Bond Requirement for the Conversion of Visa Deposit/s, as Amended
PRA Circular No. 15-A-13 outlines the bond requirements for converting visa deposits into active investments in condominium projects in the Philippines. For pre-selling projects, a surety/performance bond must be submitted by the seller/developer as a condition for the release of the visa deposit and annually until the Condominium Certificate of Title (CCT) is registered in the retiree's name. For Ready for Occupancy projects, a similar bond is required 180 days after the visa deposit release and must continue annually until the CCT is also registered. Developers have the discretion to select their bond provider, provided the provider is in good standing with the Insurance Commission. The Resident Retiree Servicing Center is tasked with disseminating this information.
Law Information
- Reference Number
- PRA Circular No. 15-A-13
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Philippine Retirement Authority
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 2, 2013
PRA CIRCULAR NO. 15-A-13
| SUBJECT | : | Bond Requirement for the Conversion of Visa Deposit/s, as Amended |
Relative to the conversion of visa deposit/s to active investment in condominium projects, whether via pre-selling or Ready for Occupancy (RFO) transactions, the following requirements must be submitted and complied with:
1) For pre-selling projects duly accredited by PRA, the seller/developer must submit a surety/performance bond as a pre-requisite for the release of visa deposit from PRA, and every year thereafter until the Condominium Certificate of Title (CCT) is transferred and registered under the name of the retiree duly annotated with the PRA restriction and certified by the Register of Deeds, and submitted to PRA.
2) For Ready for Occupancy projects, the seller/developer must submit a surety/performance bond, 180 days after the release of the visa deposit from PRA and every year thereafter from the said 180th day, until the Condominium Certificate of Title (CCT) is transferred and registered under the name of the retiree duly annotated with the PRA restriction and certified by the Register of Deeds, and submitted to PRA.
3) The Developer/Seller reserves the right to choose the bond provider for as long as the said provider is in good standing with the Insurance Commission.
The Resident Retiree Servicing Center (RRSC) in coordination with Admin and Finance shall be responsible for the dissemination of this Circular.
(SGD.) VEREDIGNO P. ATIENZAGeneral Manager
Cite This Law
Bond Requirement for the Conversion of Visa Deposit/s, as Amended, PRA Circular No. 15-A-13, May 2, 2013 (Philippines)
Bond Requirement for the Conversion of Visa Deposit/s, as Amended, PRA Circular No. 15-A-13 (Phil. 2013)
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