Dear HLURB,
We purchased a lot from Filinvest which is located in Taytay Rizal.
When we purchased the lot, we informed Filinvest that the balance/monthly amortization will be paid through a bank loan.
We have paid the downpayment. But when we are arranging requirements for a bank loan which includes a Certified True Copy of the Certificae of Title, Filinvest informed us that the said certificate is missing in the registry of deeds and they need 1 year to reconstitute the Certificae of title.
This resulted us not to be able to complete the requirements and now we are forced to pay an in-house finacing rate of 19%.
Our concerns are these:
1. Is it Filinvest resposibility to ensure accuracy of completeness of title before selling it to the public given that they are running real estate business for a long time already.?
2. Can they enforce legally a no-refund policy as we are very disapppointed on how they approach the issue?
3. Is the bank correct if they won't accept an application without the CTC of certificate of title?
4. And lastly, is this case common or rare and please advise us the best next step to undertake.
Your response if highly appreciated. We will soon file a complaint to your office regarding this.
Regards,
Eduardo Banzuela
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