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

CONTRACT TO SELL WITH NO PROVISION ON PENALTY

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

1 CONTRACT TO SELL WITH NO PROVISION ON PENALTY on Sun Jan 23, 2011 8:23 am

garynaldoza


Arresto Menor
CAN A DEVELOPER COLLECT PENALTY IF MY cts with them stated no provision for it?

If yes what would be the reasonable penalty rate?

Thank you.

View user profile

attyLLL


moderator
please be more descriptive about the situation? what is the penalty for? why was it applied?


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

garynaldoza


Arresto Menor
I was in default for two months amortizations. thanks for the attention on my query.

View user profile

attyLLL


moderator
how much did they charge?

the law states that delay entitles the creditor to interest and damages. you can argue that you are allowed by the maceda law to pay without penalty for delay of one month per year of payments but you are allowed this grace period only once. unfortunately, if you have to litigate to enforce, you will have to file a case at hlurb.


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

garynaldoza


Arresto Menor
THANK YOU.

View user profile

ponapem


Arresto Menor
to ask another along the same line, our contract to sell and master deed states that the developer and condo corp can collect 3% interest penalty per month for late payments like installments, association dues, assessments etc.

but now they are charging in addition to the 3% per month, another 10% per month they call a 'surcharge'.

i've read the cts and master deed 20 times and i can't see anywhere they hidden or reserved the right to charge us anything other than the 3% stated.

question, can they do this?

thanks in advance

View user profile

barister98


Arresto Menor
if its not in the contract then they do not have a basis in collecting it.it is however strange that they forgot to put it there.perhaps they placed it in the penalty and surcharge clause which might be even higher than the supposed interest.

View user profile

ponapem


Arresto Menor
barister98 wrote:if its not in the contract then they do not have a basis in collecting it.it is however strange that they forgot to put it there.perhaps they placed it in the penalty and surcharge clause which might be even higher than the supposed interest.

the word surcharge does not exist anywhere in my readings of cts or master deed.

do you know of any jursiprudence or what can i specifically tell condo as to why they can not collect it. obviously they feel they have the right to collect it.

View user profile

Okiks


Arresto Menor
Hello Atty.

I have a housing loan in BPI, the term is five years to pay with 11.+% of interest per annum total price of 2m pesos fixed. Based on the agreement between me and BPI that I signed, failure to pay my monthly mortage in five (5)consecutive months it will be subject for foreclosure. I suppose to fully paid it by Sep 2011.
Just I want to know what will happen if I fail to pay my monthly mortage in five (5) consecutive months.?
These are my situation right now.. I'm an OFW and previously worked in Qatar EP&C, under Japanese company. I finished my contract last end of Oct. 2010 and now I'm here in Philippines without a job almost four months already. And I have no any idea when will our next project will start. So since I have small savings in my bank account I'd pay in advance for three months. So my last payment was February 2011.
I also just want to know what is the best remedy for this matter just to avoid foreclosure.
I hope you understand what I'm trying to say.
I'm looking forward to receive your reply.

Thank you and more power to you.

Best regards,
Kiko

View user profile

attyLLL


moderator
keep talking to the bank, ask for leniency and pay what you can. 5 months to get back on track is a long time. any foreclosure after that will not be considered unreasonable.


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

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