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We entered in to a contract of sale last January of 2010. It is a town house unit situated in Q.C. We already paid reservation fee, 20% down payment and transfer title fee in December of last year totalling Php .5M and provided pertinent documents such as proof of income, list of assets and liabilities for them to furnish to their accredited bank to apply for financing loan for the remaining 80% of the selling of the unit.
The marketing officer of the said townhouse which happens to be my high school classmate made false statements just to close the sale transaction.
1. The water supply is directly from Maynilad but just recently the whole subdivision is suffering because water supply has been cut due to homeowner’s association was not able pay Maynilad a large amount of money for the water consumption of the whole subdivision. Who wants to live in a waterless community? Who wants to have headache every time the homeowner’s association is not paying the Maynilad.
2. The marketing officer told me not to declare our outstanding car loan to other bank so that this will not create any problem for the bank to approve our loan. But I am telling them ( broker and marketing officer) that the bank has a way of knowing it. So just today bank called asking me about the car loan and I admitted that I have an outstanding car loan that will be finished after 1 ½ years. This will be a reason for them to not approve our loan or perhaps approve it but not the whole 80% and sad to say the remaining amount from 80% will be paid by us in cash.
3. That bank approval is 100% guarantee because the first screening is being done with them (the developer) before they will proceed applying for financing to bank. Obviously this is not happening right now.
Can we demand them to return all the money we paid to them since our loan has been disapproved if not partially approved? We are not capable of raising anymore cash to finance whatever left from 80%. We hold on to what the marketing officer told us that it will be 100% approval guarantee and no additional cash out requirement.
Please give me legal advice and by the way I am no longer interested to pursue the contract after what I’ve found out with the water supply problem. We need our money back...ang tagal ng natutulog pera namin sa developer.
The marketing officer of the said townhouse which happens to be my high school classmate made false statements just to close the sale transaction.
1. The water supply is directly from Maynilad but just recently the whole subdivision is suffering because water supply has been cut due to homeowner’s association was not able pay Maynilad a large amount of money for the water consumption of the whole subdivision. Who wants to live in a waterless community? Who wants to have headache every time the homeowner’s association is not paying the Maynilad.
2. The marketing officer told me not to declare our outstanding car loan to other bank so that this will not create any problem for the bank to approve our loan. But I am telling them ( broker and marketing officer) that the bank has a way of knowing it. So just today bank called asking me about the car loan and I admitted that I have an outstanding car loan that will be finished after 1 ½ years. This will be a reason for them to not approve our loan or perhaps approve it but not the whole 80% and sad to say the remaining amount from 80% will be paid by us in cash.
3. That bank approval is 100% guarantee because the first screening is being done with them (the developer) before they will proceed applying for financing to bank. Obviously this is not happening right now.
Can we demand them to return all the money we paid to them since our loan has been disapproved if not partially approved? We are not capable of raising anymore cash to finance whatever left from 80%. We hold on to what the marketing officer told us that it will be 100% approval guarantee and no additional cash out requirement.
Please give me legal advice and by the way I am no longer interested to pursue the contract after what I’ve found out with the water supply problem. We need our money back...ang tagal ng natutulog pera namin sa developer.
