26/07/2023
This is what you have to know before investing in SMDC Condominium.
The Maceda law of the Philippines allows the buyer of real estate to retract after two years of installments and obtain a minimum refund of 50% of the payments made.
It was particularly used during the COVID-19 crisis when many customers had payment difficulties.
SMDC condominium buyers can enforce this law. To do this, simply fill out a form after two years of payments, explaining the reason for your cancellation. However, the surprise is great when SMDC sends its first offer:
On their letter we can read :
“You are entitled to a refund of Philippine Pesos Three Hundred Twenty Seven Thousand Two Hundred Sixty Six and 42/100.”
— SMDC
You must reply that you refuse this offer which was a violation of Maceda Law. A week later, SMDC will sent to you a new offer, this time of 50%. After taking information from other customers, this practice is usual at SMDC. It demonstrates in any case the lack of professionalism and honesty of the company.
The Maceda Law https://www.crownasia.com.ph/news-and-blogs/lifestyle-blogs/selected/understanding-the-maceda-law #:~:text=Maceda%20Law%20is%20a%20Republic,two%20years%20of%20paid%20installments.
