MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement made and executed this ____ day of ________________, in the City of Cebu, Philippines, by and between:
______________________, of legal, Filipino, single/married/ widower/widow, and resident of _______________, and ________________, of legal age, Filipino, and a resident of _______________ hereinafter known as the “OWNER”;
-and-
_____________________________, of legal age, Filipino, single/married, and residents of ___________________, hereinafter known as the “PURCHASER”
WITNESSETH:
WHEREAS, the Owner is the owner in fee simple of a parcel of land situated in the __________________________, described as follows:
“LOT DESCRIPTION”
WHEREAS, the PURCHASERS are the occupants by virtue of an implied/oral contract of lease of the above described parcel of land, occupying portions of the lot where their respective houses are constructed.
WHEREAS, the OWNER, herein intends and herby agrees to sell to the PURCHASERS the above described parcel of land and the PURCHASERS hereby agree to buy the same at the amount of _________________ (p___________) Philippine Currency, per square meter.
WHEREAS, for the purpose of determining the exact area that each of the PURCHASERS has occupied, the PURCHASERS have hired the services of a Geodetic Engineer at their own expenses who conduct a survey of the subject lot and prepared a subdivision plan, copy of which is hereto attached as Annex “A”.
NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, the OWNER hereby sells, transfer, and conveys unto the PURCHASERS, its successor-in-interested and assigns, the above-described parcel of land upon the terms and conditions embodied herein
1. PURCHASE PRICE- The Purchasers shall pay to the Owner the amount of ____________________ (P __________) per square meter, Philippine Currency for the area each is occupying pursuant to the Subdivision Plan, in the manner hereafter specified.
1.1 DOWNPAYMENT- Upon signing of this Agreement, the PURCHASERS shall pay to the OWNER the sum equivalent to _____________PERCENT (___________) OF THE COST/CONSIDERATION OF THE PROPERTY.
1.2 BALANCE OF CONSIDERATION- The balance of the consideration shall be paid within one (1) year from the execution of this Agreement, in twelve (12) equal monthly installments provided that the last such installment shall ready fully pay the consideration.
1.3 SCHEDULE OF PAYMENT- The parties have agreed to attach hereto as Annex “B” the schedule of payment agreed upon between them.
2. EXECUTION OF DEED OF ABSOLUTE SALE- Upon receipt in full of the consideration, the OWNER shall execute a Deed of Absolute Sale over the property subject of this agreement in favor of the PURCHASERS.
3. RECORDING- The capital gains tax and the documentary stamps and all other expenses for the registration of the Deed of Absolute Sale including transfer tax shall be for the account of the PURCHASERS.
4. REAL ESTATE TAXES- The payment of the Real Estate Taxes due for the whole year at the time of the Execution of the Deed of Absolute Sale shall be for the account of the OWNER.
5. COVENANT TO EXECUTE ADDITIONAL INSTRUMENTS- The partied agree to execute and deliver any instruments in writing necessary to carry out any agreement, term, condition, or assurance in this CONTRACT TO SELL whenever occasion shall arise and request for such instruments shall be made.
6. BINDING NATURE- The covenants, terms, conditions, provisions and undertakings in this agreement or any modifications, revisions or supplements thereof shall extend to and be binding upon the heir, executors, administrators, successors and assigns of the PURCHASERS, as if they were in very case named and expressed and shall be construed as covenants running with the land.
7. VENUE- All suits for any breach of this contract shall be instituted and maintained in the court of competent jurisdiction in _____________ only to the exclusion of all other courts.
IN WITNESS WHEREOF, the parties have hereunto set their hands this __________day of ____________ in the _______________, Philippines.
__________________ ___________________
Owner Owner
PURCHASERS
__________________________ __________________________
__________________________ __________________________
__________________________ __________________________
__________________________ __________________________
__________________________ __________________________
Signed in the Presence of
____________________ and ___________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
CITY OF CEBU ) S.S
BEFORE ME, a notary Public for the Cities and Province of Cebu this ____day of _________________ personally appeared the following [persons with their Comm. Tax Cert. Nos.:
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________
Known to me and to me known to be the same person who executed the foregoing instrument and acknowledged to me that the same is his own free act and voluntary deed.
WITNESS MY HAND AND NOTARIAL SEAL on the sate and at the place first herein-above written.
Doc. No. ___________
Page No.____________
Book No. ___________
Series of 200____
