- Sale with right of redemption is a contract of sale whereby the ownership of the property pass to the buyers subject to an agreement that the seller can redeem that property.
- Must have a certain period for property redemption stated in the contract of Sale with right of redemption.
- The extension of the period under property redemption must, at least, have some written evidence signed by the redeemed person. In case of the property whose sale must be made in writing and registered by competent official. The right of redemption cannot be exercised later than 10 years after the time of the sale in case of immovable property and 3 years after the time of the sale in case of movable property.
- Where the property sold is redeemed within the period fixed by the contract of by law, or where the person who redeems deposits the price of redemption to a deposit office within the period by waiving the right to withdraw the price, the ownership of the property shall be vested in the person who redeems from the time of payment or deposit of the price, as the case may be.
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