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need help and advice regarding annuling a shop rental contract

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ruskyrab


Arresto Menor
hi there,i need advice please,we rented a shop in iligan city.the woman told us it was making more than it actually is and now we have signed a 2 year contract to pay the rental every month.2 months in to the contract we are finding the money the shop is making is not even enough to cover the rent never mind expenses and we are just shoving money into a big hole,is there any way to get out of this contract and give her the shop back?i dont mind losing the 3 months deposit i just want rid of it as its causing a lot of arguements in the family.please help and give me advice

many thanks
rob

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attyLLL


moderator
what does your contract say about canceling the contract?


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3 re contract on Sat Sep 24, 2011 2:01 am

ruskyrab


Arresto Menor
hi thanks for your reply.the contract stateswe will be responsublefor thewhole of the 2 years rent.which is 15k pesos monthly.its very difficult as we are having use savings just to pay the rent as its not making enough to cover the rent.the owner must have knew this when she rentee us the shop.im just wondering if theres anything we can do here if we want to hand her it back.she might end up suing us for the defecit.we dont have any money really all we have is our small house and dont want to lose that.i know it must cost her alot of money and time to sue us but we might end up losing and paying.i was kind of hoping she might not have the money to sue us and therefore just take her shop back and move on.iwas just wondering if there is any legal precedent or loophole to get us out of thatcontract without potentially losing our home in the end

many thanks

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attyLLL


moderator
the normal practice is that the deposit is forfeited if you cancel the contract.


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