Case 1: The Real Estate Agent / Broker Did Not Remit Payments

Mary's money was not remitted

Thereafter, Mary went to the office of the said developer and demanded the official receipt. The developer told her that he had not received any amount from her or her friends and that their reserved lots were still available for sale.

Mary went to the accounting and legal department of the developer. She was told that the booklet of the provisional receipt with the same numbers given to them was lost.

The developer also speculated that the father of John might have reprinted the provisional receipts illegally. After the explanation, Mary and her friends were made to sign a document making the developer free of any liabilities of the matter. Being young and inexperienced, they signed the document.

The developer also promptly looked for the father of John, who already went into hiding and was no longer to be found in their own sales office somewhere in Cebu City. Mary personally lost about Php 40,000 in that transaction.

1. Mary was Convinced to Buy a Property
2. Mary's money was not remitted
3. More cases: Their brokers run their money
4. Non-remittance of payments is a common case
5. Lesson

<< Previous | Next >>

Home Page

Articles
  Explore "Exotic Cebu
  Real Estate Basics
   Discrete Realty Cases

Find Properties
  Featured Properties
  Setup Buyer Profile
  More Properties

Legal Fundamentals
  Philippines Civil Code
  Legal Foundations

Helpful Supplements
  Documentation Guides
  Conversion Tables
  Government Documents

Featured Development
Developer’s updates, features, offers, expansions, development updates, new projects and more.

Current Events
Latest real estate updates all over Cebu and Philippines & more.

List your Property
Sale, rent or lease your property online for FREE & more.