Article 1592
ELI5— what this means for you
In the sale of immovable property on installment, the buyer who fails to pay may still pay even after the date — as long as no demand for rescission has been made. Once a judicial or notarial demand for rescission is made, the buyer may no longer pay.
Official text — RA 386
In the sale of immovable property, even though it may have been stipulated that upon failure to pay the price at the time agreed upon the rescission of the contract shall of right take place, the vendee may pay, even after the expiration of the period, as long as no demand for rescission of the contract has been made upon him either judicially or by a notarial act. After the demand, the court may not grant him a new term. (1504a)
Source: lawphil.net (RA 386 as amended)
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