Contract to Sell Sample Format in the Philippines

CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL, made and executed this ____ day of _________, 20__ by and between:

        (NAME OF SELLER /VENDOR), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at  (Address), hereinafter referred to as the “SELLER/VENDOR”;

-AND-

        (NAME OF BUYER/VENDEE), Filipino and with residence and postal address at (Address), hereinafter referred to as the”BUYER/VENDEE”.

WITNESSETH;

        WHEREAS, the SELLER/VENDOR is the absolute and registered owner of a parcel of land consisting of LAND AREA IN WORDS (000) square meters, more or less, located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) issued by the Registry of Deeds of (Name of Town or 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 (Amount in words) (Php: 000,000.00) 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: (Note: Terms and Conditions below are sample only, please revise)

1.     The total consideration shall be One Million  (Php: 1,000,000.00) PESOS, Philippine Currency, payable as follows:

a) The amount of THREE HUNDRED THOUSAND (Php: 300,000.00) PESOS, representing earnest money shall be payable by the BUYER/VENDEE to the SELLER/VENDOR upon signing of this Contract to Sell;

b) The remaining balance in the amount of SEVEN HUNDRED THOUSAND (Php: 700,000.00) PESOS, shall be paid in Cash on or before ___________, 20__.

c) In case the check representing the payment for the balance provided in paragraph b hereof, is dishonored by the drawee bank, the earnest money in the amount of THREE HUNDRED THOUSAND (Php: 300,000.00) PESOS, shall be forfeited in favor of the SELLER/VENDOR.

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 price, 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 Certificate of Title, Tax Declaration and all other documents necessary for the transfer of ownership from SELLER/VENDOR to the BUYER/VENDEE.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ___ day of ____________, 20__ at _________________________, Philippines.

 (SELLER/VENDOR)                                (BUYER/VENDEE)

Name                                                       Name 

WITH MARITAL CONSENT:

________________________                       _________________________
Name of Seller/Vendor’s Spouse           Name of Buyer/Vendee’s Spouse

SIGNED IN THE PRESENCE OF:

__________________________               ____________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)
_____________________________ )  SS.

BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following:

Name                               CTC Number                Date/Place Issued

(Name of Seller/Vendor)                 10000000                February 5, 20__ / Pasay City

(Name of Buyer/Vendee)                 10000000              January 14, 20__ / Quezon City

This instrument, consisting of ___ page/s, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.

IN WITNESS  WHEREOF, I have hereunto set my hand the day, year and place above written.

Notary Public

                               
Doc. No. ……..;
Page No. …….;
Book No. …….;
Series of 20__.