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Lot installment,payment and turnover issues

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1 Lot installment,payment and turnover issues on Thu Dec 29, 2016 7:12 pm

Richardvillanueva


Arresto Menor
Hi. I purchased a lot in Nuvali last september 2015. Developer is Alveo
TCP is 5M
The terms was 20% DP payable in 18mos monthly installment and 80% balance upon completion of DP

The lot is to be turned over on early 2018, and according to my payment terms, i need to pay the 80% balance on APR 2017(i will do bank financing).

My question is does the developer have the right to claim the 80% balance on APR 2017, as i have signed the payment terms. Or do i have the right to withold the 80% balance until the lot is ready for turnover? As i understand that once i go for bank financing, the bank will pay the developer in full. Its like paying a car in advance but you can only use it one year after.

Another dilemma is the Contract to sell is still not given to me, as ALVEO is pushing me to issue a PDC of the 80% balance before they can issue the CTS. They told me that its their "policy"

I already sent a formal request to the developer to withold the 80% dp until they are ready for turnover, but they havent reply and it has been 3 months

Can someone please help me with this issue,

Thanks and happy holidays!

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