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Contract to Sell

Contract to Sell

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Published by iamyni

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Published by: iamyni on Jul 20, 2010
Copyright:Attribution Non-commercial


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KNOW ALL MEN BY THESE PRESENTS: This agreement made and entered into by and between:EE, married, of legal age, Filipino and a residentof_______________, Cebu City, Philippines, hereafter referred to as theFIRST PARTY;-and-
SPS. _____________and____________
, Filipinos, of legal age andresidents of_______________, Cebu City, Philippines, hereafter referred toas the SECOND PARTIES.Witnesseth, that:1.The FIRST PARTIES shall sell a lot to the SECOND PARTIESfor a consideration of _________________PESOS (P_____.00), PhilippineCurrency the property is hereby described below:“A parcel of land Lot ___, Blk ___ of the consolidationplan, L.R.C. Pcs-____ situated in the City of____, containingan area of _____ (___) square meters more or less andcovered by TCT No. __________”2.The SECOND PARTIES shall make a down-payment o ______________PESOS (P_____.00), Philippine Currency upon the signingof this contract.3.The balance of ___________PESOS (P____.00) shall bepayable on installments and covered by postdated checks as follows:DateCheck No. Amount4.The SECOND PARTIES shall be responsible for all expensesrelative to transfer of title from the FIRST PARTIES to the SECONDPARTIES5.Upon the last and final payment by the SECOND PARTY, theFIRST PARTY shall duly execute a Deed of Absolute Sale in favor of theSECOND PARTY to effect the transfer of ownership;6.In the event of failure on the part of the SECOND PARTY topay any of the stated installments or make good the checks issuedwhen the same falls due, this Contract to Sell shall be terminated. Thereafter all installment payments made by the SECOND PARTY shallbe forfeited in favor of the FIRST PARTY and shall be treated as rentalsfor the property abovementioned. Upon the termination of thisContract to Sell, FIRST PARTY shall be free to sell and dispose theproperty to any willing third party.

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