We should have closed this deal last January. We have beeing courting the owner of the project for sale since October of 2024 and we have done all our research, computation, and even asking the contractor to visit the site and make estimates. We even solicited marketers and sellers.
However, one problem remains - the existence of a joint venture agreement with a famous contractor (he seems to be all over the province.) We requested for a termination of the joint project agreement which is registered with DHSUD (and probably annotated at the titles) We requested for a certified true copy of the title, and we did not get any (is the owner keeping something secret from the buyers)
They did send a termination of contract (unilateral) via LBC. Our lawyer recommends:
1. An acknowledgement and quit claim
2. Document jointly terminating the agreement
I remember there was a jv partner who wanted to rescind a contract, but our lawyers counter, was that he needed our consent and thus was unable to proceed with the termination of the agreement
Without that the lawyer said, there is the Damocles sword hanging that anytime, the registered developer can create chaos and unreasonable claims on the project. We heard that the said developer has such an MO in the province.
Kaya lang sayang ang deal. At times I am tempted to disregard the lawyer and go ahead.
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