When we got married last 2012, we promised ourselves that we will buy our first home before our 5th Wedding anniversary so we can finally have a child. Sadly, our dream of moving to a new house this year will no longer come to reality because we found out that our Developer only secured a license to sell last January 2016…months after we started paying our house equity.
A lot of people sent us an emails telling us how sorry they are for what happened. Some sent us well wishes, offered legal help and others shared similar horrible stories. There was even one person who actually lost millions from a Developer. Here’s our story: http://www.migsandalaine.com/index.php/2016/01/31/our-response-to-harvard-multiland-realty-corporations-demand-letter/#comment-1310.
It’s a nightmare and we wouldn’t want this to happen to anyone. One of your family members, relatives or friends may become a victim of a Real Estate fraud. Help us protect future home buyers by signing the online petition that we started. Our goal is for our lawmakers to hear our call in amending The Presidential Decree 957.
The Presidential Decree 957 was supposed to protect the consumer from fraudulent activities by land developers. But wait, there is something wrong with this law.
P.D 957 section 5 ‘Such owner or dealer to whom has been
issued a registration certificate shall not, however, be authorized to sell any
subdivision lot or condominium unit in the registered project unless he shall have
first obtained a license to sell the project within two weeks from the registration of
such project. ‘
If a developer/owner has been proven to be selling units without these proper documents, they will be subject for penalties and the license will be revoked.
However, it does not say anywhere in PD 957 that the “Contract to Sell” will also be null and void, therefore the developer can keep everything(money) that the poor buyer paid even if he demands for a refund.
Now the poor victim is left with a law that only protects the fraudster.
If we can all come together and convince those who are in power to revise this Presidential Decree, it will definitely help hundreds of victims and will also help prevent future fraud activities.
Please sign and share this petition: https://www.change.org/p/congressmen-senators-president-hlurb-revise-presidential-decree-957-section-5-in-the-philippines?recruiter=485148762&utm_source=share_petition&utm_medium=copylink.