Just recently, May 27 2008, a broker offered a residential condo project here in Cebu. I was made to fill up a letter of intent with a certain amount of earnest money to ensure that the unit I wanted will be given to me when the developer starts accepting reservations.The project is nearing completion and the developer is SEC registered. However a check on the HLURB regional office showed that the developer's application for development permit is still under processing. My question is whether I push through with this purchase? What if the project do not get approval or there will be other legal impediments prventing issuance of licence to sell? I need your advise before June 13.(my earnest money is postdated June 15.)
Thanks.
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