Page 142 - Demo

Interesting facts about enforcement of civil case judgment141What are the criteria for an extension of the remaining purchase price payment period? How many times can a buyer request for such extension?Buyers of immovable properties in a sale by public auction must pay thepurchasepricetotheenforcementofficerinfullwithin15daysofthesale date. If a buyer wishes to have the payment period of the remaining purchase price extended on the grounds of certain necessities, the buyer mustfilearequestforanextensionofpaymentperiodtotheenforcementofficerbeforethe15-dayduedate.Theenforcementofficerwillconsiderand grant an extension under the following criteria:%u0009 1.Thebuyermustpresentevidenceofaloanapplicationfromafinancialinstitute, or2. The buyer must present the grounds for such necessities and his or her ability to Pay full payment of the purchase price.%u0009 Theenforcementofficermaygrantanextensionnotexceedingthreemonths from the due date. If upon expiration of the due date and the buyer stillhavegroundsofnecessity,heorshemayfileforanotherextensionnotlessthanfivedaypriortotheduedate,placeadditionaldepositfortheamount not less than 20 percent of the purchase price and enter in to a payment extension agreement. If the enforcement officerhasconsideredanddeemedthatsuch grounds of necessity are valid, the enforcementofficerwillsubmithisorher opinion to the Director-General for consideration and ordering of an extension of no more than two months. No.22QuestionAnswer