LEGAL INFO NEEDED - Reimbursement of Payment

trabz22

Good day, i bought a pre selling house in cebu, i paid already the reservation fee and 6 months for the equity. Our process of payment and transcation with the agent was thru online banking due to the reason of lock downs and im from bohol. Now i have been patient with my agent for a long time. I have been sending money to the developers bank account and i am asking for an OR for our every transactions and they cant provide me with it. They say they have a record of our payment they will.give me the OR after paying all of the equity which is legally wrong anf unfair for my part as a buyer. This agent barely inform me regardy my property and does not actively reply to my inquiries with the property i bought. Now i decided to withdraw and im asking if i can have an reimbursement for the payments ive made? please help me with my situation. Thanks

CaaPacificRealty

trabz22 May I clarify the total number of months paid? You mentioned that you paid 1. Reservation Fee (which is deductible from the total contract price) and 2. 6 months equity (which I presume is down payment), and lastly 3. monthly payments remitted to the developer (how many months?). Under R.A. 6552 or the Realty Installment Buyer Protection Act or Maceda Law, a buyer is entitled to refund (50% minimum or up to 90%) if you have made at least two (2) years installments. Hope this helps.

trabz22

CaaPacificRealty
thank you for the reply. i only paid 7 months of the equity and im behind 6 months now so i decided to cancel contract. so, under the maceda law, im not entitled for a refund?..do i have to pay my penalties of the months i did not paybbefore i decided to cancel the contract?

CaaPacificRealty

trabz22 Unfortunately, yes - you're not qualified under Maceda Law (the law is clear regarding this matter). Re penalties, you have to re-read the contract/agreement with the developer on your contractual obligations i.e. penalties. .

megumie0k

Hi. I have a similar scenario. However, I completed my equity on top of my reservation fee and I decided to file for withdrawal/refund. I've been paying since 2021 and haven't seen any improvements whatsoever in the project. Their communications as well are very very questionable that I have to personally go to their office just to get any good info about the project. When you mentioned 50% minimum up to 90%, what are the basis of this? I mean, how can I be sure that I can at least get 90% refund of what I paid for instead of just 50%? Thank you.