Condominium Pull-out/Cancellation/Refund

Hi Sir/Ma'am,

Would like to seek for your advice regarding my acquired condo unit in smdc. Last March 31, 2014 I reserved a unit in Grass Residences. Monthly amortization is at 7k/month from April 2014 until March 2016. Though I was able to pay the M/A, I'm thinking of not pursuing with the property anymore for some personal reason/s. Am I entitled for a refund? I was able to pay for the 25k reservation fee and m/a of 7k up to this month April 2015. I'm hoping you could enlighten me in this concern. Thank you in advance.

Me nabasa ako recently madam na me tinatawag na Maceda law. Parang ang sabi dun, if the buyer paid the amortization for 2 years already, the buyer is entitled for 50% refund. Search mo po yung Maceda Law.

Another option nyo is to sell the property to someone para me makabalik pa rin sa mga binayad nyo kahit paano. Although don't expect the buyer to give to you the amount na inilabas nyo na. Usually, cheaper na lagi ang benta nun.

Assuming April 2014 to April 2015, 2 years . Note the time frame on notice of cancellation and payment of installement.

Quoting salient provisions from the Maceda law RA 6552:

Entitlement after payment of at least years Section 3
“In all transactions or contracts, involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants under Republic Act Numbered Thirty-Eight hundred forty-four as amended by Republic Act Sixty-three hundred eighty-nine, where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:”

On Cancellation Section 3 (b)
“If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent of the total payments made and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made; provided, that the actual cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer. Down payments, deposits or options on the contract shall be included in the computation”

On Cancellation of Contract after 30 days from receipt Section 4
“In case where less than two years of installments were paid the seller shall give the buyers a grace period of not less than sixty days from the date the installment become due. I f the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.”

to avail maceda law, you have to be in default, otherwise it will not apply...unless you will start defaulting now

Thanks everyone for posting your suggestions/inputs. Are there any ways for me to be entitled for a refund given that we are in the period of less than 2 years or to be exact 1 year pa lang naghuhulog? Though, I understand na I can't get the full value of payments been made, I'm hoping that I can get kahit 50% man lang. Nowadays kasi ang hirap humanap ng buyer kahit lower price pa yung ipabayad mo in transferring the property to them. Your inputs/comments will be highly valuable. Thanks in advance.

I also availed of a condominium from Megaworld. The turn over is July 2016.

few months back, when I was following-up my CTBS from them (late kasi nila binigay as in 2 years ang nakalipas bago ko nahawakan), nagulat pa yung taga Megaworld na nagbabayad pa rin pala daw kami. Common daw kasi na after several months at hindi umaabot ng taon, hindi na nagbabayad ang mga kumukuha ng condo. Which means, dagdag kita sa kanila. TY kasi eh.

So, nakausap mo na po ba ang agent mo just in case he/she can help you look for buyer kesa ma TY k?

I would like to seek an advice regarding the condo that i purchased back in March 2012, i want to cancel the  contract now and about to turn over on February 2016. My payment is all on time and i have good record but due to personal reason, i dont wnat to continue anymore.Am i able to get the full 50 percent ( as per maceda law) of total amount? And their customer service says that processing for cancellation is 1 to 3 months. do we have a law that states the specific time of reimbursement? and if yes, how long?