CONTRACT TO SELL
KNOW ALL MEN BY THESE PRESENT:
This Contract to Sell (“Contract”) made and executed this (Date of Signing) at (Place of Signing), by and between:
(NAME OF SELLER), Filipino, of legal age, single/married, and a resident of (Address of Buyer), hereinafter referred to as the SELLER;
-and-
(NAME OF BUYER), Filipino, of legal age, single/married, and a resident of (Address of Buyer), hereinafter referred to as the BUYER;
WITNESSETH:
WHEREAS, the SELLER has bought on installment basis a condominium unit (the "Property") located at (Location of Property), which is more particularly described as follows:
DETAILS OF PROPERTY
FLOOR NO. : _________
UNIT NO. : _______
FLOOR AREA : _______
Tax Dec. No. : __________________
WHEREAS, the Property’s Condominium Certificate of Title will be issued in the name of the SELLER upon full payment of the contract price by (Date When Property is Expected to be Fully Paid by Seller);
WHEREAS, the BUYER desires to purchase the Property from the SELLER, and the SELLER agrees to sell the Property he/she bought on installment to the BUYER;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1. SALE AND PURCHASE OF PROPERTY: The SELLER hereby agrees to sell, transfer, and convey the Property to the BUYER, and the BUYER hereby agrees to purchase the Property from the SELLER, upon the terms and subject to the conditions set forth in this Contract.
2. PURCHASE PRICE: The total purchase price for the Property shall be THREE MILLION FIVE HUNDRED THOUSAND PESOS (PhP3,500,000.00), which shall be payable as follows:
a) A down payment of [Down Payment Amount in Words] ([Down Payment Amount in Numbers] PhP) shall be made by the BUYER to the SELLER upon the execution of this Contract (the "Down Payment"); and
b) The remaining balance of [Balance Amount in Words] ([Balance Amount in Numbers] PhP) shall be paid by the BUYER to the SELLER upon the issuance of the new title of the Property in the name of the SELLER (the "Closing").
3. POSSESSION OF PROPERTY: Upon the execution of this Contract and receipt of the down payment by the SELLER, the BUYER shall be granted the right to enter into and take possession of the Property.
4. CONDITION OF PROPERTY: The BUYER acknowledges and agrees that the Property is being sold on an "as is, where is" basis, without any representations or warranties, express or implied, as to the condition, fitness for a particular purpose, or quality of the Property.
5. CLOSING: The closing of the sale and purchase of the Property (the "Closing") shall take place within ten (10) business days after the issuance of the new title of the Property in the name of the SELLER, or at such other time and place as the parties may mutually agree in writing.
6. TRANSFER OF TITLE AND PAYMENT OF EXPENSES: The SELLER shall, at the Closing, deliver to the BUYER a duly executed and acknowledged Deed of Absolute Sale for the Property, and the BUYER shall pay the expenses related to the transfer of title, including, without limitation, the Capital Gains Tax, documentary stamp taxes, and transfer taxes.
7. DEFAULT: In the event that the BUYER fails to pay the remaining balance of the Purchase Price on the Closing date, the SELLER may, at its option, terminate this Contract, and the Down Payment shall be forfeited in favor of the SELLER as liquidated damages.
8. MISCELLANEOUS: This Contract shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Contract may be amended, modified, or supplemented only by a written instrument signed by both parties.
IN WITNESS WHEREOF, PARTIES hereunto affix signatures this (Date of Signing) at (Place of Signing), Philippines.
(NAME OF SELLER)
Seller
(NAME OF BUYER)
Buyer
Signed in the presence of:
________________________________ ________________________________
(Please print name and sign)
REPUBLIC OF THE PHILIPPINES )
CITY OF _________________ ) S.S
Before me , a Notary Public duly authorized in the city name above to take acknowledgments, certify that on this (Date of Notarization), in the (Place of Notarization) personally appeared (Name of Seller), with competent evidence of identity _____________, valid until _____________, and (Name of Buyer), with competent evidence of identity _____________, valid until _____________, known to me to be the same persons described in the foregoing instrument, and who acknowledged before me that their signatures on the instrument were voluntarily affixed by them for the purposes stated therein, and who declared to me that they executed the instrument as their free and voluntary act and deed as well as the free and voluntary act and deed of the persons herein represented.
This Contract consisting of _________ (____) pages, including the page on which this acknowledgement is written, is signed on each and every page thereof by the parties and their instrumental witnesses and sealed with my notarial seal.
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of ______;
