Home » Articles » Real Estate

What to do if you're a condo or subdivision owner who has a reason to cancel the contract with the real estate developer?...

Imagine this scenario. Let's say you're a condo owner or subdivision owner in the Philippines and you found out that there's a real problem with your condo or house (for example, structural defects). You're now prompted to stop your payments and want a refund. But the developer refuses to give you a refund.

What's the procedure in terms of getting your money back?
Answer

If you can prove a substantial violation, you have the right to rescind (cancel your mortgage loan).

But of course, you have to go to filing a case in the Housing and Land Use Regulatory Board (HLURB). You have to prove your case by stating that there's actually a ground to cause the cancellation of contract such as the substantive violation of the contract of sale.

In getting the refund that the developer refuses to give to you, you can file a case to the HLURB or to the court. You can also file an administrative case in the HLURB.

If you have any problems related to this, you may post your concerns or problems in the comment below.
 

Please support us in writing articles like this by sharing this post

Share this post to your Facebook, Twitter, Blog, or any social media site. In this way, we will be motivated to write articles you like.

--- NOTICE ---
If you want to use this article or any of the content of this website, please credit our website (www.affordablecebu.com) and mention the source link (URL) of the content, images, videos or other media of our website.

"What to do if you're a condo or subdivision owner who has a reason to cancel the contract with the real estate developer?" was written by Mary under the Real Estate category. It has been read 2119 times and generated 0 comments. The article was created on and updated on 30 October 2016.
Total comments : 0