i paid the downpayment of a real estate property but i have not signed any contract, then i decided to cancel the transaction due to loss of income.
i paid a total amount of Php 175,000.00 but the real estate office only paid me Php 115,000 in 3 installments over a year period. the remaining Php 60,000 is gone, they said there are fees that cannot be waived.
my question is;
1. with this kind of incomplete transaction (no contracts were signed), is it really legal not to give the remaining Php 60,000?
2. shall i accept the fact that the money was totally lost?
please your advice is badly needed, i will meet the real estate agent by wednesday and i want to know what is my right referring to this transaction.
thank you in advance for your help.