CONTRACT TO SELL

 
KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL, made and executed this ____ day of _______________ by and between:
 
        We, X and Y, both of legal age, Filipino citizens, and with main address located at Brgy. 44,
Zamboanga, Laoag City, Ilocos Norte, hereinafter referred to as the "SELLER/VENDOR";
 
-AND-
 
        SPOUSES NORIEL TARUN and IMELDA TARUN, both of legal age, Filipino citizens and with
main address located at Block 18 Lot 3B, Mt. Isarog Street, MonteVista Heights Subdivision, Brgy.
Dolores, Taytay, Rizal, hereinafter referred to as the "BUYER/VENDEE".
 
WITNESSETH;
 
        WHEREAS, the SELLER/VENDOR is the absolute and registered owner of a parcel of land
consisting of ONE HUNDRED TWENTY (120) square meters, more or less, located at Cainta, Rizal and
covered by Transfer Certificate of Title No. -638906- indexed issued by the Registry of Deeds of
Province of Rizal;
 
        WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER /VENDOR has agreed to
sell the above-mentioned property under the terms and conditions herein below set forth;
 
        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
the SELLER/VENDOR  agrees to sell and the BUYER/VENDEE agrees to buy the aforesaid property
subject to the following terms and conditions:
 
1. The total consideration shall be Four Million (Php: 1,000,000.00) PESOS, Philippine Currency,
payable as follows:

a) The amount of TWO MILLION TWO HUNDRED PESOS (Php: 2,200,000.00) PESOS,
representing earnest money shall be payable by the BUYER/VENDEE to
the SELLER/VENDOR upon signing of this Contract to Sell;

b) The remaining balance in the amount of ONE MILLION EIGHT HUNDRED (Php:
1,800,000.00) PESOS, shall be paid in installment in the amount of THIRTY
THOUSAND (Php:30,000.00) PESOS starting on May 1, 2022 until April 30, 2027
which shall be secured by sixty (60) post-date checks in equal amounts;

c) In case the BUYER/VENDEE defaults in the payment of the rent by at least three
consecutive months, the earnest money in the amount of TWO MILLION TWO
HUNDRED (Php: 2,200,000.00) PESOS and the installment already paid shall be
renegotiated in terms favorable to both parties but not contrary to law;

d) In case the BUYER/VENDEE decides not to buy the property, the earnest money in
the amount of TWO MILLION TWO HUNDRED (Php: 2,200,000.00) PESOS shall be
renegotiated in terms favorable to both parties but not contrary to law.

2. The life insurance premium of the BUYER/VENDEE and the marine insurance of the property
mentioned above in the next five (5) years shall be paid by the BUYER/VENDEE to the
SELLER/VENDOR who shall be responsible in applying and remitting the payment to the
insurance companies in behalf of the BUYER/VENDEE. In the event that the
BUYER/VENDEE have existing life insurance or marine insurance, it shall be sufficient for the
BUYER/VENDEE to show proof that such policies are in-force at any time within the period of
five (5) years;

3. Capital Gains Tax and Documentary Stamp Tax shall be for the account of
the SELLER/VENDOR;

4. Real estate tax, registration fee, registration expenses, and all other miscellaneous fees and
expenses shall be to the account of the BUYER/VENDEE;

5. Possession to the subject property shall be delivered by the SELLER/VENDOR to

the BUYER/VENDEE upon payment of the earnest money while transfer of the subject
property shall be delivered upon full payment of the total consideration;

6. The subject property shall only be used as family home exclusively by the BUYER/VENDEE
during the period of possession. It shall neither be rented out nor utilized for commercial
purposes;
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7. No renovation or remodeling shall be done to the subject property during the period of
possession except necessary repairs;

8. The cost of necessary repairs and related expenses shall be to the account of
the BUYER/VENDEE;

9. During the period of possession, the installment amount of THIRTY THOUSAND

(Php:30,000.00) PESOS shall be considered as rent and shall be non-refundable in the event
of discontinuance of the installment payments or renegotiation of the contract of sale in the
event of default of the BUYER/VENDEE for at least three consecutive months;

10. Upon full payment of the total price, the SELLER/VENDOR shall sign and execute a DEED OF
ABSOLUTE SALE in favor of the BUYER/VENDEE. The SELLER/VENDOR shall likewise
execute and/or deliver any and all documents, including but not limited to the original copy of
Transfer Certificate of Title, Tax Declaration and all other documents necessary for the transfer
of ownership from SELLER/VENDOR to the BUYER/VENDEE.
 
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ___ day of
____________, 20__ at ______________________, Philippines.
 
 
X Y
(SELLER/VENDOR) (SELLER/VENDOR)

A B
(BUYER/VENDEE) (BUYER/VENDEE)

 
SIGNED IN THE PRESENCE OF:
 
__________________________               ____________________________
 
 
ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

City of Laoag ) s. s.

BEFORE ME, a Notary Public in the City of Laoag, personally appeared X, Y, A, and B known to
me and to me known to be the same persons who executed the foregoing instrument which they
acknowledged before me as their free and voluntary act and deed.

This instrument referred to as CONTRACT TO SELL consists of two (2) pages and is signed by
the parties herein and their witnesses, on all and every page including this page where this
acknowledgment is written.

WITNESS MY HAND AND SEAL, on the date and place above written.

NOTARY PUBLIC
Notary Public for Ilocos Norte and Laoag City