CONDITIONAL CONTRACT TO SELL

 
KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL, made and executed at Iloilo City, Philippines this ________________________
by and between:
 
Spouses XXXXX and XXXXX, both of legal age, Filipinos and with residence address at XXXXX
City, Philippines, hereinafter collectively referred to as “BUYER”;

-AND-
 
Spouses XXXXX and XXXXX, both of legal age, Filipinos and with residence address at XXXXX
City, Philippines, hereinafter collectively referred to as “BUYER”;

RECITATIONS:
 
WHEREAS, SELLER is the registered and absolute owner of a parcel of land and all the
improvements standing thereon located at XXXXX City, Philippines, containing a total area of THREE
HUNDRED ONE (301) SQUARE METERS and covered by Transfer Certificate of Title No. T-XXXXX
issued by the Registry of Deeds of Iloilo City and more particularly described as follows:

Transfer Certificate of Title No. XXXXX

“XXXXX”

WHEREAS, BUYER would like to avail the said property through a loan grant from the Home
Development Mutual Fund (Pag-IBIG);

WHEREAS, SELLER has agreed to sell the above mentioned property at the price of FOUR
MILLION PESOS (P4,000,000.00) Philippine Currency, for good and valuable consideration;

NOW THEREFORE, for and in consideration of the total sum of FOUR MILLION PESOS (PhP:
4,000,000.00) Philippine Currency, and of the covenants herein after set forth, SELLER agrees to sell and
BUYER agrees to buy the aforesaid property subject to the following terms and conditions:

1. The total consideration shall be FOUR MILLION PESOS (PhP: 4,000,000.00) PESOS, Philippine
Currency, payable as follows:

a. BUYER shall pay Earnest Money equivalent to TWENTY PERCENT (20%) or EIGHT HUNDRED
THOUSAND PESOS (P800,000.00) immediately upon the execution of this Contract to Sell. The same Earnest
Money shall form part of the purchase price;

b. BUYER shall apply for a housing loan with Pag-IBIG the proceeds of which shall be released to
SELLER to settle the remaining balance in the amount of THREE MILLION TWO HUNDRED THOUSAND
PESOS (PhP 3,200,000.00); and

c. For purposes of the loan, SELLER shall allow the execution of a Deed of Absolute Sale and the transfer
of the title in the name of BUYER but only after the issuance of a letter of guarantee from Pag-IBIG in favor of
SELLER;

2. Broker’s Commission shall be for the account of SELLER. Taxes and all other fees shall be for the
account of BUYER;

3. All real property taxes up to the date of execution of Contract to Sell shall be for the account of
SELLER;

4. Possession of the subject property shall be delivered by SELLER to BUYER upon the execution of this
Contract to Sell; and

5. Upon full payment of the purchase price, SELLER shall sign and execute a DEED OF ABSOLUTE
SALE in favor of BUYER.

IN WITNESS WHEREOF, the parties have hereunto signed this CONDITIONAL CONTRACT TO
SELL in the place and on the date first above-written.
 Seller Buyer
TIN 000-000-000 TIN 000-000-000

Seller Buyer
TIN 000-000-000 TIN 000-000-000

Witnessed by:

__________________________________ __________________________________