To wit,
1. April 20, 2008, I have reserved a house and lot with a fee of P20,000.00.
2. April 24, 2008, I have cashed out a downpayment of P200,000.00 to avail another discount...
3. May 09, 2008, my loan for the remaining 90% was disapproved by the bank.
4. May 14, 2008, I have notified the developer through formal letter of my intention to cancel the reservation due to bank's loan disapproval.
Given that the reservation period was 30 days (April 20 - May 19) and I have notified them within the said period of my intent to cancel, can I still get a refund of my reservation fee and the downpayment?
What are my normal rights here even though I have signed the contract to sell and the deed of sale (notarized copies have yet to be provided by the developer to us as of this time), unknowingly that I will be disapproved by the bank?
What are the normal premise to consider that the sale of house and lot is already booked per claim by the developer since I have paid up the reservation and the downpayment?
Thanks!
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