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Downpayment for condo stopped - what happens?

divisionbyzero · 4 · 1966

divisionbyzero

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Hi everyone,

About 3 years ago, I was feeling optimistic and decided to buy a pre-selling condo unit at P20k/month for the downpayment for 36 months (0% interest).

Somewhere along the way, I ran into financial difficulties and stopped paying for the unit. I also had a realization that I would prefer more liquid investments with my money as well as a house and lot (instead of a condo) for living.

My question now is: What's going to happen to the downpayment amount that I paid? I have already paid a total of P150,000 so it's not a small amount. No checks were being mailed to me by the way even when I was still paying.

Would I still be able to recover it? Even partially?

Thanks and I hope someone can enlighten me on what my next steps might be.


JohanVIA

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Reply #1 on: Jul 25, 2014, 02:57 PM
Much depends on what is in the contract regarding default on payments.
The best advice I can give you is to go to a lawyer. That might better your chances a lot to recover at least some of the money.


mxherr5

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Reply #2 on: Jul 26, 2014, 02:44 AM
The Maceda law governs refunds on real estate installment payments.
I'm afraid that there's no refund if you have been paying for less
than two years. you'll have to depend on the developer's grace.

link: http://www.lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html


hakaw

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Reply #3 on: Jul 26, 2014, 11:08 AM
Yes, talk to the developer, if legally your payments are forfeited, i suggest makiusap ka na baka pwede mo ibenta rights mo to recover at least a fraction of what you shelled out. Sayang din.


 


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