REPUBLIC OF THE PHILIPPINES )

PROVINCE/CITY OF __________ )

EARNEST MONEY RECEIPT AGREEMENT

________________________________ (the “Seller”), of legal age,

Filipino, married, and with residence at
________________________________, received from
________________________________ (the “Buyer”), of legal age, Filipino,
single, and with residence at ________________________________, the sum
of TWO HUNDRED TWENTY THOUSAND PESOS (PhP 220,000.00),
Philippine Currency, representing Earnest Money for payment of a parcel
of land and residential unit (house and lot) located at
________________________________, Philippines and covered by Transfer
Certificate of Title No. ________________________________.

This Earnest Money forms part of the Purchase Price of ONE

MILLION ONE HUNDRED THOUSAND PESOS (PhP 1,100,000.00),
Philippine Currency. The balance and full payment shall be paid within
one (1) month from the payment of the Earnest Money.

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 lapse of the one (1) month period
mentioned above.

Upon receipt of the full payment from the Buyer, the Seller shall
immediately execute a Deed of Assignment and Transfer of Rights, and
Special Power of Attorney in favor of the Buyer. The Seller shall likewise

1
turn over all pertinent documents of the property to the Buyer to allow the
title of the property to be processed for transfer into the name of the Buyer.

The Buyer shall undertake the payment of the Capital Gains Tax and
Documentary Stamps Tax. In addition, the Buyer shall shoulder the
payment of Transfer Tax, Deed of Registry Fees and all other expenses
related to the transfer of title of the property under the name of the Buyer.

Furthermore, if the Buyer cannot proceed with purchase of the

aforementioned property without any cause on the part of the Seller, the
Seller has the right to terminate this agreement and ONE HUNDRED
TWENTY THOUSAND PESOS (PhP 120,000.00) of the Earnest Money
shall be forfeited in favor of the Seller as actual damages (renovation fees
amounting to PhP 100,000.00) and liquidated damages (amounting to PhP
20,000.00).

IN WITNESS WHEREOF, the parties have hereunto affixed their

signatures, this ________, 2022 at ______________________, Philippines.

Parties:

Seller

Buyer

Witnesses:

_____________________________ _____________________________
(Signature over Printed Name) (Signature over Printed Name)

2
REPUBLIC OF THE PHILIPPINES )
PROVINCE/CITY OF __________ )

ACKNOWLEDGEMENT

BEFORE ME, a Notary Public for and in the city named above, this
_____ day of ______________, 2022, personally appeared the following:

Name Identification No. Date & Place Issued

known to me and to me known to be the same persons who executed this

Instrument and acknowledged to me that the same is their free and
voluntary act and deed.

The foregoing document relates to an Earnest Money Receipt

Agreement, consisting of THREE (3) pages including the page on which
this acknowledgement is written and had been signed on each page by the
parties and their instrumental witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND NOTARIAL SEAL on the date and

place first above written.

NOTARY PUBLIC
Doc. No. __________;
Page No. __________;
Book No. __________;
Series of 2022.