Downpayment Refund.

Hi mga Sir,

I need a legal advise po. Bumili po kami ng property and nagbabayad na kami ng downpayment (20% of the Total Price), matatapus na kami sa downpayment this end of August.

Yung remaining 80% po ipapasok po sana namin sa bank financing pero po na denied kami. The developer gave us an option na i pasok sa inhouse financing nila. But the interest is to much (25%). Hindi po namin kaya yung ganun kalaking interest.

So ang tanong ko po, kung i cancel namin yung purchase. Makukuha po ba namin yung binayad namin na downpayment? wala pa naman kaming pinipirmahan na contract to sell.

Thank you po.

No pay back normaly. Except some chance if the deal was conditioned (in writing) you will get a BANK loan. What does the signed contract say?

Have you tried Pag-Ibig?

Thank you sa reply sir.

Yung napipirmahan ko palang po eh yung sa reservation, stating na wala ako ma rerefund sa reservation. Which is ok lang sa akin. pero yung sa sa downpayment is about 700k na nababayad ko.

I ask the developer if pwede ko ipasok sa pag-ibig. and sabi nung kausap ko. hindi daw po pwede.

arzkenji wrote:Thank you sa reply sir.

Yung napipirmahan ko palang po eh yung sa reservation, stating na wala ako ma rerefund sa reservation. Which is ok lang sa akin. pero yung sa sa downpayment is about 700k na nababayad ko.

I ask the developer if pwede ko  ipasok sa pag-ibig. and sabi nung kausap ko. hindi daw po pwede.

My Tagalog is bad. If I understand you corect
/they told BEFORE you signed you can get refund
/but NOW they say you can't.
Corect understood?

That's why it's very important to read contacts proper before agree to and sign anything. What does the contract say about refunding?

Hi Lunkan,

I haven't signed any contract yet. I supposed to signed a contract to sell but i haven't yet because the document was not prepared yet. But I'm already paying the 20% downpayment.

The only thing i signed is the reservation agreement which stating that i can't refund the reservation fee amounting 20k.

So technically, there is no any legal document that i signed and saying that i can't refund the downpayment.

arzkenji wrote: The only thing i signed is the reservation agreement which stating that i can't  refund the reservation fee amounting 20k.

So technically, there is no any legal document that i signed and saying that i can't refund the downpayment.

Why do you believe the document you HAVE signed isn't legal?
Even if seller say other than the contract say, the contract is normaly the current agreement. That's why it's very important to read proper BEFORE signing ANYTHING.

I believe such cases have no refund chance except if the developer/seller have broken the contract FIRST.
((Or if they are kind but why would they? Buyers changing their mind add work and sometimes much inconvinience for the sellers/developers. That's why there are reservation fees/downpayments to cover such and reduce the risk such happen.)

Pls check RA6552 (Maceda Law) regarding refunds. It contains conditions.