CONTRACT TO SELL
KNOW ALL MEN BY THESE PRESENTS:
This CONTRACT TO SELL, made and executed this ____ day of _________, 20__ by and between:
Raymund L. Samaniego, of legal age, single/married to Ruth L. Samanieg, Filipino, and with residence and postal address at Sta. Lucia Villaga, Taguig City, hereinafter referred to as the “SELLER/VENDOR”;
Cardo S. Dalisay with residence and postal address at #143 Pilar Street, Sukat Paranaque hereinafter referred to as the “BUYER/VENDEE”. WITNESSETH;
WHEREAS, the SELLER/VENDOR is the absolute and registered owner of house and lotconsisting of LAND AREA of One fifty (150) square meters with Bungalow of 120 sqm floor area with three (3) bedrooms located at Lot 04 Blk 03 Roxas Subdivision, Capiz Roxas and covered by Transfer Certificate of Title No. 2014005334 issued by the Registry of Deeds of Roxas City;
WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER /VENDOR has agreed to sell the above mentioned property under the terms and conditions herein below set forth;
NOW THEREFORE, for and in consideration of the total sum of Two Million Four Hundred Fifty Thousand Pesos (Php: 2,450,000.00) Philippine Currency, and of the covenants herein after set forth the SELLER/VENDOR agrees to sell and the BUYER/VENDEE agrees to buy the aforesaid property subject to the following terms and conditions
1. The total consideration shall be Two Million Four Hundred Fifty Thousand Pesos (Php: 2,450,000.00), Philippine Currency, payable as follows:
a.) The amount of ONE MILLION TWO HUNDRED TWENTY FIVE THOUSAND PESOS (Php 1,225,000.00) as Down Payment shall be payable by the BUYER/VENDEE to the SELLER/VENDOR upon signing of this Contract to Sell;
b.) The remaining balance of 50% of the total cost in the amount of ONE MILLION TWO HUNDRED TWENTY FIVE THOUSAND PESOS (Php 1,225,000.00), shall be paid in cash on last week of January 2018 or first week of February 2018.
c.) In case the BUYER/VENDEE will not be able to attend their obligation to pay the remaining 50% of total cost of house and lot. Only 50% of Down Payment will be REFUNDABLE.
2. Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR;
3. Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the BUYER/VENDEE;
4. Possession to the subject property shall be delivered by the SELLER/VENDOR to the BUYER/VENDEE upon full payment of the total consideration;
5. Upon full payment of the total cost, the SELLER/VENDOR shall sign and execute a DEED OF ABSOLUTE SALE in favor of the BUYER/VENDEE. The SELLER/VENDOR shall likewise execute and/or deliver any and all documents including but not limited to the original copy of Transfer of Certificate of Title, Tax Declaration, and all other documents related to the ownership of the mention property;
6. THE SELLER/VENDOR will be responsible for the transfer of ownership of Transfer Certificate of Title from SELLER/VENDOR to the BUYER/VENDEE.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ___ day of ____________, 20__ at _________________________, Philippines.