EARNEST MONEY RECEIPT AGREEMENT

 
MICHELLE V. JEPPESEN, of legal age, Filipino, married to LARS B. JEPPESEN, of
legal age, Danish citizen with address at #209 Mango Drive, Ayala Alabang Village,
Muntinlupa City, hereinafter referred to as the SELLER, hereby acknowledge having
received the amount of Five Hundred Thousand Philippine Pesos (Php 500,000) in
PERSONAL CHECK from ___________________, of legal age, Filipino, and with
residence and postal address at _____________________________________,
hereinafter referred to as the “BUYER" representing EARNEST MONEY for the
payment of a lot located at Barangay Natipuan, Municipality of Nasugbu, Province of
Batangas, Island of Luzon, with a lot area of 430sqm more or and more particularly
described in Transfer Certificate of Title No. 055-2012001918 issued by the Register
of Deeds of the Province of Batangas, Nasugbu Branch, hereinafter referred to as the
“PROPERTY”, free and clear of any liens or encumbrances.

Received from (Name of Buyer) with postal address at ( Address), the sum of  (Amount in Words) (P
000,000.00) covered by ABC Bank, check # 00000000 dated January 1, 20__ representing EARNEST
MONEY for payment of a Two-Story house and lot located at (Address of Property) covered by T.C.T.
No. T-00000.

This EARNEST MONEY forms part of the purchase price of (Amount in words) (P
0,000,000.00). The balance and full payment shall be paid on or before __________________.

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 _____________________.
 
Upon full payment, the SELLER shall execute a DEED OF ABSOLUTE SALE in favor of the BUYER,
conveying the subject property with full warranty of a legal and valid title as provided by law, free and
clear from any liens and encumbrances.
 
Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of
the Capital Gains Tax. The BUYER shall shoulder the payment of the Documentary Stamps Tax,
Transfer Tax, Registration Fee and all other expenses to transfer the title of the property under his name.
 
In case of voluntary cancellation of this agreement by the BUYER without any cause on the part of
the SELLER or if the BUYER fails to comply with his obligations mentioned, then the SELLER shall have
the right to terminate this agreement in which case the EARNEST MONEY in the amount of (Amount in
words) (P 000,000.00) shall be forfeited in favor of the SELLER as liquidated damages.
 
 
January 1, 20_____
 
 
              (SELLER)                                               (BUYER)              
Signature over Printed Name               Signature over Printed Name