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I need real state advice pls!

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1 I need real state advice pls! on Fri Sep 05, 2014 6:16 am

alex01952


Arresto Menor
Hi, 3 years ago December 2010 I bought a condo unit with First Homes Makati, management was transfered to Eton properties about a year later. Another year after that they moved the turnover date to another 2 years and finally cancelled the project last June 2014. Ung problema po ay hanggang ngayon d ko pa nakukuha ung pera ko, sabi nila 1-2 months daw once they get the Statement of Account pero hanggang ngayon d pa nila nakukuha un.

My question is may law ba about the developer canceling the project? Ung nahanap ko lang kc is if the buyer cancels the contract kalahati lang ung makukuha ng buyer. They said they will give me a full refund which is fine kung mabigay lang sana nila kaagad. Inis na talaga ako and I want to take action, will I get anything from sueing them? Any help will be appreciated. Neutral

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2 Re: I need real state advice pls! on Fri Sep 05, 2014 12:28 pm

hustisya


Prision Correccional
PRESIDENTIAL DECREE No. 957
Section 23. Non-Forfeiture of Payments. No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer may, at his option, be reimbursed the total amount paid including amortization interests but excluding delinquency interests, with interest thereon at the legal rate.

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3 Re: I need real state advice pls! on Fri Sep 05, 2014 12:32 pm

hustisya


Prision Correccional
Section 24. Failure to pay installments. The rights of the buyer in the event of this failure to pay the installments due for reasons other than the failure of the owner or developer to develop the project shall be governed by Republic Act No. 6552.

Where the transaction or contract was entered into prior to the effectivity of Republic Act No. 6552 on August 26, 1972, the defaulting buyer shall be entitled to the corresponding refund based on the installments paid after the effectivity of the law in the absence of any provision in the contract to the contrary

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4 Re: I need real state advice pls! on Sat Sep 06, 2014 10:15 am

alex01952


Arresto Menor
Thanks! So should I go ahead and sue? The interest should pay for the lawyer and speed things up right?

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5 Re: I need real state advice pls! on Tue Sep 09, 2014 6:20 pm

hustisya


Prision Correccional
Much better. It will depend on your agreements with the lawyer on how you will pay his service. Right, it will move fast. Another option is you can file a complaint against the developer before the office of HLURB.

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