Condo scams (3)
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 Contract to Sell was notarized only in February, 2011, and with Guia’s copy delivered to her only about March, 2010.
Before she inked the pertinent CTS with CDC Realty, Inc, Guia Evangelista, purchaser of Unit # 105, 1-BR covering 28.60 square meters for a contract price of P1,354,695 at Rivercity Residences in Sta. Ana, Manila., had a verbal understanding with Mr. Joseph Gregorio, who used to be an organic agent of CDC , that she would infuse an additional equity of 50% of the selling price upon turnover to her for occupancy – as assured/promised by agent Gregorio – in 2009.
She then assured to fix with CDC a mutually beneficial amortization plan for the 40% remaining balance.
According to Guia, she began religiously paying monthly amortization payments in October 2008, and consecutively paid, without fail, in the subsequent nineteen (19) months, or until June, 2010. And CDC had not even finished constructing the subject condominium project, yet! Then suddenly, and to Guia’s great surprise and consternation, she received, around May, 2010, from CDC a Notice of Can-cellation of her subject CTS with CDC over subject condo unit, allegedly for her failure to pay her April, 2010 monthly amortization and for failing to put-up the equity for the unit purchased.
Guia has pertinent CDC receipts to evidence her amortization payments for April, May and June, 2010. And she says her failure to put up her equity on time was CDC’s fault because Metro-bank, from where the equity loan was to be obtained, required the condominium certificate of title from CDC, the certificate of title to the land where subject condominium is located and statement of accounts – documents that would come from CDC, but which the latter failed to provide her, despite repeated pleas! When a despondent Guia made her last appeal to CDC, she was simply met with deaf ears, and eventually advised that her Unit # 105 had already sold to somebody else. (to be continued)