Q. Good afternoon po,hingi po sana ako ng payo about sa condo na hinuhulugan ko. Nag start po ako ng payment noong December 2012. Naka two years years payment na po ako. kaso marami po problem sa bank loan ko dahil wala ako sa Pilipinas and nagkasakit din po ako .
Gusto ko na lang icancel ung condo due to my problem sa pagloan ko sa bank. Pag kinancel ko po ba ung condo mababalik po ba sa akin ung binayaran ko for the past two( 2) years ? kindly asking for help kung ano po dapat kung gawin.Thank you po & waiting for reply.God bless. Delia.
Ans: Hello there, Ang dapat mong gawing ay maki-pag ugnayan ka sa Housing Land Use Regulatory Board(HLURB). Suriin mong mabuti ang mga dokomentong nilagdaan mo with the Developer. Tulad ng Reservation Agreement, Contract to Sell at iba pa. Ano bang ang nakasaad dito, kung sakaling macancel ang transaction, lalo pat kung ang buyer na tulad mo ang mag cancel at bali wala nito. As rule, kung ano ang pinag kasunduan ninyo with the Developer sa mga dokomenting nilagdaan mo, ito ang masusunod. Maliban na lang kung ang nakasaad dito ay labag sa batas at public policy ng bansa.
Wala sanang issue sa gusto mong refund ng naibayad mo na kung ang developer nag cancel ng Sales Contract mo. Sa situation mo ikaw ang may gusting sirain ang contrata mo with the Developer. So unless may sapat na dahilan upang icancel mo ang contrata, tulad ng failure of the develper to comply with the terms and condition of the Contract to Sell at iba pang kasunduan, medyo di ka makakatiyak na makukuha mo ang full refund. Kung mayroon mang marefund sa iyo, maaring may bawas na ito, by way of penalty charges, commission payment sa broker(s) at iba pa.
Ang karapatan mo ayon sa batas ay ibenta at ilipat mo sa iba ng rights mo, upang sa ganoon mabawi mo ang naihulog mo na. For your reference, the rights of condo buyers in installments sale as provided for under the so called MACEDA law, which can be invoked by the buyers of real estate on installments sales are hereunder provided:
1. FIRST: When the buyer defaults in the payment of the installment due and in this case, the buyer is entitled to a grace period of not less than 60 days for the buyers who has paid less than two(2) years of installments, without additional interest. The total grace period earned by buyer is fixed at the rate of one month grace period for every one year of installment made. However, this right can only be exercised by the buyer once in every five(5) years for the duration of the sales contract inclusive of extension, if any. (Sec. 3a –Maceda Law).
2. SECOND: When the Sales Contract is cancelled by the Developer or Seller. In this case, the buyer is entitled for refund to the cash surrender value of the payments made on the property which is equivalent to fifty percent of the total payments made. Furthermore, if the buyer has already paid for more than five(5) years of installments, an additional five(5) percent every year but not to exceed 90% of the total installment made. Provided that the actual cancellation or the demand of rescission of the contract by the Seller is made by means of notarial notice . Under the law, the downpayment(s), deposits or options on the contract shall be included in the computation of the total number of installment payments made.
What you can invoke as a matter of right under the Maceda law, should you intend not to proceed with the installment sale, is to sell and transfer your rights of subject condominium unit to prospective buyers pursuant to Section 5 of the Maceda law. This is the best and effective way for you to at least recover whatever payments you have already paid through your bank. This is a matter of right that the Seller or Developer cannot stop you from selling or disposing the condominium unit.
Thus, your first order of business is to look for interested buyers of the condo unit and should you find one, inform the Seller/Developer in writing of your intention to assign your rights of the condo unit in accordance with the Maceda law.
However, where the terms and conditions in the contract documents that you signed are oppressive, grossly unfair, confiscatory and contrary to law and public policy ,you can file a complaint with the Housing and Land Use Regulatory Board(HLURB) and you may engage the services of professional services of a lawyer for the purpose.
Looking forward you’ll find the above in order. Thank you for writing and for being part of the “Batas Pinoy Global Community”.
Thank you for writing and for being part of the “ Batas Pinoy Global Community”.
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