Spouses Julio D. Villamor v. The Hon. Court of Appeals

Summary

This case involved a dispute over a 1971 Deed of Option where the Reyes spouses granted the Villamor spouses the right to purchase the remaining 300 square meters of their property. The Villamors filed suit in 1987 for specific performance. While the trial court ruled in their favor, both appellate courts dismissed the case. The Supreme Court affirmed dismissal on grounds of prescription, finding that the 10-year prescriptive period under Article 1144 of the Civil Code had elapsed. Despite finding valid consideration and a perfected contract, the Court noted equity considerations including rising property values and the respondents' housing situation. The case demonstrates the importance of timely assertion of contractual rights and the application of prescriptive periods to real estate option contracts.