5-year contract terms for lot amortization.

anonymous
This person has chosen to hide his/her identity.

Regarding sa lot amortization in a 5-year contract terms na kung saan nakapaghulog na ako ng kabuuang 25 months at almost 2 years na puro palya sa hulog kaya patung-patong na surcharges at interest ang ipinataw.



ang tanong ko po anu po nakasaad sa batas hinggil sa Maceda law?



Sa Maceda Law, kung sakaling i-cancel ko ang contract at subject for 50% refund, may right po ba ang developer na isama ang mga surcharges at interest sa mga babayaran ko bale ang magiging resulta ay wala na ako makukuhang refund.



Sa Maceda Law under section 6, ang pagpapaliwanag po ba dito ay kung sakaling bayaran ko yung unpaid balances in full payments within grace period, yung mga surchrges at interest po ba ay hindi na dapat pa isama o need ko ring bayaran?



Anung mga hakbang ang dapat kong isagawa habang ako'y nasa ibang bansa?



Sana po matulungan nyo po ako sa aking problema, di bale po sanang maliit na halaga lang pero malaking halaga ang nakataya dito at nakakapanghinayang kung ito'y mauuwi sa wala ang pinaghirapan ko.

 

Reply as anonymous (Your real name and picture will not be seen)
Adelaimar C Arias-Jose
is a Legal expert in the Philippines
Teka, ha, magulo ang kuwento mo. Tignan natin kung naintindihan ko. Ikaw ay bumili ng real estate property. Ang terms ninyo ay 5 years to pay (60 months). Nakapagbayad ka na ng 25 months. Tapos, nitong last two years, hindi kana nakakapag-bayad ng regular. So, pinatawan ka ng interest at surcharges.

So, ngayon, gusto mo, i-cancel na lamang ang iyong contract. Tama ba?

Ang gusto mong malaman ay kung may makukuha ka pa doon sa ibinayad mo? Tama?

Eto ang text ng Maceda law:

http://www.lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html

Ito po ang naka-saad sa batas: If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made.

At ito pa po: Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.lawphi1™

So, if you cancel the contract, you will only get half of all that you have paid so far. So, if you have paid 1M pesos, you will only get 500,000.

I suggest you talk to a lawyer.
Angelo Santiago
is in Saudi Arabia
Isang magandang umaga po sa inyo Atty. Bimbi,..

Paumanhin po Atty. kung hindi po maayos ang aking pagkakasalaysay, at nagpapasalamat ako sa inyo at nakuha nyo po ang ibig kong sabihin.
Adelaimar C Arias-Jose
is a Legal expert in the Philippines
Magulo kasi ang kuwento mo. Nakita mo naman pala ang nakalagay sa Maceda Law, na kapag hindi ka makapag-bayad ng installments, bibigyan ka ng grace period. So, kung hindi ka pa rin makabayad sa loob ng grace period, dapat ay ang developer na ang magka-cancel ng iyong contract. Eh, hindi nila kinansela, so, nag-pataw sila ng surcharge.

Binayaran mo ba iyong surcharge?

Kasi, kung binayaran mo iyong surcharge, kasama iyong sa mga payments made, hindi ba? The law says you are entitled to 50% of all that you've paid. Iyan ang ipaglaban mo. Kasi, the 50% is the cash surrender value after two years. So, that is what you should get.

Hanapin mo ang mga resibo mo. Calculate how much you have already paid. Then, demand that you be given 50% of it because you want to cancel the contract of sale.

You need a lawyer. Kasi, hindi ko nakita ang kontratang pinirmahan mo sa kanila. I do not know what the terms are. The contract is the law between the parties.

About the author

Adelaimar C Arias-Jose

I am a graduate of the UP College of Law. Member of the Integrated Bar of the Philippines since 1995. I am currently involved in private practice in criminal, civil and labor law.
Profession: Lawyer
Adelaimar C. Arias-Jose
Office Address: #34 St. Michael Street
Philippines , Manila , Makati
The medical information contained in this section is not intended for treatment or prescription. It is used to complement, not replace, the communication between a patient and their physician. Reliance on any information provided by BuhayOFW or any medical experts is solely at your own risk. If you have a medical emergency, call your doctor or go to the hospital immediately. BuhayOFW's Medical Review Board is a team of board-certified doctors who ensure our content is medically accurate and reflects the latest in health information. Our experienced board of medical professionals verify that our content is thorough and all-inclusive, in order that you can trust the information you read here will help you through improvements in your health journey—whether that’s for yourself or for a loved one.

Disclaimer: The materials available in the Buhay OFW web site are for informational purposes and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Buhay OFW and the user or browser.

If you are a legal expert who would like to help answer questions, please register here.