help! about buying lots process

hi there.. please help me...

i intend to buy a lot from a well known developer and had already paid up the 10k reservation fee.

My first mistake was, 1 week before actually paying the 10k, i signed a blank reservation agreement. I did not bother reading it then because the agent told me that its purpose was just to hold the lot for in my name 1 day without paying the reservation fee. after i paid the 10k reserv fee i learned na un pinirmahan q un na pala un binding contract namin.

nakalagay sa RA na, i agree and manifest to execute the contents of contract to sell... ahem, there is no contract to sell.. the agent told me that they will provide CTS once fully paid na equity q. so pano un?

The reservation says that you have agreed to buy the property and they have agreed to sell it to you. The execution or signing of the Contract to Sell is a formality to secure each of the party's interest. Meaning, no one can buy it anymore because it is reserved for you and the developer will not worry anymore that it will not be bought because he has you as the buyer already. Regarding the payment of equity, it means you should have accumulated payments to a certain amount before the contract of sale will be executed. That is the usual manner in sale of real properties in installment my dear.

God bless.

no one was forcing you to sign the reservation. the best thing to do now is to ask for copies of their contracts so you can review them, and choose between going on and losing your 10k.