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PIA Press Release
2008/02/07

Davao looks into protecting buyers from double sale

by Prix D Banzon

Davao City (7 February) -- The Sangguniang Panlungsod (SP) of Davao City is studying appropriate ordinance that will be crafted to protect Dabawenyos on double sale of properties within the city.

During the committee hearing on rules, privileges and ordinance chaired by Councilor Bonifacio Militar with member Councilor Rachel Zozobrada the committee tackled informally the issues on double sale of property after couple Emmanuel and Linda Susan Antepuesto sought the assistance of the SP.

Militar said they will be looking at existing ordinances that will best apply this concern if not come up with the appropriate ordinance but will study first further the case.

Linda Susan Antepuesto who shared her harrowing experience to the committee said they sought the help of the city government to protect other buyers in the future that may fall in the same plight as they had.

The couple signed the deed of conditional sale with Bank of Commerce along Rizal Street in Davao City on January 8, 2005 for a 115 sq. m. area located at Lot 367-A Aurora Street, Poblacion, Davao City in the amount P940,000.

The conditions stated that after paying a 10 percent downpayment and other fees the buyer would amortize the balance of the purchase price with interest at fixed rate of 10 percent exclusive of gross receipt tax for 10 years and the amortization payments required shall be covered by postdated checks.

The property covered by Transfer Certificate of Title (TCT) No. T-334515 is an acquired asset of the bank.

However, Antepuesto said on August 8, 2005 another deed of conditional sale was entered into with couple Isagani and Maribel Sembrano for P748,000 also with Bank Commerce but at their City Hall Drive branch in the same city. The same conditions were applied with the Sembranos.

Both buyers crossed their path when they visited the property. Sembrano after knowing it and due to health reasons rescinded the contract and demanded for his payment plus interest and other fees that they paid to the bank. Sembrano got his payment back of over P200,000.

She said they were surprise why the lapse or double sale happened when there is a clearing of the transactions for 30 days.

An officer in one of the bank's branches in Davao City said that transactions of this kind is handled by the head office and all they do is facilitate the sending of the necessary documents to their Manila office.

When ask to comment on the case the officer said the Bank Manager at Rizal Street branch could answer that but several attempts were made to contact the manager but to no avail.

Antepuesto on their part raised the concern to the Bangko Sentral ng Pilipinas where they have filed an administrative case. The deputy heads of the BSP are already on board the case even the bank gave them an assurance in following up the case and to conduct further investigation.

Antepuesto said they will file the necessary criminal charges in court. (PIA) [top]

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