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?
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.
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"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 admin
under the Real Estate
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comments. The article was created on 30 October 2016
and updated on 30 October 2016