A pre-sale contract is full of terms like “more or less” and “subject to change without prior notice”. The primary risk with pre-selling condo is that the finished unit may not be what you have in mind. There can be material changes in unit sizes, floor plan, finishing, features, or amenities about which you may not be notified. You might end up paying for a unit that falls below your expectations.
Another risk is the delay in completion and turnover as the developer may not deliver on time. Pre-sale contracts have delay clauses that allow the developer to be late for up to a year or more. The bigger risk, however, is that you may not get a refund for your deposit in case the pre-selling project does not push through or the developer goes bankrupt.
OFWs who plan to buy pre-selling condos from abroad run the biggest risk. Many have lost their deposits and payments through corrupt representatives or agents who take advantage of their absence and use the complicated paperwork to collect “fees” from them. One sure way to lessen the risk of being duped is to research. Read our ultimate guide on buying properties in the Philippines from abroad.
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
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