Last Sept. 17, 2010 I entered a transaction with a developer to buy a house and lot through PagIBIG financing. I paid the downpayment required and signed the Reservation Agreement.
From then on up to January 20, 2011 I complied with the needed downpayment and documents.
Around February of 2011 I was able to comply with all the needed documents and downpayment and was advised to wait for about 1-3 months as they process my PagIBIG loan and that they will just contact me once they can already turnover the property to me. I was also advised to continue paying my monthly amortization through post dated cheques, in which I deed.
May 16, 2011; having received no notice from the developer I went to their office to inquire about the house & lot and it was then that I was informed that the financing of the house and lot will no longer be through PagIBIG but through the bank of their choice in which the amortization will be higher than what was in the original agreement.
After informing me, they then handed out papers (reservation agreement, contract to sell, insurance, etc.)which I'm supposed to sign again for the transaction to push through, I opted not to sign the papers then (since I noticed that some of the fields in it were left blank).
Some of my questions are:
1. Do I have the right not to push through with the transaction since one of my reasons for entering such transaction is knowing that the financing will be through PagIBIG?
2. If I opted not to pursue with the transaction will I be able to get back the full amount I paid since in good faith I've complied with all the requirements as stated in the initial agreement and will be willing to continue had they not change the financial institution?
Thanks a lot.