Title II
REGISTRATION AND LICENSE TO SELL

Section 3. National Housing Authority The
National Housing Authority shall have exclusive jurisdiction to regulate
the real estate trade and business in accordance with the provisions of
this Decree.

Section 4. Registration of Projects The
registered owner of a parcel of land who wishes to convert the same into
a subdivision project shall submit his subdivision plan to the
Authority which shall act upon and approve the same, upon a finding that
the plan complies with the Subdivision Standards' and Regulations
enforceable at the time the plan is submitted. The same procedure
shall be followed in the case of a plan for a condominium project except
that, in addition, said Authority shall act upon and approve the plan
with respect to the building or buildings included in the condominium
project in accordance with the National Building Code (R.A. No. 6541).

The subdivision plan, as so approved, shall then be
submitted to the Director of Lands for approval in accordance with the
procedure prescribed in Section 44 of the Land Registration Act (Act No.
496, as amended by R.A. No. 440): Provided, that it case of complex
subdivision plans, court approval shall no longer be required. The
condominium plan as likewise so approved, shall be submitted to the
Register of Deeds of the province or city in which the property lies and
the same shall be acted upon subject to the conditions and in
accordance with the procedure prescribed in Section 4 of the Condominium
Act (R.A. No. 4726).

The owner or the real estate dealer interested in the
sale of lots or units, respectively, in such subdivision project or
condominium project shall register the project with the Authority by
filing therewith a sworn registration statement containing the following
information:

(a) Name of the owner;

(b) The location of the owner's principal business
office, and if the owner is a non-resident Filipino, the name and
address of his agent or representative in the Philippines is authorized
to receive notice;

(c) The names and addresses of all the directors and
officers of the business firm, if the owner be a corporation,
association, trust, or other entity, and of all the partners, if it be a
partnership;

(d) The general character of the business actually transacted or to be transacted by the owner; and

(e) A statement of the capitalization of the owner,
including the authorized and outstanding amounts of its capital stock
and the proportion thereof which is paid-up.

The following documents shall be attached to the registration statement:

(a) A copy of the subdivision plan or condominium
plan as approved in accordance with the first and second paragraphs of
this section.

(b) A copy of any circular, prospectus, brochure,
advertisement, letter, or communication to be used for the public
offering of the subdivision lots or condominium units;

(c) In case of a business firm, a balance sheet
showing the amount and general character of its assets and liabilities
and a copy of its articles of incorporation or articles of partnership
or association, as the case may be, with all the amendments thereof and
existing by-laws or instruments corresponding thereto.

(d) A title to the property which is free from all
liens and encumbrances: Provided, however, that in case any subdivision
lot or condominium unit is mortgaged, it is sufficient if the instrument
of mortgage contains a stipulation that the mortgagee shall release the
mortgage on any subdivision lot or condominium unit as soon as the full
purchase price for the same is paid by the buyer.

The person filing the registration statement shall pay the registration fees prescribed therefor by the Authority.