Law 13 - Cancellation Fees
Hi All,
Article 11 says that if the purchaser has not fulfilled his contractual obligations, the developer may cancel the contract and repay the purchaser his money less a deduction that does not exceed 30% of the monies paid by the purchaser.
I bought a property in June-08 and have paid 10% so far, I have not signed a contract yet so the only thing I have is the REservation Form.
Due to several reasons I can not continue paying the installments. I contacted the developer and they say that Law 13 does not apply because I bought the property before the law was issued and then no money will be reimbursed to me.
Does anybody know if this is true?
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