Delay in Turnover
One of the most common woes that subdivision or condominium unit buyers have is the delay in the turnover of their property. Most if not all developers spend millions in their pre-selling activities, luring buyers to make that down payment. When reality kicks in however, these buyers say goodbye to their hard earned money and wait for years, sometimes decades before realizing the fruits of their so-called investment.
Sadly very few know their rights with regard to any delay in the turnover of their newly purchased property. Some turn to their sales agents and brokers for help, unfortunately these people are only good to you when they are about to make a sale. After which, buyers are left to their own devices.
What Constitutes Delay?
Every property developer promises to a buyer a specific date to which a unit is turned over. This promise may come in different forms such as the verbal representations of the sales or marketing agents, those indicated in the brochures, pamphlets or advertisements, or what is officially approved in their Housing and Land Use Regulatory Board (HLURB) license to sell. If it turns out that the property sold to you will not be ready for turn over on the promised date, there is already delay.
The good news is that the law protects subdivision and condominium buyers from a developer’s delay in turnover. A buyer needs to consult and gather the documents surrounding the sale of the property and other materials such as brochures and advertisements.
A buyer has two options:
1. One is to write the developer a letter seeking an official response as to when will the project be completed and turned over, and as to the date of completion approved by HLURB.
After due notice, the buyer may desist from further paying installments due to the failure of the developer to complete the project on time.
2. The second option is to directly file with the HLURB a case against the developer, seeking a complete refund of all payments made, with interest.
Email the author firstname.lastname@example.org for further reference.