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

More cases: Their brokers run their money

In another case, Peter who in his late twenties had reserved for a lot somewhere in Liloan; his mother knew the agent. The agent promptly remitting the reservation money of Php 5,000 to the developer was given the official receipt.

On his first monthly payment of also Php 5,000, Peter also gave the money to the same agent, but after a month he was informed by the developer that his reservation was already cancelled. The agent did not remit the money the second time around. Peter lost about Php10,000 in that transaction.

In another case, a low-cost housing developer and a broker developed a good relationship with each other, due to the strong sales performance of the broker. Unfortunately, the said broker was short of cash; hence, he used the payments made to him by the buyers for the developer.

After a few months the buyers received a notice of cancellation of their chosen unit, since the developer had not yet received any of the succeeding payments. Consequently, the buyers complained to both the developer and the broker.

The developer solved the problem by just having an internal agreement with the broker and quickly reassured the buyers of their payments. It was agreed that, upon the take-out of the loan from any of the governmental lending bodies, the developer would withhold the broker's remaining commission until the supposed payment of the buyers would be replaced.

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

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