Professional Documents
Culture Documents
Contract To Sell
Contract To Sell
WITNESSETH: THAT
Whereas, Seller is the owner of the following property (the Subject Property):
A parcel of land, including improvements thereon, located
at ___________________________, with a total area
of ___________ square meters, covered by Transfer
Certificate of Title (TCT) No. _____________ currently
registered in the name of _________________, a copy of
which is attached as Annex A
Whereas, Seller has offered to sell to Buyer, and Buyer has agreed to buy from
Seller, the Subject Property under the terms and conditions herein;
NOW, THEREFORE, for and in consideration of the foregoing and the covenants
contained below, the Parties have agreed to the following:
1.
Sale. Subject to the full payment of the Purchase Price by Buyer to Seller, Seller
hereby agrees to sell, transfer and convey the Subject Property in favor of Buyer,
its successors, administrators and assigns under the conditions specified below.
(a)
(b)
Upon full payment of the Purchase Price and registration of the Subject
Property in the name of Seller, the parties shall execute a Deed of
Absolute Sale over the Subject Property. Until such time, ownership of
the Subject Property shall remain with Seller.
In such case, Seller may, at its sole option, require that Buyer utilize
the services of a Service Provider of Sellers choice to assist buyer in
transferring the title to its name. In such case, the reasonable fees for the
Service Provider shall be for the account of Buyer.
CONTRACT TO SELL
page 1 of 5
2.
3.
Consideration. The consideration for the Subject Property shall be the following
amount net of all taxes, transfer expenses and all other related fees
(the Purchase Price):
PESOS: ________________ only (PhP _____________)
Which Buyer to Seller shall pay in the following manner:
4.
i.
ii.
Default.
(a)
Should Buyer fail to pay two (2) consecutive monthly payments on their
respective due dates, Seller may
i.
ii.
(b)
(c)
ii.
iii.
CONTRACT TO SELL
page 2 of 5
6.
7.
Should buyer fail to pay any of the foregoing items when they become
due, Seller may pay the same on behalf of Buyer, subject to
reimbursement from Buyer. Buyers failure to reimburse Seller for any
such payment shall be a violation of this Contract.
Transfer of Title, Taxes and Fees. Buyer shall be responsible for transferring
the title to its name. Seller shall exert reasonable efforts to assist Buyer in
obtaining the Certificate Authorizing Registration (CAR) and cooperate with
Buyer in connection with any requirement for transferring the title in the name of
Buyer.
(a)
Buyer shall make all payments to Seller without withholding any taxes.
Seller shall be solely responsible for any Philippine taxes on its income
from the sale of the Subject Property.
(b)
(c)
Seller shall shoulder the Capital Gains Tax (CGT) for this transaction up
to six percent (6%) of the Purchase Price only. If the zonal value or the
fair market value of the property is higher than the Purchase Price,
resulting in a higher assessment of the CGT by the Bureau of Internal
Revenue, then the difference shall be for the account of Buyer.
Other Provisions.
(a)
(b)
(c)
Venue. Any litigation arising out of this Contract shall be submitted only
to the proper courts of Makati City, Metro Manila, Philippines, to the
exclusion of all other courts or tribunals.
(d)
(e)
Amendments. This Contract may only be modified with the express prior
written consent of both parties.
CONTRACT TO SELL
page 3 of 5
(f)
IN WITNESS WHEREOF, the parties have set their hands and affixed their
signatures on _______________ at ________________.
.
__________________________________
Seller
TIN 001-002-003
By:
_____________________
Director
__________________________
Buyer
TIN _________________
_______________________
CONTRACT TO SELL
page 4 of 5
_______________________
ACKNOWLEDGMENT
BEFORE ME on the above date and place personally appeared the following:
Company Name
IDENTIFICATION DOCUMENT
PRESENTED
TIN 001-002-003
TIN 007-008-009
Who acknowledged that the foregoing instrument is their own free, knowing and
voluntary act and deed, and that of the corporation represented.
Doc. No.
Page No.
Book No.
Series of
_____;
_____;
_____;
_____.
NOTARY PUBLIC
CONTRACT TO SELL.DOC
CONTRACT TO SELL
page 5 of 5