Question & AnswerQ&A (HLURB ADMINISTRATIVE ORDER NO. 03, S. 2004)
The purpose is to inform the public about the pending application for Certificate of Registration in subdivision or condominium projects, allowing interested parties to inspect the application and attached documents during business hours.
The notice must be published once a week for two consecutive weeks in two newspapers of general circulation: one in English and one in Pilipino, with a seven-calendar-day interval between the publications.
A 3' x 6' billboard notice of the project must be posted at the project site until the license to sell is issued.
The owner/developer will be required to re-file the application for Certificate of Registration.
No, Section 11 provides that no owner or developer shall sell any disposable subdivision lot or condominium unit without first securing a license to sell issued by the Board within two weeks from registration.
Submission of a proper application, required work program, performance bond as required in Section 12, payment of prescribed license fee, and support documents that prove the transaction is not fraudulent.
The performance bond may be a surety bond callable on demand (20% of development cost) issued by an accredited bonding company; a real estate mortgage over a property free of liens valued at least 20% of development cost; or other securities equivalent to 10% of development cost such as cash bond, fiduciary deposit, certificate of guaranty, letter from a bank certifying reserved funds, or an irrevocable credit line.
The surety bond or real estate mortgage must cover at least 20% of the development cost of the unfinished portion of the approved plan.
Yes, other forms such as cash bond, fiduciary deposit, certificate of guaranty, certified reserved funds, or an irrevocable credit line can be accepted if they cover at least 10% of the development cost of the unfinished portion of the approved plan.