- Reservation shall be considered invalid if the reservation fee payment has been returned or dishonored.
- Should the buyer convey in writing their intention to withdraw their reservation after booking has been made, reservation fee shall be forfeited. A written Notice of Cancellation will be sent to cancel their reservation.
- If no payment was received for their down payment after several reminders, a Notice of Cancellation will be sent to the buyer to cancel their reservation and reservation fee shall be forfeited.
- The buyer shall pay the down payment and monthly amortization based on their approved schedule of payment. If the buyer fails to pay the installment after several reminders, a letter of Notice of Cancellation shall be effective thirty (30) days from date of receipt of the buyer.
Return and Refund Policy
Please observe the following return / refund policies prior to purchasing any units:
- Reservation fee is non-refundable and non-transferable.
- Refund will only be granted if it is qualified under Maceda Law (Republic Act No. 6552) or the “Realty Installment Buyer Protection Act”. Section 3. (b) states that if the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent (50%) of the total payments made, and, after five (5) years of installments, an additional five percent (5%) every year but not to exceed ninety percent (90%) of the total payments made: Provided, that the actual cancellation of the contract shall take place after thirty (30) days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.
- Refunds will be processed within 30 business days after approval.