CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell made and entered into this ________________ in

_____________ City, Philippines, by and between:

_______ City. Hereinafter referred to as the SELLERS;

-And-

_______________ referred to as the BUYERS;

WITNESSETH THAT:

WHEREAS, the SELLERS are the absolute and registered owner of a property
together with all the improvements located at _________ Containing an area of
__________________ of the Registry of Deeds of Quezon City. Hereinafter referred to
as the PROPERTY;

WHEREAS, the BUYERS has offered to buy the above-mentioned property and
the SELLERS have agreed to sell the above-mentioned property under the terms and
conditions herein below set forth;

NOW THEREFORE, for and in consideration of the foregoing premises, the

SELLERS hereby bind and obligate themselves to sell the above property to the
BUYERS who likewise bind and obligate their selves to purchase the same from the
SELLERS, free from all liens and encumbrances.

1. TERMS OF PAYMENT.
The total agreed purchase price is ___________) payable in the following
manner:

a. Earnest money of _______________ payable upon signing of this contract

which shall form part of the total purchase price, receipt of which
acknowledge by the SELLERS;

b. Down payment of _______________________________

(Php__________) payable upon released of BANK GUARANTEE issued
by METROBANK

c. The remaining balance of ___________________________________

(PHP ________________) shall be paid through bank (METROBANK).

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2. EXECUTION OF DEED OF ABSOLUTE SALE
Upon issuance of BANK GUARANTY, the SELLERS and the BUYERS shall
execute a Deed of Absolute Sale and the SELLERS will turn over the following
documents.
a) Signed Deed of Absolute Sale
b) Owner’s Original Copy of Transfer Certificate of Title
c) Certified True copy of Tax Declaration for Land and Improvement
d) Original copy of Tax Clearance
e) Original Official Receipts of Real Property Tax for 2020
f) Original Official Receipt for Association Dues if any for 2020
g) Photocopy of Sellers’ Passports and another government ID
h) Photocopy of Sellers’ TIN numbers or IDs
I) Certified true copy of TITLE

3. CANCELLATION / FORFEITURE
a. Should the BUYERS fail to fully pay for the PROPERTY due to non-
approval of their bank loan amounting to at least 80% of the appraisal
value of the subject property, this contract shall be cancelled by the BOTH
PARTIES without need of any judicial declaration and shall automatically
be of no further force and effect. In such an event, the total amount of
THREE HUNDRED THOUSAND PESOS (Php 300,000.00) shall be
refunded to the BUYERS.

b. Should the SELLERS fail to comply with any of the provisions of this
contract, the BUYERS shall be entitled to a full refund of earnest money
and down payment plus a penalty in the amount of THREE HUNDRED
THOUSAND PESOS (Php 300,000.00) shall imposed on the SELLERS.

4. TURNOVER OF THE PROPERTY.

The SELLERS shall deliver the said property to the BUYER upon receiving the
whole agreed purchase price free of tenants. Turnover of the said property as is
where is basis.

5. EXCLUSIVITY CLAUSE.
The SELLERS and BUYERS mutually agree that the SELLERS shall not
entertain third parties during the term of this contract.

6. EXPENSES FOR SELLERS' ACCOUNT.

Capital gains tax, Real estate tax, brokers professional fee and all other charges
against the property including utility bills and homeowner’s association dues up
to the date of turnover of the said property shall be for the account of the
SELLERS;

7. EXPENSES FOR BUYERS’ ACCOUNT.

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 Documentary stamps tax, transfer tax, registration fees, notarial and all other
incidental expenses for the transfer of the title in the name of the BUYER shall be
for the account of the BUYERS;

8. WARRANTIES.
a. The SELLERS warrants ownership to and peaceful possession of the
PROPERTY and bind themselves to defend the right of the BUYERS
against claims of third parties whomsoever and will hold the BUYERS free
and harmless from any and all damages and expenses that the buyer may
incur or suffer by virtue of any such claim.

IN WITNESS WHEREOF, the PARTIES have hereunto set their hands on the
date and place above written.

SELLER BUYER

Signed in the presence of:

_______________________ ______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.

BEFORE ME, this _____ day of ____________________ 2020 in

______________________, personally appeared the following persons with their
respective identification:

NAME GOV’T I.D. EXPIRY/DATE

ISSUE/PLACE

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 Known to me and known to are the same persons who executed the foregoing
Contract to Sell and they acknowledged to me that the same is their free and voluntary
act and deeds.

This instrument refers to a Contract to Sell consisting of three (3) pages including
this page in which this acknowledgment is written which has been signed by the parties
on each and every page thereof.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial

seal on the date and place above written.

NOTARY PUBLIC

Doc. No. ________;

Book No. ________;
Page No. ________;
Series of 2020.

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