Contract to Sell

13

Click here to load reader

description

Contract to Sell

Transcript of Contract to Sell

Page 1: Contract to Sell

CONTRACT TO SELLKNOW ALL MEN BY THESE PRESENTS:This CONTRACT, made and entered into at ______________,Philippines, by and between__________________, of legal age, single/married to _______________, ______________ citizen, and with residence and postal address at ________________, hereinafter called the SELLER.– and –____________________, of legal age, single/married to _______________, ________________ citizen, and with residence and postal address at _____________________, hereinafter called the BUYER,WITNESSETH:That, for and in consideration of the agreed purchase price of PESOS: _________________________________________ (P___________________), Philippines currency, of which the sum of ____________________ PESOS (P__________________ has been paid by the BUYER upon the execution of this instrument and the balance to be payable within a period of _______months (or years,) by installment of not less than ___________ PESOS: ____________________________________________ (P_______________) to be due on or before the ________ day of _________, 20__________, and every calendar month thereafter, until fully paid, subject to interest at the rate of ________% per annum on the balance outstanding, the SELLER does by these present agree and bind himself/her-self to sell to the BUYER that certain real estate situated at ________________ with the improvements existing thereon, covered by Original/Transfer Certificate of Title No.___________ issued by the Register of Deeds of ________________________________ and more particularly described as follows:(Description of Property)That upon payment of the total purchase price above stipulated and the other obligations set forth hereunder, the SELLER shall forthwith execute and deliver to the BUYER a final Deed of Absolute Sale conveying the above-described property, free and clear of all liens and encumbrances except such as may be subsisting by operation of law, it being understood, however, that the expenses for the transfer of the title to the BUYER, including attorney’s fees, documentary stamps, and registration fees, shall be for the exclusive account of said BUYER;That the BUYER, to whom the possession of the subject property is deemed to have been delivered by virtue of this contract, shall have the option to pay the entire balance of the purchase price at any time before the period herein stipulated;That in consideration of the actual possession which the BUYER is given to enjoy from the date of the execution of this instrument, all taxes and special assessments, if any, imposed by the government on the property, beginning with the month in which this contract has been entered into, shall be assumed and paid by said BUYER as if the property were his/her own, and if for any reason the payment thereof, including penalties, if any , shall have been advanced by the SELLER, the total amount thereof so advanced shall be chargeable to the BUYER with interest thereon at the rate of 12% per annum;That in case the BUYER shall fail to pay, when due, any of the monthly installments herein stipulated for three consecutive months before the two-year period from and after this date, all rights and interest of said BUYER to the above-described property,

Page 2: Contract to Sell

including the improvements thereon, shall ipso facto cease and terminate, and all payments made by him/her prior to said default shall be deemed forfeited and waived in favor of the SELLER in settlement of rents and liquidated damages without prejudice, however, to the rights of such BUYER under Republic Act 6552 if he/she shall have completed to pay at least two years of installments;That all payments due and payable under this contract shall be effected in the place/office of the SELLER, located at ____________________________________, unless another place shall have been subsequently by him/her in writing;That (State other stipulations as may included, if any.)That this agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective legal representatives and assigns, but the right of the BUYER by virtue hereof cannot be validly transferred or assigned to a third party without the prior written consent of the SELLER; andThat in case it shall become necessary for the SELLER to resort to court for the enforcement of his/her rights under this contract or for the repossession of the subject property in case of termination of this agreement by reason of default or other causes attributed to the BUYER, the said BUYER shall be liable to pay the cost of suit, attorney’s fees, and other incident expenses which in no case shall be less the 20% of the balance of the agreed purchase price then outstanding and other subsisting obligations arising thereunder.IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at the place first above written, on this ___________day of _____________, 20_______._____________________ _______________________Buyer SellerTIN _____________ TIN _____________With my marital consent: ______________________Spouse of seller Signed in the presence of: _____________________ _____________________ ACKNOWLEDGMENT Republic of the Philippines)_____________________ ) SS. BEFORE ME, a Notary Public in and in _______________ this _______ day of _________________, 20__, personally appeared the following:Name: CTC No./ Date & Place Issue Passport No./ ___________ I.D.________________________ ________________ ________________________

Page 3: Contract to Sell

________________________ ________________________ ________________ ________________________ ________________________all known to me to be the same persons who executed by the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed as well as that of the corporations that respectively represent.WITHNESS MY HAND AND SEAL in the place and on the date first above written.Doc. No. _______; Page No. _______; Book No. ______;Series of _______.

CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:This Contract to Sell is made and executed and entered into by:

Name of Seller, of legal age, Filipino, single/married to Name of the Spouse of Seller, with residence address at Postal Address of the Seller in the Phiilppines, hereinafter referred to as the SELLER;

-AND-

Name of Buyer, of legal age, Filipino, single/married to, Name of Spouse of Buyer and with residence and postal address at Address of the Buyer in the Phiippines, hereinafter referred to as the BUYER;

WITNESSETH;

WHEREAS, the SELLER is the registered owner of a parcel of land with improvements located at Address of the property for sale in the Philippines and covered by Transfer Certificate of Title No. 000000 containing a total area of LAND AREA IN SQUARE METERS (000sqm) SQUARE METERS, more or less, issued by the Registry of Deeds of City/Municipality;

WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell the above mentioned property under the terms and conditions herein below set forth;

Page 4: Contract to Sell

NOW THEREFORE, for and in consideration of the total sum of THE CONTRACT PRICE FOR THE PROPERTY FOR SALE (P0,000,000.00) Philippine Currency, and of the covenants herein after set forth the SELLER agrees to sell and the BUYER agree to buy the aforesaid property subject to the following terms and conditions:

The total consideration shall be THE CONTRACT PRICE FOR THE PROPERTY FOR SALE (P0,000,000.00) Philippine Currency, payable through CASH/MANAGERS’ CHECK/WIRE TRANSFER as follows:

1.1. The amount of THE EARNEST MONEY DEPOSIT (P000,000.00) representing earnest money deposit shall be payable upon execution of this Contract to Sell and shall be considered part of the total Contract price.

1.2. The remaining balance amounting to THE REMAINING BALANCE (P0,000,000.00) PESOS Philippine Currency, shall be payable within TIME FRAME upon execution of this Contract to Sell.

1.3 In case the BUYERS could not fulfil any of their obligation stated in this Contract To Sell, the earnest money shall be forfeited in favor of the SELLER.

2. Al pending utility bills, if any, Real Estate Tax up to the time of sale, Capital Gains Tax, Documentary Stamp Tax, shall be for the account of the SELLER.

3. Notarization fees, Registration Fee, Transfer Fees and all miscellaneous fees and expenses to transfer the certificate of title in the name of the new owner shall be for the account of the SELLER;

4. Possession to the subject property shall be delivered by the SELLER to the BUYER upon full payment of the total consideration;

Page 5: Contract to Sell

5. ADDITIONAL TERMS AND CONDITIONS SUCH AS Delivery of the property shall be given by the SELLER to the BUYER devoid of any religious artefacts, personal belongings and effects, tenants and any toxic/radioactive substances. Etc.

6. TERMS AND CONDITIONS MAY VARY ON A CASE-TO-CASE BASIS. CONTRACTING PARTIE MAY ADD, SUBTRACT, EDIT, ANY OR ALL PARTS OF THIS CONTRACT TO SELL AS THEY SEE FIT

7. Upon full payment of the total price, the SELLER shall sign and execute a DEED OF ABSOLUTE SALE in favour of the BUYER. The SELLER shall likewise execute and/or deliver any and all documents, including but not limited to the original copy of Transfer Certificate of Title, Tax Declaration and all other documents necessary for the transfer of ownership from SELLER to the BUYER.

7. In case the SELLER could not fulfil any of the obligations stated in this Contract to Sell, the BUYER shall be entitled to a full refund plus 10% interest per month.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this

_____ day of _______________________ 20________ at ___________________________________, Philippines.

___________________________________ ___________________________________

Printed Name and Signature of SELLER Printed Name and Signature of BUYER

SIGNED IN THE PRESENCE OF:

Page 6: Contract to Sell

___________________________________ ______________________________________

Printed Name and Signature of 1st Witness Printed Name and Signature of 2nd Witness

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)_____________________________ ) SS.BEFORE ME, a Notary Public for and in ________________________________________________________ personally appeared:

Name ID Number Date/Place Issued

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same are their free act and voluntary deed.

This instrument, consisting of 2 pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL on this ______day of _______________________________20__________ at_____________________________.

Notary Public

Page 7: Contract to Sell

Doc. No. ……..;Page No. …….;Book No. …….;Series of 20____.

CONTRACT TO SELL KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL, made and executed this ____ day of _________, 2008 by and between: (NAME OF VENDOR), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address), hereinafter referred to as the "VENDOR"; -AND- (NAME OF VENDEE), Filipino and with residence and postal address at (Address), hereinafter referred to as the "VENDEE". WITNESSETH; WHEREAS, the VENDOR is the absolute and registered owner of a parcel of land consisting of LAND AREA IN WORDS (000) square meters, more or less, located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) issued by the Registry of Deeds of (Name of Town or City); WHEREAS, the VENDEE has offered to buy and the VENDOR has agreed to sell the above mentioned property under the terms and conditions herein below set forth;

Page 8: Contract to Sell

NOW THEREFORE, for and in consideration of the total sum of (Amount in words) (Php: 1,000,000.00) Philippine Currency, and of the covenants herein after set forth the VENDOR agrees to sell and the VENDEE agrees to buy the aforesaid property subject to the following terms and conditions: (Note: Terms and Conditions below are sample only, please revise) 1. The total consideration shall be One Million (Php: 1,000,000.00) PESOS, Philippine Currency, payable as follows:a) The amount of FIFTY THOUSAND (Php: 50,000.00) PESOS, representing earnest money shall be payable by the VENDEE to the VENDOR upon signing of this Contract to Sell; b) The remaining balance in the amount of NINE HUNDRED FIFTY THOUSAND (Php: 950,000.00) PESOS, shall be paid in Cash on or before _________, 2010. c) In case the check representing the payment for the balance provided in paragraph b hereof, is dishonored by the drawee bank, the earnest money in the amount of FIFTY THOUSAND (Php: 50,000.00) PESOS, shall be forfeited in favor of the VENDOR.2. Capital Gains Tax and Real Estate Tax, shall be for the account of the VENDOR; 3. Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the VENDEE; 4. Possession to the subject property shall be delivered by the VENDOR to the VENDEE upon full payment of the total consideration; 5. Upon full payment of the total price, the VENDOR shall sign and execute a DEED OF ABSOLUTE SALE in favor of the VENDEE. The VENDOR shall likewise execute and/or deliver any and all documents, including but not limited to the original copy of Transfer Certificate of Title, Tax Declaration and all other documents necessary for the transfer of ownership from VENDOR to the VENDEE. IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ______ day of __________________ at _________________________, Philippines. (VENDOR) (VENDEE)Name Name

WITH MARITAL CONSENT:

________________________ _________________________Name of Vendor's Spouse Name of Vendee's Spouse

Page 9: Contract to Sell

SIGNED IN THE PRESENCE OF: __________________________ ____________________________ ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)_____________________________ ) SS.

BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following: Name CTC Number Date/Place Issued (Name of Vendor) 10000000 February 5, 2008 / Pasay City (Name of Vendee) 10000000 January 14, 2008 / Quezon City This instrument, consisting of ___ page/s, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal. IN WITNESS WHEREOF, I have hereunto set my hand the day, year and place above written. Notary Public Doc. No. ........;Page No. .......;Book No. .......;Series of 2010