rent to own condo

mommyIT · 1 rent to own condo Tue Jan 05, 2016 10:17 am

mommyIT

Arresto Menor

Posts : 6
Join date : 05/01/2016

Hi Guys,

We are living in a condo after paying the move in 5% and the remaining 15% for 24 months, di pa kami tapos till march 2016 pa (PDC) then bank financing. Since napakapanget ng management ng admin ng condo we plan to either sell or refund (worse case) and not proceed with Bank financing.If we plan to pay till 24 months can we qualify sa 50% refund under Maceda Law since 2years ung installment kahit nakatira na kami sa condo?

Thanks in advance,

Mommy IT

karl704 · 2 Re: rent to own condo Mon Jan 11, 2016 6:29 pm

karl704

Reclusion Temporal

Posts : 234
Join date : 22/04/2012

dont get too interested with the 50% refund because the law does not say half of the actual amount you have tendered but rather half of the payments made, meaning the principal loan. A large chunk of the amounts you are giving to the developer are for the interests and around 30% only serves as payment for the principal loan. So, assuming you are qualified to a refund, only half of the 30% credited as payment to the princiapl amount will be refunded to you.

mommyIT · 3 Re: rent to own condo Wed Jan 13, 2016 9:42 pm

mommyIT

Arresto Menor

Posts : 6
Join date : 05/01/2016

karl704 wrote:dont get too interested with the 50% refund because the law does not say half of the actual amount you have tendered but rather half of the payments made, meaning the principal loan. A large chunk of the amounts you are giving to the developer are for the interests and around 30% only serves as payment for the principal loan. So, assuming you are qualified to a refund, only half of the 30% credited as payment to the princiapl amount will be refunded to you.

We are still paying the 20% equity on a 0% interest rate for 24 months, we got a 5% move in "promo" and arrange to pay the remaining 15% via installment 24 months PDC.We want to cancel before we do bank financing or in house financing.

betchay001 · 4 Re: rent to own condo Thu Jan 14, 2016 8:54 pm

betchay001

Reclusion Perpetua

Posts : 303
Join date : 23/11/2015

To cancel you must inform the developer AND HLURB in writing. Your payments must have reached 24 installments. Do it after you've reached your 24th installment and move out.

mommyIT · 5 Re: rent to own condo Fri Jan 15, 2016 9:06 am

mommyIT

Arresto Menor

Posts : 6
Join date : 05/01/2016

betchay001 wrote:To cancel you must inform the developer AND HLURB in writing. Your payments must have reached 24 installments. Do it after you've reached your 24th installment and move out.

Do we move out after they receive the letter? or will we receive a letter from them? or after we receive the refund?

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rent to own condo

1 rent to own condo Tue Jan 05, 2016 10:17 am

mommyIT

2 Re: rent to own condo Mon Jan 11, 2016 6:29 pm

karl704

3 Re: rent to own condo Wed Jan 13, 2016 9:42 pm

mommyIT

4 Re: rent to own condo Thu Jan 14, 2016 8:54 pm

betchay001

5 Re: rent to own condo Fri Jan 15, 2016 9:06 am

mommyIT

6 Re: rent to own condo

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