Practice question
During the applicable grace period and before actual cancellation, a covered buyer updates the account and invokes section 5. What right is directly involved?
- Reinstatement of the contract by updating the account.
- Automatic ownership of every unsold lot in the development.
- Cancellation without paying any arrears.
- A right to ignore every later installment.
- A right to convert a real estate contract into a criminal sentence.
Legal references
- https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html — RA 6552, sections 3–7.
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