SAMPLE FORM OF ESCROW AGREEMENT

ESCROW AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This ESCROW AGREEMENT, made and entered into in the
____________, Philippines, by and between _________________,
single/married to ____________, of legal age, _________ citizen,
and with residence and postal address at
____________, hereinafter called the VENDOR,
– and –
______________________, single/married to __________________,  of
legal age and postal address at _______________, hereinafter
called the  ESCROW AGENT.
WITNESSETH: THAT-
WHEREAS, under date of _____________, 20___, the VENDOR
executed in favor of the VENDEE for the price of
______________PESOS(P_________), Philippine currency, a deed of
sale conveying to the latter certain real property situated in
_______ and covered by Original/Transfer Certificate of Title No.
____________, which deed of sale, accompanied with the
corresponding owner’s duplicate certificate of title and another
pertinent papers, has been delivered in escrow to the ESCROW
AGENT, the receipt whereof is hereby acknowledged by the
latter;
WHEREAS, under date of ____________, 20_____, in fully payment
of the agreed purchase price set forth in said deed of sale, the
VENDEE has deposited in escrow to the ESCROW AGENT the
sum of ____________PESOS (P_________), Philippine currency, the
receipt whereof is likewise acknowledged by the latter; and
WHEREAS, for the final consummation of the above transaction
the parties hereto have obligated themselves individually to
comply with certain conditions more particularly stipulated
hereunder;
NOW, THEREFORE, for and in consideration of the premises,
and more specifically the mutual commitments herein set
forth, the parties hereto have voluntarily agreed and
covenanted as follows:
THAT the VENDOR or his duly authorized representative shall
take charge of the filing and registration of the aforementioned
deed of sale in the proper office of the Register of Deeds after
the same shall have been examined by the VENDEE, and, once
registration thereof has been accomplished, said VENDOR shall
deliver to the ESCROW AGENT a copy of the documents as
registered, together with the corresponding certificate of title
duly issued in the name of the VENDEE;
 
THAT, upon receipt of the aforementioned title and other
papers by the ESCROW AGENT, the latter shall pay to the
VENDOR or his duly authorized representative the full amount
deposited in escrow, representing the agreed purchase price,
and the certificate of title and other pertinent papers turned
over to the VENDEE;
 
THAT, if for any reason there should be any legal impediment
to bar the registration of the aforementioned deed of sale, it
shall be obligation of the ESCROW AGENT to deliver the
VENDOR and to the VENDEE all the papers and cash deposit
respectively belonging to them held in escrow;
 
(Other conditions and stipulations, if any.)
 
THAT the ESCROW AGENT, cognizant of the foregoing terms
and conditions above stipulated, does hereby agree to acts as
depository for the VENDOR and the VENDEE, and to discharge
the duties and perform the undertaking in accordance
therewith; and
 
THAT, the service fee to be due and payable to the ESCROW
AGENT in any events shall be for account of the VENDOR.
 
IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands at the place first above written on this
__________day of ________________, 20 _____
___________________________              ____________________________
Vendee                                                       Vendor
                                      ________________________
                                                Escrow Agent
SIGNED IN THE PRESENCE OF:
_____________________________           _____________________________
ACKNOWLEDGMENT
Republic of the Philippines                        ]
Province of _____________________________ |SS.
City/ Municipality of ____________________)
BEFORE ME, a Notary Public in and for _____________ City,
Philippines, this _____ day of _________________, 20____ 
personally appeared:
          Name                             Res. Cert.             Date/Place
Issued
_________________           ____________          ________________
                                                                            
________________
________________             ____________          ________________
                                                                            
________________
all known to me and to me known to be the same persons who
executed the foregoing instrument and they acknowledged  to
me that the same is their free and voluntary act and deed.
IN TESTIMONY WHEREOF, I hereunto set my hand and affix my
notarial seal on the date and at the place first above written.
Doc No. _______
Page No._______
Book No. ______
Series of _______