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Free Legal Advice Philippines » FREE LEGAL ADVICE » OBLIGATIONS & CONTRACTS | CREDIT TRANSACTIONS » Non refundable reservation fee

Non refundable reservation fee

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1Non refundable reservation fee Empty Non refundable reservation fee Fri Jul 14, 2017 5:33 pm

monic_ydr


Arresto Menor

Hello.
Is the non refundable reservation fee policy of home developers legal? I paid Php20K to reserve a unit recently But unfortunately my financial situation took a bad turn. I sent an email to the realtor begging for a refund. But they declined because of the said policy. Paying a fine for breaking a contarct seemed suitable but to lose that amount of money is ridiculously unfair. Is there something I can do about this?
Thank you.

2Non refundable reservation fee Empty Re: Non refundable reservation fee Tue Jul 18, 2017 2:34 pm

Patok


Reclusion Perpetua

read the contract.. nakalagay yan don..

3Non refundable reservation fee Empty Re: Non refundable reservation fee Thu Jul 20, 2017 2:59 pm

monic_ydr


Arresto Menor

@Patok. Yes I know. But is it really undisputable?

4Non refundable reservation fee Empty Re: Non refundable reservation fee Thu Jul 20, 2017 3:08 pm

Jadis

Jadis
Reclusion Perpetua

I would understand if the reservation amount is substantial (i.e. perhaps 20% - 25% of the purchase price) but to be honest a P20,000 forfeiture seems relatively fair.

It represents the opportunity cost wasted when they could have found serious buyers. You could challenge this policy and file a small claim in court, but the filing fee and Sheriff's fund will eat up around 10% of the P20,000 you intend to receive.

If you signed an agreement, you generally are bound by the consequences - good or bad.

5Non refundable reservation fee Empty Re: Non refundable reservation fee Fri Jul 21, 2017 1:20 am

monic_ydr


Arresto Menor

@Jadis. Thank you.

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