Republic Act No. 6552 or the Realty Installment Buyer Protection Act is also known as the Maceda Law. Named after the main author, former senator Ernesto Maceda, this law applies to purchasers of real estate property on an installment basis. R.A. 6552 describes the rights of a buyer defaulting in installment payments. It also lists the criteria that buyers must meet in order to be entitled to refund and grace periods.

Land which barely pays the cost of working or using.

A merchantable title: a title free and clear of objectionable liens and encumbrances.

The price paid regardless of pressures, motives, intelligence.

Market value is the price an asset would fetch in the marketplace. (1) The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure; (2) As defined by the courts it is the highest price estimated in terms of money which a property will being if exposed for sale in the open market allowing a reasonable time to find a purchaser with knowledge of the property's use and capabilities for use.

The main bedroom within the property.

A fact is material if it is one which the agent should have realized would be likely to affect the judgment of the principal in giving his consent to the agent to enter into the particular transaction on the specified terms. MARGIN For an adjustable-rate mortgage (ARM), the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change.

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

Maximum allowable offer (MAO) is the maximum price point at which investors in a real estate deal can realistically expect to pull in a profit while minimizing the risk of losing money.

A lien created by law which exists in favor of persons who have performed services or furnished materials in the erection or repair of a building.