Amendment of Sections 9-11, IRR for P.D. 957

Two weeks after completing the publication, the applicant must submit affidavits of publication and billboard posting.
If no impediments arise, the Board will issue the Certificate of Registration upon payment of prescribed fees.

No owner or developer may sell subdivision lots or condominium units without a License to Sell issued by the Board.
The License to Sell must be obtained within two weeks from project registration.
Application for this license requires submission of a work program, a performance bond, and payment of the required license fee.
The Board will issue the license if the registration statement and documents verify that the sale is not fraudulent.

The performance bond can be one or a combination of the following forms:
- A surety bond from an accredited bonding company amounting to 20% of the development cost of the unfinished portion.
- A real estate mortgage in favor of the Republic of the Philippines representing at least 20% of the total development cost, covering property other than the project and free from liens.
- Other forms of security equivalent to 10% of the unfinished portion’s development cost, including cash bond, fiduciary deposit, certificate of guaranty deposit, bank-certified reserved funds, or irrevocable credit lines with accredited funding programs.
These measures ensure financial security and project completion compliance by the developer.

The amendments harmonize Sections 9, 10, and 11 of the Revised IRR for PD 957 with the specific provisions of the said Presidential Decree.
The changes address inadvertent inconsistencies identified during the post-implementation assessment in 2003.
The amendments took effect 15 days after publication, ensuring regulatory clarity and enforcement consistency.