CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT, made and entered into at  ______________,Philippines, by and between

__________________, of legal age, single/married to _______________, ______________ citizen, and with residence and postal address at ________________, hereinafter called the SELLER.

– and –

____________________, of legal age, single/married to _______________, ________________ citizen, and with residence and postal address at _____________________, hereinafter called the BUYER,

WITNESSETH:

That, for and in consideration of the agreed purchase price of PESOS: _________________________________________ (P___________________), Philippines currency, of which the sum of ____________________ PESOS (P__________________ has been paid by the BUYER  upon the execution of this instrument and the balance to be payable within a period of _______months (or years,) by installment of not less than ___________ PESOS: ____________________________________________ (P_______________) to be due on or before the ________ day of _________, 20__________, and every calendar month thereafter, until fully paid, subject to interest at the rate of ________% per annum on the balance outstanding, the SELLER does by these present agree and bind himself/her-self to sell to the BUYER that certain real estate situated at ________________ with the improvements existing thereon, covered by Original/Transfer Certificate of Title No.___________ issued by the Register of Deeds of ________________________________ and more particularly described as follows:

(Description of Property)

That upon payment of the total purchase price above stipulated and the other obligations set forth hereunder, the SELLER shall forthwith execute and deliver to the BUYER a final Deed of Absolute Sale conveying the above-described property, free and clear of all liens and encumbrances except such as may be subsisting by operation of law, it being understood, however, that the expenses for the transfer of the title to the BUYER, including attorney’s fees, documentary stamps, and registration fees, shall be for the exclusive account of said BUYER;

That  the BUYER, to whom the possession of the subject property is deemed to have been delivered by virtue of this contract, shall have the option to pay the entire balance of the purchase price at any time before the period herein stipulated;

That in consideration of the actual possession which the BUYER is given to enjoy from the date of the execution of this instrument, all taxes and special assessments, if any, imposed by the government on the property, beginning with the month in which this contract has been entered into, shall be assumed and paid by said BUYER as if the property were his/her own, and if for any reason the payment thereof, including penalties, if any , shall have been advanced by the SELLER, the total amount thereof so advanced shall be chargeable to the BUYER with interest thereon at the rate of 12% per annum;

That in case the BUYER shall fail to pay, when due, any of the monthly installments herein stipulated for three consecutive months before the two-year period from and after this date, all rights and interest of said BUYER to the above-described property, including the improvements thereon, shall ipso facto  cease and terminate, and all payments made by him/her prior to said default shall be deemed forfeited and waived in favor in favor of the SELLER in settlement of rents and liquidated damages without prejudice, however, to the rights of such BUYER under Republic Act 6552 if he/she shall have completed to pay at least two years of installments;

That all payments due and payable under this contract shall be effected in the place/office of the SELLER, located at ____________________________________, unless another place shall have been subsequently by him/her in writing;

That (State other stipulations as may included, if any.)

That this agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective legal representatives and assigns, but the right of the BUYER by virtue hereof cannot be validly transferred or assigned to a third party without the prior written consent of the SELLER; and

That in case it shall become necessary for the SELLER to resort to court for the enforcement of his/her rights under this contract or for the repossession of the subject property in case of termination of this agreement by reason of default or other causes attributed to the BUYER, the said BUYER shall be liable to pay the cost of suit, attorney’s fees, and other incident expenses which in no case shall be less the 20% of the balance of the agreed purchase price then outstanding and other subsisting obligations arising thereunder.

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at the place first above written, on this ___________day of _____________, 20_______.

_____________________                        _______________________

Buyer                                                        Seller

TIN _____________                                 TIN _____________

With my marital consent:

 

______________________

Spouse of seller

 

Signed in the presence of:

 

_____________________           _____________________

 

 

ACKNOWLEDGMENT

 

Republic of the Philippines)

_____________________        ) SS.

 

BEFORE ME, a Notary Public in and in _______________ this _______ day of _________________, 20__, personally appeared the following:

Name:                                      CTC No./              Date & Place Issue

                                                Passport No./

                                                ___________ I.D.

________________________          ________________   ________________________

                                                                             ________________________

 ________________________         ________________   ________________________

                                                                             ________________________

all known to me to be the same persons who executed by the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed as well as that of the corporations that respectively represent.

WITHNESS MY HAND AND SEAL in the place and on the date first above written.

Doc. No. _______;                     

Page No. _______;                    

Book No. ______;

Series of _______.

Aform0013

For advice on above subject, you may contact J.A.B. Bulao & Associates at jabblaw@yahoo.com or send a message to  Cell No. 09155205254