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TOPIC: Rescind a bought property

Rescind a bought property 7 years 2 weeks ago #215

  • Cathy Cruz
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I bought a house under pagibig housing loan through our developer which is homeville. We were able to pay the downpayment of 227,000 last December 2010 for us to move in right away. Though we were only able to move in last June 2011.

However, when habagat came, the area was flooded. It would have been acceptable to us since this is an act of nature but it took almost a month before it subsided. So we decided to cancel the purchase. We asked pagibig if we can still cancel and they said yes because they havent given the loan take out yet. We just have to talk to the developer and as long as we get our documents from them it would be fine to cancel. So we talked to the developer and of course they tried to convince us to still continue the house purchase. And if we decided to cancel we have to have a lawyer to lawyer settlement. So We asked a couple of lawyers to see what we can do. One said that we cannot use the flood as a reason because it's not a fault of a developer, and the other said we can since it's an act of nature. So Im a bit confused. Hope you can help enlighten us and give us some advice regarding our rights and the necessary steps we should make. Thanks!
Last Edit: 7 years 2 weeks ago by Cathy Cruz.
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Rescind a bought property 7 years 2 weeks ago #217

  • Atty. Libayan
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You can use whatever you want to rescind the contract. The question is whether or not it is a valid reason.

What is a valid reason to rescind a contract?
It depends on the contract and the circumstances sorrounding it.

If the parties cannot agree then, you must go to court.
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Please note that answering your queries in the free legal advice forum does not create an Attorney-Client relationship.
Seek services of an independent counsel when dealing with legal issues. Legal issues need scrutiny and attention.
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