Friday, March 3, 2017

Contract to Sell (Personal Property)



Republic of the Philippines        )
City of (Place)                         ) S.S.


CONTRACT TO SELL


KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell made and entered into this (Day) day of (Month) at Makati City, Philippines by and between:

(NAME OF SELLER)

a corporation duly incorporated under and by virtue of Philippine laws with principal office address at  (Place of Principal Office), duly represented herein by its (Name of Representative), hereinafter referred to as the “SELLER”;
.
-AND-

(NAME OF BUYER)

of legal age, Filipino, single/married, and a resident of (Place of Residence), and hereinafter referred to as the “BUYER”;


WITNESSETH: THAT—

WHEREAS, the SELLER, is the absolute and registered owner of the following motor vehicle, more particularly described as follows:

MODEL:
COLOR:
ENGINE NO.:
CHASSIS NO.:
PLATE NO.:

NOW, THEREFORE, for and in consideration of the foregoing premises and of the terms, conditions and covenants herein below set forth, the parties hereto stipulate as follows:

1.)    The BUYER shall pay the SELLER a total sum of PESOS:  (AMOUNT IN WORDS) ((Amount in Figures)) Philippine currency, interest free, payable on in ______ monthly instalments as per amortization schedule herein attached and made as an integral part of this contract, to be deducted automatically (State additional terms agreed upon by the buyer and seller)

2.)    That if the BUYER has paid already the equivalent of _______ amortization, the BUYER shall have the option to pay the balance plus the accrued interest at prevailing rate. Otherwise, the BUYER, if unable to pay the balance including interest at the time of his cessation of work or separation from employment, he shall immediately turnover possession of the subject motor vehicle to the SELLER and all the amortization already made shall be considered as mere rentals for the use of the subject motor vehicle and said BUYER shall surrender the possession of the said car to the SELLER immediately upon his separation from work;

3.)    Upon full payment of the aforestated purchase price, the SELLER shall SELL, CEDE, TRANSFER and CON!EY unto the BUYER, his heirs and assigns, the motor vehicle above-described, as free from all liens and encumbrances whatsoever;

4.)    All expenses arising out of or incidental to the execution of the corresponding Deed of Absolute Sale, as well as registration fees required to transfer ownership to the BUYER’S name shall be for the exclusive account of the BUYER;

5.)    All fuel expenses as well as expenses for the maintenance, repairs, future insurance and registration fees of the sub2ect motor vehicle shall, starting from the date of delivery thereof to the BUYER, shall be borne by the BUYER;

6.)    The SELLER may , at his option, advance funds required for repair, maintenance, rehabilitation, whenever deemed necessary and such amount advanced will be for the account of the BUYER with interest at the prevailing rate;

7.)    No delay or omission on the part of the SELLER in exercising any right granted under this Contract shall be construed as an abandonment or waiver thereof or variation of any provisions hereof.


IN WITNESS, WHEREOF, the parties have set their hands on this (Date) at (Place), Philippines.


(NAME OF SELLER’S REPRESENTATIVE)                   (NAME OF BUYER)

BY:                                                                             

In behalf of ---

(NAME OF SELLER)


SIGNED IN THE PRESENCE OF:

_________________________          ________________________



ACKNOWLEDGMENT

            Before me a Notary Public for and in the City of (Place), this (Date), personally appeared the following:

                                                CTC/ID No.                            Date and Place of Issue

(NAME OF SELLER/REP)

(NAME OF BUYER)

known  to me to and to me known to be the same persons who executed the foregoing Contract to Sell, who acknowledged to me that the same is their true and voluntary act and deed.

            WITNESS MY HAND AND SEAL on the date and place first above written.


Doc. No. _____;
Page No. _____;
Book No. _____;
Series of _____.


*Attach Secretary’s Certificate of Seller-Company if necessary.

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