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possible refund for reservation fee??

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1 possible refund for reservation fee?? on Sat Oct 06, 2012 9:47 pm

miah


Arresto Menor
hello to all.. good day,
i have a friend who intended to purchase a house and lot in a prestige subdivision last year in november 2011. he visited the site together with an agent. but the house (model house)was still under construction at his first visit. then he made up his mind and made a reservation fee of the house and lot of his choice. and he issued 24 pdc for the monthly equity of the house. but when the model house was finally built, it was not the same house shown on the advertisment especially in the internet where he first saw the houses advertised. the house built was different in some forms and did not totally reflects in their advertisments. because of this,he was discouraged and so he sent a letter to the developer and reasoned out that he will not continue his intention of purchasing it due to financial constrain. constrain financially was only his guise. the developer rejected his request considering that he has signed a contract with them together with the reservation. it was a non-refundable reservation and the house sells at more than 4M, and the reservation was 20k. the house was not yet built at that time, and his letter of withdrawal and refund of reservation was sent around 1month after he made his reservation payment and contract signing and 5 days before the start of first monthly equity. the developer did return the checks but it said that the reservation is non-refundable. can he still get his reservation fee in this case?? thanks..



Last edited by miah on Mon Oct 08, 2012 6:12 pm; edited 1 time in total (Reason for editing : to correct some info.)

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2 Re: possible refund for reservation fee?? on Fri Oct 19, 2012 10:59 pm

jekz


Prision Mayor
Designs and Plans can be change by the developer with out prior notice. Reservation is not refundable it's their policy and check can be return.

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3 Re: possible refund for reservation fee?? on Sat Feb 09, 2013 6:54 pm

arniealcazar


Arresto Menor
Puede ba ang reservation deposit na "Non Refundable & Valid for 30 Days"? What is it as "reservation" for if it does not provide some flexibility or time allowance? We made a reservation deposit of P50,000 (and given only an "Acknowledgment Receipt" and after only 5 days, decided to withdraw because the selling price is too high and we are not qualified for a bank loan so the seller said to just avail of in-house financing at 18% interest which we could no longer afford. And they're saying we couild no longer get back our P50,000reservation fee? Is this right? Legal?

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4 Re: possible refund for reservation fee?? on Wed Dec 09, 2015 9:59 am

coleen1204


Arresto Menor
arniealcazar wrote:Puede ba ang reservation deposit na "Non Refundable & Valid for 30 Days"?  What is it as "reservation" for if it does not provide some flexibility or time allowance?  We made a reservation deposit of P50,000 (and given only an "Acknowledgment Receipt" and after only 5 days, decided to withdraw because the selling price is too high and we are not qualified for a bank loan so the seller said to just avail of in-house financing at 18% interest which we could no longer afford.  And they're saying we couild no longer get back our P50,000reservation fee?  Is this right?  Legal?


Halos pareho din po ng ngyari samin. Before we gave our reservation fee, binigay namin lahat ng docs and sinabi lahat ng income na meron kami. we preferred bank financing because we do not have pag-ibig and we can't afford in-house. The developer said pasok naman yung income and requirements for bank so we paid trhe reservation fee. after 2 days, they told us na hindi daw pasok yung income namin and will not qualify for bank loan. We wanted to get a refund of our res.fee because of misleading information. they told me na hindi pwedeng i-refund pero 5 days pa lng and provisional receipt lng binigay samin. Is there anything we can do to get a refund?

Ganito rin po

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5 Re: possible refund for reservation fee?? on Wed Dec 09, 2015 3:30 pm

betchay001


Prision Mayor
Hello coleen1204,

The information you got was not misleading, it was just incomplete. During reservation, buyers will give initial requirements. The usual procedure is that when developers get the requirements, they can pass this on to their affiliated bank. The bank will not only look at the COEC, but the payslip as well. They will also search for your name in their database; did you ever have a checking account or a savings account? Credit card? What is your net disposable income? Is the buyer married? Two incomes? The point is, there is a minimum required income for a housing unit which the developer has set (which you passed). The bank has higher requirements since they're the ones funding the loan.

Unfortunately, reservation fees are non-refundable and non-transferable, even if only two or three days have passed.

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6 possible reservation fee transfer/refund on Wed Jun 29, 2016 6:25 am

KRIStykrabb


Arresto Menor
Hi! I have a problem with my dad's recent home loan. Hope you can help me.

Dad got a home loan from Lancaster Estates Cavite for i dont know arrangement. But Im sure he had placed a 20k reservation fee already for a unit. Hindi pa matagal nung nagbayad sya, siguro days palang. Then last week he decided to cancel the purchase for the said unit and instead have it changed to a different unit of the same real estate project kasi napapangitan sya sa previous unit (obviously, hindi kame magkacancel ng purchase, kundi mag-iiba lang ng bibilhing unit). Then yesterday, tumawag yung representative ng Lancaster samen to tell us na need magplace ng new reservation fee for the change of a new unit at need na daw agad bayaran this friday. Tama po ba yun? I can sense something is fishy on this. Isnt reservation fee transferable? Whats our recourse on this?? I need a reply, asap. Thanks for the concern. Ive been worrying about this for days and I cant sleep. Sad



Last edited by KRIStykrabb on Wed Jun 29, 2016 6:42 am; edited 1 time in total (Reason for editing : erratum)

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7 Re: possible refund for reservation fee?? on Thu Jun 30, 2016 11:57 am

betchay001


Prision Mayor
Hello. Usually reservation fees are non-refundable AND non-transferable. That's why a transfer fee is usually paid to transfer to a new unit, new homeowner etc.

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8 Re: possible refund for reservation fee?? on Thu Jun 30, 2016 3:49 pm

ador


Prision Mayor
LESSON: DO NOT GIVE A RESERVATION FEE. Down payment na refundable in case of non-compliance nalang..

Hi Betchay,
Can a prospective buyer have a contract between him and developer or seller's agent and have it effected with the clause of refund due misrepresentation upon giving the down payment?
And how about filing a lawsuit for similar cases? where the product delivered to buyer is not according to the specs?



Last edited by ador on Thu Jun 30, 2016 3:57 pm; edited 1 time in total

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9 Re: possible refund for reservation fee?? on Thu Jun 30, 2016 3:53 pm

Lunkan


Reclusion Perpetua
ador wrote:LESSON: DO NOT GIVE A RESERVATION FEE.
Well.
DO NOT GIVE A RESERVATION FEE - before you are sure Smile

Because normaly are they only refundable if the OPPONENT didn't follow the deal FIRST.

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10 Re: possible refund for reservation fee?? on Thu Jun 30, 2016 3:59 pm

ador


Prision Mayor
What ya think Lunkan? Have you heard of a lawsuit like that?

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11 Re: possible refund for reservation fee?? on Thu Jun 30, 2016 5:22 pm

Lunkan


Reclusion Perpetua
ador wrote:What ya think Lunkan? Have you heard of a lawsuit like that?
There are a lot of missbehaving Developers. When it have went to court, and they lost, then the company have often been out of money to pay the punishments and depts... Evil or Very Mad
I don't know if there have been any Developer put in jail for such, when it has been handled so terrible so it's at scam level. Has it?

So no chance I would pay much in advance before build work steps are done Smile
(=Perhaps possible I can think of pay ONE step ahead, but I wouldn't pay next if the builder haven't done the paid step good.)

But there are good/ok developers too.

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12 Reservation fee refund on Tue Jul 26, 2016 12:14 am

Ariel kirstein


Arresto Menor
Hi! May kaibigan ako na nagbayad ng 10k at 5.7k for 4 months tapos nakareceive sya ng txt galing sa developer na hinahanapan na sya ng bagong unit kasi hindi daw pede yung napili nya due to encroahment. Balak na nya icancel yung loan. Tama lang naman na marefund nya lahat ng binayad nya including tung reservation fee diba?

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13 Re: possible refund for reservation fee?? on Tue Jul 26, 2016 12:16 am

Ariel kirstein


Arresto Menor
Yung 10k is reservation fee

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14 Re: possible refund for reservation fee?? on Tue Jul 26, 2016 8:17 am

Ariel kirstein


Arresto Menor
Yung 10k is reservation fee

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