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This Contract to Sell (“Contract”) made and entered into this _____ day of
________ 2011 at _________________ City, Philippines, by and between:
- and -
ACKNOWLEDGES: That
The SELLER represents himself to be the actual, legal, beneficial and sole owner
and possessor of a parcel of land situated in_______________ consisting of
approximately ___________ square meters covered by Transfer Certificate of Title No.
______________ of the Registry of Deeds of City of_______________, and more
particularly described as follows:
(Technical Description)
The SELLER has agreed to sell and the BUYER has agreed to buy the
PROPERTY under the following terms and conditions:
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iii. Original Certification from the Municipal Assessor’s Office
of ____ stating that all real property taxes on the PROPERTY
have been paid up to the year 2014, and the property has no
delinquencies.
3. CLOSING. - Closing shall take place immediately upon fulfilment of all the
conditions stipulated in paragraph 2 hereof including a firm determination by the
BUYER after a due diligence investigation that there are no legal impediments or other
negative findings that would prevent or otherwise delay the BUYER from taking full
and complete ownership and possession, free from all liens and encumbrances, and in
undertaking the development of the PROPERTY for residential/commercial purposes.
Closing shall take place at _______________________________ during which time
the SELLER shall execute the Deed of Absolute Sale and the BUYER or her
assignee/designee shall pay the SELLER the final balance of PESOS (P.00) Philippine
currency or fifty per cent (50%) of the total purchase price. BUYER shall exert best
efforts to effect closing within six (6) months from the SELLER’s receipt of the
downpayment.
The BUYER shall have the option to act for and in behalf of the SELLER in
clearing the PROPERTY and do all other acts required to ensure that all conditions for
the consummation of this Contract are fulfilled. The BUYER shall have the right to
charge the SELLER all expenses incurred in the process including management fees
equivalent to fifty percent (50%) of all actual costs incurred by the BUYER in exercising
this right. This amount shall be deducted by the BUYER from the final balance due the
SELLER under paragraph 4.
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5. TAXES AND FEES. - The capital gains and documentary stamp taxes and
payment of broker's commission shall be for the account of the SELLER. Registration
fees and transfer tax shall be for the account of the BUYER.
d. SELLER has all the requisite power and authority to execute and
deliver this Contract and perform SELLER’s obligations hereunder
according to the terms thereof;
h. SELLER has not at any time, before, during or at the time thereof,
concealed or misrepresented any substantial or material fact
relative to the PROPERTY or to SELLER’s capacity to sell and
convey SELLER’s rights to the PROPERTY to the BUYER;
i. SELLER shall indemnify the BUYER for, and hold BUYER free
from and harmless of, any claims that may be made by any party
against the BUYER and/or on the PROPERTY in connection with,
arising out of, or in any way relating to encumbrances and liens,
disclosed or otherwise, or under any law or proceeding, as well as
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any claims for taxes and assessments, or of ownership or
possession of, or any other right to, the PROPERTY adverse to
that of the SELLER or the BUYER;
9. RESCISSION BY BUYER.
b. The BUYER shall have the same remedy as stated above even after
consummation of the sale in the event she is prevented from taking complete possession
or ownership of the PROPERTY or fully develop the same by reason of violation by the
SELLER of his representations and warranties or any material term or condition of this
Contract.
10. ARBITRATION.
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as Chairman of the panel. Should no arbitration panel be chosen within thirty (30) days
from receipt of request for arbitration by any party, the arbitrators shall be appointed by
the Philippine Dispute Resolution Center, Inc. in accordance with its Rules. All such
arbitration proceedings shall be conducted in English only.
c. The arbitration proceedings shall be held in _______ City and the cost of the
arbitration procedure and the necessary costs of the prevailing party shall be borne by the
losing party. If the parties partly prevail and partly lose in the award of the arbitration
tribunal, the cost award shall be decided by the tribunal in proportion to the respective
success and loss of the parties in the case.
11. VENUE. The________ City courts shall have exclusive jurisdiction and venue
over any dispute arising out of this Agreement, and the SELLER hereby consents to the
jurisdiction of such courts.
12. ASSIGNMENT. – The BUYER may at any time assign her rights, interests
and obligations to this Contract and/or to the PROPERTY by mere notice to the SELLER.
___________________ ____________________
SELLER BUYER
ACKNOWLEDGMENT
BEFORE ME, a Notary Public in and the above jurisdiction this _____ day of
___________, personally appeared the following:
SELLER TIN
BUYER TIN
to me known to be the same persons who executed the foregoing Contract to Sell
consisting of ______ (____) pages, including this page where the acknowledgment is
written, and they acknowledged to me that the same is their free and voluntary act and
deed.
WITNESS MY HAND AND SEAL on the date and at the place first above
written.
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NOTARY PUBLIC
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of 2011.