This case has been cited 1 times or more.
|
2006-12-05 |
YNARES-SANTIAGO, J. |
||||
| On February 11, 1999, petitioner-spouses Jaime and Marina Benos ("the Benos spouses") and respondent-spouses Gregorio and Janice Gail Lawilao ("the Lawilao spouses") executed a Pacto de Retro Sale[5] where the Benos spouses sold their lot covered by Tax Declaration No. 25300 and the building erected thereon for P300,000.00, one half of which was to be paid in cash to the Benos spouses and the other half to be paid to the bank to pay off the loan of the Benos spouses which was secured by the same lot and building. Under the contract, the Benos spouses could redeem the property within 18 months from date of execution by returning the contract price, otherwise, the sale would become irrevocable without necessity of a final deed to consolidate ownership over the property in the name of the Lawilao spouses. | |||||