Q. A entered into a contract to sell over a residential lot. He has already paid more than 2 years installments. Thereafter, he failed to pay. What right does A have if the contract is cancelled? (Solved)

1. He has the right of reimbursement of all his payments regardless of the number of years of payment;

2. He has the right to seek for a grace period of 1 month for every year of installment payments;

3. He has the right of refund of the cash surrender value of the payments on the property equivalent to 50% of the total payments made;

4. He has the right of reimbursement of 100% of his installments after payment for five (5) years.