CONTRACT TO SELL
KNOW ALL MEN BY THESE PRESENTS;
This instrument is executed by and between:
________________, of legal age, Filipino, widow, a resident of
____________________, Philippines, hereinafter shall be called as the
VENDOR,
-and-
_____________________ , of legal age, Filipino, married to
________________, residents of,__________________________ Bacolod City,
Philippines, who hereinafter shall be called as the VENDEE.
-WITNESSETH;
WHEREAS, the VENDOR is the owner of a ________ sq. m.
residential lot with house thereon, located at ____________ under Lot No.
_________ covered by Title No. _______________;
WHEREAS, the VENDOR desire to sell and the VENDEE agree to
buy the aforementioned parcel of land, including all the improvements
found and standing thereon.
NOW, THEREFORE, for and in consideration of
__________________________________ Philippine Currency, the VENDORS
hereby SELLS, TRANSFERS AND CONVEYS to the VENDEE, the above
described parcel of land, subject to the following terms and conditions:
1. That upon execution of this Contract, the VENDEE shall pay
a down payment in the initial amount of
_______________________________________ Philippine Currency;
2. That the balance of __________________________________
Philippine Currency shall be paid by the VENDEE by installment
at a minimum amount of ____________________________ monthly
inclusive of an interest of Six Percent (6%) per annum on the
diminishing balance per schedule of amortization hereto attached
as Annex “A and made as integral part hererof;
3. That the VENDEE may however, pay the VENDOR in
advanced or a higher amount, and the same will be subject to
adjustment on the amortization schedule;
4. That should the VENDEE fail to pay six (6) consecutive
monthly installments, the VENDOR may, at his option consider
the whole obligation under this Contract due and demandable
subject to the provisions of applicable laws such as RA 6552;
5. That the VENDOR shall allow the VENDEE to occupy the
house as soon as the initial payment is received;
6. That it is understood that the ownership of the property herein
conveyed shall not pass to the VENDEE until after the payment
of the entire consideration. However, the VENDOR undertake to
give temporary custody of the original owner’s duplicate copy of
TCT No. __________________ to allow the VENDEE to register and
annotate the appropriate Contract to Sell at the back of the said
title. Upon registration and annotation of the said Contract to
Sell, the VENDEE undertakes to return the original owner’s
duplicate copy to the VENDORS;
7. That the payment of Capital Gains Tax and Documentary
Stamps for the issuance of the title shall be for the account of the
VENDOR;
8. That upon occupancy by the VENDEE they shall pay all land
taxes on the property and all utility bills such as electricity and
water.
9. That the VENDOR warrant the genuineness of the Title and
the same is free from liens and encumbrances upon execution of
this Contract;
10. That upon the full payment of the stipulated price, the VENDOR
shall execute a DEED OF ABSOLUTE SALE , conveying property
to VENDEE;
11. That the payment of miscellaneous expenses for the transfer of
the title to the VENDEE shall be for their account;
12. That it is understood that the ownership of the property herein
conveyed shall not pass to the VENDEE until after the payment
of the entire consideration
13. The parties shall faithfully abide by the terms and conditions of
this Contract to Sell
IN WITNESS WHEREOF, we have hereunto set our hands this
________ day of ________________2020, at Bacolod City, Philippines.
____________________ _____________________
Vendor Vendee
SIGNED IN THE PRESENCE OF:
___________________________ __________________________
REPUBLIC OF THE PHILIPPINES )
CITY OF ____________ . . . . . . . . . . . . ) s. s.
x-------------------------- x
BEFORE ME, this ________day of ______________2020, at Bacolod
City, Philippines, personally appeared:
Name I.D. Presented
Known to me as the same persons who executed the foregoing
Contract to Sell and acknowledged the same to be their free
and voluntary act and deed,
WITNESS MY HAND AND NOTARIAL SEAL on the date
and place as above-written.
Doc. No. _______;
Page No. _______;
Book No. _______;
Series of 2020.
