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Contract to Buy and Sell not received yet

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1 Contract to Buy and Sell not received yet on Tue May 30, 2017 9:03 am

loco_coconut


Arresto Menor
I am currently paying for a pre-selling townhouse (DP payable for 2 years) but the contract I signed with the developer has not been sent to me. When I signed the contract, developer told me that it would be mailed to me once the president (of the company) has signed it. It has been 6 months that I am paying for the DP and I haven't received the contract yet. Developer said they're still waiting for other buyers to sign their contracts. I am worried that I don't have the papers to prove that I have an agreement with them to buy the property I am paying for. Is this normal, for developers to issue the signed contracts so late?

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2 Re: Contract to Buy and Sell not received yet on Tue May 30, 2017 10:44 am

Jadis

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Reclusion Perpetua
You could ask for a copy of the unsigned contract for your reference.

In the building where I am in now, I paid in full (took out a loan) and was given a receipt of my payment, pending the signing of my contract. They was a half a year delay on the turnover, but ah well, such is the way with developers nowadays, I guess.

Your receipts of payment are proof enough that you have an agreement with the developer.

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3 Re: Contract to Buy and Sell not received yet on Tue May 30, 2017 6:32 pm

Lunkan


Reclusion Perpetua
loco_coconut wrote:Developer said they're still waiting for other buyers to sign their contracts. I am worried that I don't have the papers to prove that I have an agreement with them to buy the property I am paying for. Is this normal, for developers to issue the signed contracts so late?
That's bullshit! Of course they are suppoused to send contracts to each buyer without delay. (One WEEK or so can be ok...)
loco_coconut wrote: Is this normal, for developers to issue the signed contracts so late?
Yes, it's normal for BAD developers...

I wouldn't start paying a peso before I got a SIGNED contract send to me... Then can developers get a reason to send signed contract... Very Happy

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4 Re: Contract to Buy and Sell not received yet on Tue May 30, 2017 7:13 pm

Jadis

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Reclusion Perpetua
The delay is actually favorable to me. I did not want to pay the real estate taxes and the transfer fees before I actually moved in and the delivery of the completed deed of sale meant that I am already the owner responsible for these things.

And if they gave me the signed and notarized deed, that means that I had a month to settle the documentary stamp taxes (I did not agree to shoulder capital gains tax).

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5 Re: Contract to Buy and Sell not received yet on Wed May 31, 2017 2:22 pm

betchay001


Reclusion Perpetua
In some cases, the first document is the Reservation Agreement, which contains the agreement the homeowner has with the Developer.  

The Contract to Sell is executed when the DP has been fully paid (since some homeowners do not continue their purchase during the equity period).  Can't answer for other developers, not sure if that's the standard procedure.  

loco_coconut wrote:I am currently paying for a pre-selling townhouse (DP payable for 2 years) but the contract I signed with the developer has not been sent to me. When I signed the contract, developer told me that it would be mailed to me once the president (of the company) has signed it. It has been 6 months that I am paying for the DP and I haven't received the contract yet. Developer said they're still waiting for other buyers to sign their contracts. I am worried that I don't have the papers to prove that I have an agreement with them to buy the property I am paying for. Is this normal, for developers to issue the signed contracts so late?

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