REFUND FOR DOWNPAYMENT

Good Day!!

Magtatanong po ako kung tama ba na wala talaga kaming makukuha sa downpayment namin na mahigit 100k na nirerefund na lang sana namin kasi we are not able to pay it na? Wala naman po kaming palya sa payment. Sabi po nila ay wla kaming makukuhang refund kahit magkano. If ever po sana may pumansin. In need din po kami ng attorney if ever. Maraming Salamat po..

Hello po,

Please give more details such as:

1. How many months is the equity payment?
2. How long ago was the last payment?


Thank you.

Under the Maceda Law, there are two qualification categories of buyers accorded protection. These buyers are:
1.Under Section 3 of Maceda Law, a buyer with at least 2 years of installments
2.Under Section 4 of Maceda Law, a buyer with less than 2 years of installments

In other words, Section 3 of Maceda Law indicates that the buyer has a right to a refund and grace periods as long as the buyer has paid at least two years. However, if there’s still less than 2 years of installment payments made, the buyer is only entitled to 60 days grace period as indicated in Section 4.

Section 4

In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due.

If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after 30 days from the receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.