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Cancellation of Agreement

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1 Cancellation of Agreement on Mon Sep 26, 2016 9:39 am

superjong


Arresto Menor
Hi,

Last year, I made a deal to buy a pre-owned condo directly from an owner. The arrangement is that I will loan the payment from the bank (through a housing loan). The deal did not push though due to some difficulty with the loan approval, etc. To cut the story short, we agreed to cancel the deal and he will refund the money I gave him in half, which is around Php150,000. He asked me to give him 3 years to pay this. My question is, what legal letter/document should I come up with so that I can assure that he'll pay me within the next three years.

Also, he promised that he will pay me once the condo is sold.

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2 Re: Cancellation of Agreement on Mon Sep 26, 2016 2:38 pm

payoneer


Arresto Menor
superjong wrote:Hi,

Last year, I made a deal to buy a pre-owned condo directly from an owner. The arrangement is that I will loan the payment from the bank (through a housing loan). The deal did not push though due to some difficulty with the loan approval, etc. To cut the story short, we agreed to cancel the deal and he will refund the money I gave him in half, which is around Php150,000. He asked me to give him 3 years to pay this. My question is, what legal letter/document should I come up with so that I can assure that he'll pay me within the next three years.

Also, he promised that he will pay me once the condo is sold.

Did you execute some form of deed or contract with the seller for the supposed sale of his condo? If you did, you have to first note if there is any provision in case the "deal" did not push through.

If its not in writing, you could send him a formal demand letter for the return of your money. Should he fail to heed your demand, then you could go ahead and file a small claims case (lawyers not allowed to appear) to get your money back.

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3 Re: Cancellation of Agreement on Tue Sep 27, 2016 1:10 am

ViNZsters


Arresto Menor
Or you can let him execute a promissory note to evidence that he has a debt to you. so when the time comes that the debt is due and you demand payment, he cant' or refuse to pay. You can file a collection of sum of money that is supported by yours evidences such as the "contract to sell" and the "promissory note".

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4 Re: Cancellation of Agreement Today at 10:32 pm

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