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 | Scams with Condominium DevelopmentsIn case of pre-selling of condominiums, make sure that the developer has set a timetable to start and finish the construction in the purchase or reservation agreement under pain of refund with interest. This allows you to keep track of the project. Although the Philippine Condominium Act requires that the project be started within one year, some developers will not start work unless they have sold out a substantial portion of the units. Buyers have their own timetable to keep. There must be a law providing some compensation to the buyers for the delays in turning over the unit to them. People who bought pre-sold units should be wary of the promises of the developers. This is especially true when they promise to provide mostly imported materials for the finishes such as plumbing fixtures, paneling, etc. Many of these materials are of poorer quality and cheaper than our locally manufactured products. Very often the developer and the owner of the lot are not the same person. If the developer goes bankrupt or simply disappears with your payments, the purchaser could lose his entire investment without recourse to the land. The Philippines government agency may have strict guidelines to protect buyers, but the developers or landowners can always thwart the deal by resorting to court action. It always takes years to resolve the problems in court.
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