Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

rent to own condo

View previous topic View next topic Go down  Message [Page 1 of 1]

1 rent to own condo on Tue Jan 05, 2016 10:17 am

mommyIT


Arresto Menor
Hi Guys,

We are living in a condo after paying the move in 5% and the remaining 15% for 24 months, di pa kami tapos till march 2016 pa (PDC) then bank financing. Since napakapanget ng management ng admin ng condo we plan to either sell or refund (worse case) and not proceed with Bank financing.If we plan to pay till 24 months can we qualify sa 50% refund under Maceda Law since 2years ung installment kahit nakatira na kami sa condo?

Thanks in advance,

Mommy IT

View user profile

2 Re: rent to own condo on Mon Jan 11, 2016 6:29 pm

karl704


Prision Mayor
dont get too interested with the 50% refund because the law does not say half of the actual amount you have tendered but rather half of the payments made, meaning the principal loan. A large chunk of the amounts you are giving to the developer are for the interests and around 30% only serves as payment for the principal loan. So, assuming you are qualified to a refund, only half of the 30% credited as payment to the princiapl amount will be refunded to you.

View user profile

3 Re: rent to own condo on Wed Jan 13, 2016 9:42 pm

mommyIT


Arresto Menor
karl704 wrote:dont get too interested with the 50% refund because the law does not say half of the actual amount you have tendered but rather half of the payments made, meaning the principal loan. A large chunk of the amounts you are giving to the developer are for the interests and around 30% only serves as payment for the principal loan. So, assuming you are qualified to a refund, only half of the 30% credited as payment to the princiapl amount will be refunded to you.

We are still paying the 20% equity on a 0% interest rate for 24 months, we got a 5% move in "promo" and arrange to pay the remaining 15% via installment 24 months PDC.We want to cancel before we do bank financing or in house financing.

View user profile

4 Re: rent to own condo on Thu Jan 14, 2016 8:54 pm

betchay001


Prision Mayor
To cancel you must inform the developer AND HLURB in writing. Your payments must have reached 24 installments. Do it after you've reached your 24th installment and move out.

View user profile

5 Re: rent to own condo on Fri Jan 15, 2016 9:06 am

mommyIT


Arresto Menor
betchay001 wrote:To cancel you must inform the developer AND HLURB in writing. Your payments must have reached 24 installments. Do it after you've reached your 24th installment and move out.

Do we move out after they receive the letter? or will we receive a letter from them? or after we receive the refund?

View user profile

6 Re: rent to own condo Today at 8:05 pm

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum