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Condo Refund

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1 Condo Refund on Wed Aug 31, 2016 11:30 pm


Arresto Menor
I just want to ask if it is possible to get a refund for the condo accumulated monthly payment for the reason of lack of trust on the developer, I heard on the news today that there was an accident happened on the construction site where the condominium is built, on the news it stated there the developer can face charges due to lack of permit on the construction site, on the permit they applied from OBO it only state a permit for demolation and no permit for excavation so they will face charges on that, so now i feel that this can depreciate the value of the building and no trust at all of the developer and for the security of my money because im thinking that the market price of this building will now depreciate due to the incident.. Below are the other details:
EQUITY: 120,000 payable for 30months
Monthly payment: 14,000 (I paid this amount so that principal value after 30months will be lesser)
Start of payment: January 2016

Hope you can guide on this, to save my hard earned money.. Thanks..

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2 Re: Condo Refund on Thu Sep 01, 2016 1:10 am


Reclusion Perpetua
Well. It's possible to file a case when the developer have broken your contract. PERHAPS a court would find it breaking the contract with you by not having permits.
BUT even IF you would winn such case, such would take years, and big risk the developer go bankruptcy before you get anything Sad

I don't know the personality of the developer, PERHAPS worth trying these STEPS, although some get stubborn and refuse EXTRA by such.
1. Ask KINDLY if you can get refund.
2. If No, step up and say you find the contract broken by the developer and see reaction.
3. Threath to go to court if you don't get (a big part) refunded. PERHAPS the developer agree to some to avoid more bad publicity. I guess not, but PERHAPS worth trying, it depend of the personality of the developer.
It's big risk the developer CAN'T pay back too.

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3 Re: Condo Refund on Thu Sep 01, 2016 10:39 am


Arresto Menor
Thanks for your advice Sir..

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4 Re: Condo Refund on Thu Sep 01, 2016 3:57 pm


Reclusion Perpetua
Hello, you have to be specific as to what the developer has broken, with regards to your contract.

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