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Episode 02: The Contract You Signed
RIGHT OF WAY — Episode 2
The Contract You Signed
Two buyers signed the same pre-selling contract on units in the same building, six weeks apart. One skimmed forty-three pages in the forty minutes before a flight back to Dubai. The other spent a Sunday afternoon flagging fourteen clauses for a follow-up call with the agent. Both are now paying identical monthly amortizations on a unit that doesn't exist yet.
This episode covers:
The reservation fee trap — A reservation fee isn't a down payment, and it's usually non-refundable if you walk away from the Contract to Sell — which means the real review window often closes before you've even seen the actual contract. We cover what the fee locks in and when it can be negotiated.
What a Contract to Sell actually is — Signing doesn't transfer ownership. Until full payment, you hold a contractual right to receive title, not a property right in the unit — and that changes what remedies are available if something goes wrong. We cover what PD 957 adds on top of the contract while payments are ongoing.
The turnover date clause and force majeure — "Endeavor to deliver" isn't the same commitment as "will deliver," and a broad force majeure clause can push the date without the developer owing you anything, subject to a statutory 24-month buffer. We cover how to read that clause before signing, not after a delay notice.
Forfeiture clauses vs. the Maceda Law — A contract can specify a developer keeps nearly everything you paid on default. Republic Act 6552 sets a floor no contract can undercut: at least 50% back after two years of installments, rising toward a 90% cap. We cover where the two disagree and which one wins.
What the agent said vs. what the contract says — Verbal assurances from a sales agent don't bind the developer once the contract is signed. We cover the parol evidence rule, and why documenting what you were told is worth more than most buyers realize until it's the only record they have.
Full transcript available at upropertyph.com.
Subscribe: Spotify · Apple Podcasts · YouTube
More on these topics: upropertyph.com
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By U-Property PHRIGHT OF WAY — Episode 2
The Contract You Signed
Two buyers signed the same pre-selling contract on units in the same building, six weeks apart. One skimmed forty-three pages in the forty minutes before a flight back to Dubai. The other spent a Sunday afternoon flagging fourteen clauses for a follow-up call with the agent. Both are now paying identical monthly amortizations on a unit that doesn't exist yet.
This episode covers:
The reservation fee trap — A reservation fee isn't a down payment, and it's usually non-refundable if you walk away from the Contract to Sell — which means the real review window often closes before you've even seen the actual contract. We cover what the fee locks in and when it can be negotiated.
What a Contract to Sell actually is — Signing doesn't transfer ownership. Until full payment, you hold a contractual right to receive title, not a property right in the unit — and that changes what remedies are available if something goes wrong. We cover what PD 957 adds on top of the contract while payments are ongoing.
The turnover date clause and force majeure — "Endeavor to deliver" isn't the same commitment as "will deliver," and a broad force majeure clause can push the date without the developer owing you anything, subject to a statutory 24-month buffer. We cover how to read that clause before signing, not after a delay notice.
Forfeiture clauses vs. the Maceda Law — A contract can specify a developer keeps nearly everything you paid on default. Republic Act 6552 sets a floor no contract can undercut: at least 50% back after two years of installments, rising toward a 90% cap. We cover where the two disagree and which one wins.
What the agent said vs. what the contract says — Verbal assurances from a sales agent don't bind the developer once the contract is signed. We cover the parol evidence rule, and why documenting what you were told is worth more than most buyers realize until it's the only record they have.
Full transcript available at upropertyph.com.
Subscribe: Spotify · Apple Podcasts · YouTube
More on these topics: upropertyph.com