CONTRACT TO SELL (LAND)
KNOW ALL
MEN BY THESE PRESENTS:
This Contract to Sell (this “Contract”) is entered
into this (Date) at (Place), Philippines, by and
between:
SPOUSES (NAME OF SELLERS), both Filipino, of legal age and residents of (Place of Residence), hereunto referred as the “Sellers”;
-and-
(NAME OF BUYER), a
corporation duly existing and organized under the laws of the Republic of the
Philippines with principal office address at (Principal Place of Business) and represented herein by (NAME OF BUYER'S REPRESENTATIVE), hereunto referred as the “Buyer”;
WITNESSETH: that
WHEREAS, the Sellers are the absolute and registered owners of the
following parcels of land: (a) (Description of Land including Lot No., Place, Land Area, Title No. and Tax Declaration No.), and (b) (Description of Land including Lot No., Place, Land Area, Title No. and Tax Declaration No.);
WHEREAS,
the Sellers intend to sell the above-mentioned properties to the Buyer and the
Buyer intends to buy the said properties in installment basis from the Sellers,
subject to the terms and conditions stipulated herein
NOW,
THEREFORE, the Sellers and Buyer hereby agree as follows:
1.
The
total consideration for the sale of the above-described properties shall be (AMOUNT IN WORDS) PESOS (Amount in Figures) Philippine
Currency, payable by the Buyer to the Sellers in the following manner:
(AMOUNT IN WORDS) PESOS (Amount in Figures), which
is 40% of the total consideration, upon the execution of this Contract;
(AMOUNT IN WORDS) PESOS (Amount in Figures), which is 20%
of the total consideration, on (Date);
(AMOUNT IN WORDS) PESOS (Amount in Figures), which is 20%
of the total consideration, on (Date); and
(AMOUNT IN WORDS) PESOS (Amount in Figures), which is 20%
of the total consideration on, (Date);
2.
The
Buyer shall promptly pay to the Sellers on the date above-stated the
installments agreed herein until full payment of the consideration, and upon full
payment of the total consideration, the Sellers shall execute a definitive Deed
of Absolute Sale with terms not contrary to this Contract;
3.
Failure on the part of the Buyer to pay
or make good any payments made, to the Sellers, pursuant to the terms agreed
herein, shall cause the revocation of this Contract and the Sellers shall
return to the Buyer all the amount already paid less reasonable expenses for
the execution of this Contract like Brokers Fees and Attorneys Fees and the
Buyers shall return possession of the property to the Sellers without need of
demand, provided that parties should have first exhausted negotiation for the
continuance and validity of this Contract;
4.
The
Sellers, their heirs, assigns and successors-in-interest, are bound to sell the
above-described properties exclusively to the Buyers subject to the terms and
conditions set forth in this Contract, and Sellers can not assign any rights or
interest vested to him by reason of this Contract, without the express consent
of the Buyers;;
5.
Upon
the execution of the Deed of Absolute Sale, Sellers shall surrender to the
Buyer all documents relating to the above-described property;
6.
Sellers
warrants that the said parcels of land are untenanted, unencumbered and are
zoned residential for purposes of the
housing project of the Buyers and that Sellers shall hold Buyers free and
harmless from any and all suit in relation to their ownership and/or possession;
7.
Taxes
and charges related to the transfer of ownership or title of the
above-described property from the Sellers to the Buyer upon the execution of
the Deed of Absolute Sale, shall be the responsibility of the Buyer, however, Real
Property tax shall be the responsibility of the Sellers prior to the execution
of the Deed of Absolute Sale;
8.
Prior
to the execution of the Deed of Absolute Sale, the Seller shall retain
ownership over the above-described property, subject to the terms and
conditions herein;
9.
Upon payment of fifty percent (50%)
of the total consideration, Buyers are allowed to commence development
of a housing project on the subject properties, and subject to the appropriate
License To Sell issued by the Housing and Land Use Regulatory Board, may be
allowed to promote and market the housing project proposed
to be developed; and
10.
This
Contract shall be govern by Philippine laws, and if any provision of this
Agreement or its application to any person or circumstances is held invalid,
the other provisions not affected shall be considered separate and valid.
IN
WITNESS WHEREOF, we
hereunto affix our signature this (Date) at (Place), Philippines.
SPOUSES (NAME OF SELLERS)
Sellers
(NAME OF BUYER)
Buyer
By: (Representative of Buyer)
Witnesses: __________________ ___________________
ACKNOWLEDGMENT
Republic of the
Philippines )
____________________ ) S.S..
BEFORE ME, Notary Public for and
in ________________, this ______________________ personally appeared
Name CTC/ID/Passport Issued
at/on
(Name of Sellers)
(Name of Buyer)
known to me and to me known to be the same
persons who executed this Contract to Sell and that the same is their free and
voluntary deed.
WITNESS MY HAND AND NOTARIAL SEAL.
Doc. No. _____;
Page No. _____;
Book No._____;
Series of _____.
