Condo Scams (2)

WHAT is the convenient modus operandi employed by the scheming condo developers?

Well, sweet-talk with incredible accommodations would-be purchasers, especially of pre-paid condo plans payable by stipulated monthly amortizations, both as to the downpayment and the balance obligations.

Then get the purchasers to sign differently-worded contracts (often, contracts of adhesion designed to be unreadable to buyers) that contain stringent, if not impossible, conditions. And eventually  pin these buyers at the slightest breach of sensitive provisions (like a month’s default in amortization payment)  by unilaterally cancelling/terminating the pertinent contract to sell and forfeiting amortization payments previously paid.

Of course, the modus operandi varies depending on what suits the money-making strategy of condominium entities concerned.

Could one Guia Evangelista be a hapless victim?

GUIA is a young,  hard-working sales consultant in a popular branded-car outlet whose dreams in life include owning a house she can call her own or a presentable residential unit in Metro Manila (where she works) one day.

According to Guia, a certain Joseph Gregorio, who used to work as organic agent of a certain CDC Realty, Inc., sweet-talked and lulled her into believing that acquiring her dream house could come early if she buys, on a pre-paid basis, a unit in the condominium. CDC was just constructing, then, but eventually became the Rivercity Residences in Sta. Ana, Manila.

The pertinent Contract To Sell (CTS) was for Guia to acquire Unit # 105, 1-BR covering 28.60 square meters for a contract price of P1,354,695 payable, thus: 10% (of the contract price) down payment payable in sixteen (16) uniform monthly amortizations of P7,343.75 a month; the balance of 90% shall be paid thru CDC-approved loan financing, likewise thru stipulated monthly uniform amortizations.

It has to be made abundantly clear, at threshold, that while the parties agreed/had a meeting of the minds on the indicated terms as early as in 2008, the CTS was notarized only in Feburary, 2011, and with Guia’s copy delivered to her only about March, 2010. (To be continued) Alex Almario

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