the industry, and to be able to comply correctly, it is a professional's responsibility to always beware of changes made in these existing rules.
To become a real estate professional entails compliance to the implementing rules that regulate the industry, and to be able to comply correctly, it is a professional's responsibility to always beware of changes made in these existing rules.
Just before this year's first quarter ends, let us review two of the latest law revisions made by HLURB
Effected December 2, 2014, here are the highlights of the following NEW APPROVED board resolutions for PD 957 also known as "Subdivision and Condominium Buyers' Protective Decree"
Board Resolution No. 921: Implementing Rules and Regulations on Advertisements and Dealers, Brokers and Salesmen
Section 5 - Any announcement about a project, or about its operations or activities, must reflect the real facts and must be presented in a manner that will not tend to mislead or deceive the public.
Section 7 - The owner, developer, dealer, authorized broker or salesperson shall be allowed to advertise about the project only after the issuance of the project’s license to sell and after the HLURB has approved the advertisement material.
Section 9 - All representations in an advertisement SHALL FORM PART OF THE SALES WARRANTIES enforceable against the owner or developer, jointly and severally.
“Such owner or developer shall be answerable and liable for the facilities, improvements, infrastructures, or other forms of development represented or promised in an advertisement and failure to timely and completely fulfill these representations shall constitute breach of contract and warranties,” the IRR stated.
Board Resolution No. 922: Implementing Rules and Regulations on Registration of Brokers, Dealers and Salespersons
Section 6 - All brokers and salespersons must be registered and licensed or accredited by the Professional Regulatory Board of Real Estate Service before they can engage in the practice of real estate services.
Section 7 - All business firms shall likewise first register with the HLURB in accordance with its existing rules and guidelines before they can engage in the practice of real estate service.
Section 8 - All applicants shall file a bond or security of P5,000 for dealers and brokers and P1,000 for salespersons. All business firms, on the other hand, shall post a bond of P20,000.
Section 10 - Any dealer, broker, salesperson and business firm who engages in real estate practice without registering the project with the HLURB or using an expired HLURB permit will be fined P10,000 and P5,000 respectively.
Make sure you've checked your registrations, Otherwise.. you still get no excuse!
For full copies, please see link below.
Board Resolution No.921 :
http://hlurb.gov.ph/wp-content//uploads/laws-issuances/board-resolutions/2014/R-S-921%20s.%202014.pdf
Board Resolution No.922 :
http://hlurb.gov.ph/wp-content/uploads/laws-issuances/board-resolutions/2014/R-S-922%20s.%202014.pdf
