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Posted in QA on December 26th, 2010 by admin | No comments
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Philippine Real Estate Question:

I purchased a house & lot in Bacolod City in 2007. We did not get into contract signing w/this developer. Upon my payment of the reservation fee, I was only given the quotation sheet where I signed and the developer’s rep signed. I have fully paid the property in July this year but have not yet received the title to the property. I need the title to get a bank loan and improve (extend) the house. I have been approved by a local bank in May 2010 but cant get the money released because of the absence of the title. What are my options? Sue the developer? How long, do you think, will the case be adjudicated? I am helpless. Had I known that this deal will end up this way, I should have not decided to buy the property from that developer, in the first place. What are your thoughts?

Answer:

First you have to write a formal letter to the developer regarding the issue. If they ignore your 1st letter, then you have to send  a follow-up…with copy of your original letter… date received and signature of the person who received the letter. If there is no action/response from developer,then,you may file a complaint with HLURB/Cebu, who will also call the attention of the developer regarding your complaint. After 2-3 weeks,HLURB will arrange a mediation meeting between you and the developer and recommend a compromise. If you don’t agree, then you have to hire a skilled lawyer to file case in court. This is a very expensive option and stressful situation because of the legal fees plus other related expenses… and time required to settle the case…which may drag-on forever until you are no longer interested. The cost of the litigation on your part maybe more than the costs of the property you bought. So you decide which will be a better option.

What other Real Estate Philippines Questions do you have? We’ll try to find an answer for you!

*we do not pretend to be an authority in this field of real estate – this is only our opinion. May we suggest if you have legal questions to always consult a legal professional (a real estate lawyer preferably).

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