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real state foreclosure - forfieted payments

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1 real state foreclosure - forfieted payments on Fri Aug 17, 2012 11:26 am

daverhi21


Arresto Menor
we buy a house in laguna, installment basis payable in 10years. after 2 years, we can afford to pay the developer anymore. can we refund our payment and cancel the contract?

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jekz


Prision Mayor
Yup, read R.A. 6552 Maceda Law

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daverhi21


Arresto Menor
With regards to the previous post. We went to the developer office to proposed that we will cancel our contract to them. And surprisingly, we found out the the contract to sell was not sign by us and the developer. Does it mean that we can refund all the payment we made since there is no legal band between us and the developer? Thank you!

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jekz


Prision Mayor
You didn't sign a Contract to Sell ? , kahit di ka nag sign you have the rights to refund not exceeding 90% (Based on Maceda Law Section 3 (A), proof of ownership your official receipts

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