EARNEST
MONEY RECEIPT AGREEMENT
Received from (NAME OF BUYER), of
legal age, Filipino, single/married, and with residence at (Residential Address
of Buyer), the sum of (AMOUNT IN WORDS) PESOS (Amount in Figures), Philippine
Currency, representing Earnest Money for payment of a parcel of land located at
(Address of Property) and covered by (TCT Details).
This Earnest Money forms part of the
Purchase Price of (AMOUNT IN WORDS) PESOS (Amount in Figures), Philippine Currency.
The balance and full payment shall be paid on or before (Date of Full Payment Deadline).
The Buyer
hereby reserves the exclusive right to purchase the aforementioned property and
the Seller cannot offer the aforementioned property to any third party until (Date
After Full Payment Deadline).
Upon
receipt of the full payment from the Buyer, the Seller shall immediately
execute a Deed of Absolute Sale in favor of the Buyer, conveying the said
property with full warranty of a legal and valid title as provided by law, free
and clear from any liens and encumbrances. Seller shall likewise turn over all pertinent
documents of the land include the Transfer
Certificate of Title and tax clearances to the Buyer to allow the title of the
property to be processed for transfer into the name of the Buyer.
The
Seller shall undertake the payment of the Capital Gains Tax and Documentary Stamps
Tax. The Buyer shall shoulder the payment of Transfer Tax, Deed of Registry Fees
and all other expenses related to the transfer of title of the property under
the name of the Buyer.
If the Buyer
cannot proceed with purchase of the aforementioned property without any cause
on the part of the Seller, the Seller has the right to terminate this agreement
and the Earnest Money shall be forfeited in favor of the Seller as liquidated
damages.
IN
WITNESS WHEREOF, the parties have hereunto affixed their signatures, this (Date)
at (Place), Philippines.
(NAME OF SELLER)
Seller
(NAME OF BUYER)
Buyer
Witnesses:
______________________ ______________________
ACKNOWLEDGMENT
Republic of the
Philippines )
City of _______________ ) S.S.
BEFORE ME, a Notary Public for
and in the city named above, this ____ day of _________________, personally
appeared the following
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NAME
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I.D. NO.
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DATE & PLACE ISSUED
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SELLER
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BUYER
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known to me and to me known to be the same persons
who executed this Instrument and acknowledged to me that the same is their free
and voluntary act and deed.
The foregoing document relates to
an Earnest Money Receipt Agreement, consisting of ________ (___) pages
including the page on which this acknowledgment is written and has been signed
on each page by the parties and their instrumental witnesses, and sealed with
my notarial seal.
WITNESS MY HAND AND NOTARIAL SEAL
on the date and place first above written.
Doc. No. _____;
Page No. _____;
Book No._____;
Series of
_____.
