EARNEST MONEY RECEIPT AGREEMENT

 
 
Received from ___________ with residence address at ______________Baguio City, the sum of 
FOUR HUNDRED THOUSAND (Php 400,000.00) dated July 8, 2020 representing EARNEST
MONEY for payment of a house and lot located at ______________________.
 
This EARNEST MONEY forms part of the purchase price of SIX MILLION NINE HUNDRED
THOUSAND PESOS (P 6,900,000.00). The balance and full payment shall be paid subject to BDO
Legarda Bank’s approval of the loan, provided, that any unpaid balance not covered by the loan shall be
paid with the earnest money, provided further, that the buyer shall pay the seller should there still be any
unpaid balance after the loaned amount and the earnest money shall have been exhausted.
 
The BUYER hereby reserves the exclusive right to purchase the aforementioned property and the
SELLER cannot offer the aforementioned property to any third party until the bank disapproves of the
loan to be used as payment.
 
Upon full payment, the SELLER shall execute a DEED OF ABSOLUTE SALE in favor of the
BUYER, conveying the subject property with full warranty of a legal and valid title as provided by
law, free and clear from any liens and encumbrances.
  
 
 
July 08, 2020
 

 
  (Seller) (Buyer)
 

Signed in the presence of:

_________________________ _________________________

ACKNOWLEDGMENT

REPUBLIC of the PHILIPPINES )

CITY of BAGUIO ) S.S.

BEFORE ME, a Notary Public, for and in Baguio City, this 8th day of July 2020,
personally appeared the above-named parties, whom I identified through their
government-issued identification cards, the details of which appearing below their names,
bearing their photographs and signatures, who acknowledged to me that the signature on
the document were voluntarily affixed by them for the purposes stated herein, and
declared that they have executed the document as their free and voluntary act and deed.

Witness my hand and seal on the place and date above-indicated.

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