Author Topic: Is it possible to discontinue your contract with your developer? (Read 455 times)

nicole16 · « **on:** Aug 03, 2012, 05:19 PM »

What if you decided not to continue a condo/house you acquired because you are not happy with the developer or personal reasons is it possible? or will it cost you anything?

jomor · « **Reply #1 on:** Aug 03, 2012, 05:24 PM »

have you paid them reservation or downpayment already?

nicole16 · « **Reply #2 on:** Aug 03, 2012, 05:49 PM »

yes 10% down payment.

jomor · « **Reply #3 on:** Aug 03, 2012, 07:13 PM »

Quote from: nicole16 on Aug 03, 2012, 05:49 PM

yes 10% down payment.

I don't think that is possible because the CTS is now in effect... if you are not happy with the developer, the best step to do is to write them a formal letter citing those matters that make you unhappy... suggest that you direct your letter to the CTS signatory (developer) and have it received, cc HLURB...

JesseG · « **Reply #4 on:** Sep 11, 2012, 11:07 AM »

I think it is possible. However, with consequences. First, I'm sure your CTS states forfeiture guidlines which state that the money you have paid is non-refundable. In addition, there may be several developers who will charge you additional since there has been additional costs that have been incurred during your purchase (i.e., sales and marketing costs, administrative, documentation, etc).

So the suggestion of jomor is still the most prudent thing to do. Inform them of your concerns and try to work it out. It is best to keep HLURB in the loop