EXCLUSIVE OPTION TO PURCHASE AGREEMENT
KNOW
ALL MEN BY THESE PRESENTS:
This Exclusive Option to Purchase
Agreement is made and executed by and between:
(NAME
OF GRANTOR), of legal
age, Filipino, married to (Name of Spouse), and a resident of (Place of
Residence), hereinafter referred to as the “GRANTOR”;
-and-
(NAME
OF GRANTEE), of legal
age, Filipino, married to (Name of Spouse), and a resident of (Place of
Residence), hereinafter referred to as the “GRANTEE”.
WITNESSETH: That –
WHEREAS, the GRANTOR is the absolute and
registered owner of a parcel of land situated at (Barangay, City/Municipality,
Province), Philippines, covered by (Transfer/Original Certificate of Title
Number) of the Registry of Deeds for (Place)
/ (Tax Declaration Number) of the Municipal/City Assessor of (Place);
WHEREAS the GRANTEE wishes to purchase
the said parcel of land for good and valuable consideration from the GRANTOR;
NOW, THEREFORE, the GRANTOR hereby grants
unto said GRANTEE the EXCLUSIVE OPTION to buy the said real property [with/without
improvements] situated at (Barangay, City/Municipality, Province), Philippines,
and more particularly described as follows:
TRANSFER CERTIFICATE OF TITLE NO.
__________
A parcel of land (Lot ___, Block ___, of the
consolidation-subdivision plan, Pcs-_________, being a portion of _______, and
_______, Psd-_______), situated in the Barrio of _______, City of _______,
Island of _______. Bounded on the NW. and NE. along lines 1-2-3-4-5 by Road Lot
6, on the SE. along line 5-6 by Lot 35, Block 13, along line 6-7 by Lot 34,
Block 13, on the SW. along line 7-1 by Lot 37, Block 13, all of the
consolidation-subdivision plan; containing an area of TWO HUNDRED (200) SQUARE
METERS, more or less. (A copy of TCT _______ is herein attached as Annex “A”)
That
the purchase price of the above-described property is hereby agreed at (AMOUNT
IN WORDS) PESOS (Amount in Figures) Philippine currency, payable within the
period of this option, which shall expire on (Date of Expiry), at (Time of
Expiry);
That
the GRANTEE, upon deciding to exercise the right under this option, shall serve
written notice to the GRANTOR at least ten (10) days in advance of the date to
be fixed for the execution of the Deed of Absolute Sale, together with such
other legal papers as may be necessary, and simultaneously for the delivery of
the agreed purchase price;
That
it is further agreed that if the GRANTEE shall fail to exercise the right under
this option within the period above stipulated, or fail to pay the agreed
purchase price on the date set for the execution of the necessary instruments,
then this option shall be deemed automatically cancelled and rendered of unenforceable
and of no effect, and the consideration paid thereof forfeited in favor of the
GRANTOR: Provided, however, that if the sale be consummated, the consideration
of this option received by the GRANTOR shall be applied as part of the agreed
purchase price; and
That
all incidental expenses including attorney’s fees and Documentary Stamps and Capital
Gains Tax shall be for the account of the GRANTOR or Seller, and the
registration fees and transfer tax for the transfer of title to the GRANTEE or Buyer
shall be for the account of the latter.
IN WITNESS WHEREOF, the parties have
caused these presents to be signed on (Date) at (Place).
(NAME OF GRANTOR)
Grantor
With my marital consent: (NAME OF SPOUSE
OF GRANTOR)
(NAME OF GRANTEE)
Grantee
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
|
NAME
|
I.D. NO.
|
DATE & PLACE ISSUED
|
|
GRANTOR
|
|
|
|
SPOUSE OF GRANTOR
|
|
|
|
GRANTEE
|
|
|
known to me and to me known to be the
same persons who executed this Exclusive Option to Purchase Agreement and
acknowledged to me that the same is their free and voluntary act and deed.
The foregoing document
relates to an Exclusive Option to Purchase 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._____;
