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

Non-remittance of payments is a common case

Being a developing country, many buyers of low to mid-cost housing still do not have any savings or checks, so they pay in cash to reserve for their chosen property. The usual method is to entrust their cash for their down payments and monthly payments to their agents or brokers. The buyers are usually busy or abroad; they do not have the time to go directly to the developer, so they assign their relatives to do payment for them.

Since a sale of property hardly is consummated in a few hours, a relationship of trust is developed between the sales agent and the buyer. Even in large brokerage firms, some rogue agents act on their own to get the much needed money from their buyers. There was a case when an agent was even able to have her buyer address the check in cash instead of addressing it to the developer. Luckily for the buyer, she was able to find out before the second month, that her agent did not remit her check worth Php 20,000 for her first monthly amortization to the developer. The case of non-remittance of payment to the developer is one of the most common cases in many low to mid-cost housing projects.

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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