Tuesday, July 15, 2014

CONTRACT TO SELL

CONTRACT TO SELL
(Inhouse Financing by Installment w/ or w/o Downpayment)


Know all men by these presents:

This Contract to Sell, hereinafter referred to as the Contract, executed and entered into on this ninth (9th) day of August 2012 at Coron, Palawan, Philippines, by and between:

Spouses Jesus and Maria , both Filipinos of legal age, with residence and postal address at Sitio Alakak, Barangay San Nicolas, Coron, Palawan, hereinafter referred to as the Seller;

-And-

Spouses Juan de la Cruz and Juana de la Cruz, a/both Filipino/s of legal age, with residence and postal address at Barangay 1, Poblacion, Coron, Palawan, hereinafter referred to as the Buyer;

Witnesseth:

Whereas, the Seller is the lawful owner of one (1) Parcel of Land, hereinafter referred to as the Lot, identified as Lot 10 Block 10, Subdivision Plan PSD-04-206738, with a total area of One Hundred Seventy Five (175 SQM) Square Meters, more or less, covered by Transfer Certificate of Title Number T-21114, hereinafter referred to as the Mother Title, and technically described as follows:

Line Bearing Distance
Tie-line North 02deg 55min East 472.1 meters
Line 1-2 North 58deg 47min West 16.42 meters
Line 2-3 North 39deg 35min East 9.65 meters
Line 3-4 North 47deg 23min East 3.11 meters
Line 4-5 North 76deg 13min East 3.11 meters
Line 5-6 South 73deg 47min East 3.11 meters
Line 6-7 South 58deg 47min East 8.96 meters
Line 7-1 South 31deg 13min West 15.54 meters

Whereas the Seller intends to sell the Lot to the Buyer, who intends to purchase the same from the Seller;

Now, therefore, for and in consideration of the foregoing, the Parties hereby bind themselves to the following terms and conditions:

  1. The Total Purchase Price for the Lot shall be Eight Hundred Fifty Two Thousand (₱852,000.00) Pesos, net of Withholding Tax and exclusive of Value Added Tax and other applicable taxes, if any.
  2. It is hereby acknowledged by the Seller that the Buyer has paid the sum of Twenty Thousand (₱20,000.00) Pesos in cash as the Reservation Fee on 09 October 2012.
    1. The said Reservation Fee shall be applicable in full to the Downpayment.
    2. The said Reservation Fee entitles the Buyer to a 30-day reservation on the purchase on the Lot ending on 09 November 2012.
  3. The Buyer shall pay the Seller the sum of Seventy Five Thousand Six Hundred (₱75,600.00) Pesos in cash not later than 09 November 2012 representing the thirty (30%) percent Downpayment net of Withholding Tax and exclusive of Value Added Tax and other applicable taxes, if any, and minus the Reservation Fee.
    1. In the event that the Buyer fails to make the said payment in full, as hereinafter set forth, on or before 09 November 2012, or decides to opt out of the purchase, this Agreement shall be considered cancelled and the Reservation Fee shall be forfeited in full in favor of the Seller.
    2. In the event that the Seller cancels the said Reservation, the Seller shall reimburse the Buyer with double the amount of the Reservation Fee not latter than 18 September 2012 so that this Agreement shall be considered cancelled.
  4. The Balance of Seven Hundred Seventy Six Thousand Four Hundred (₱776,400.00) Pesos, net of Withholding Tax and exclusive of Value Added Tax and other applicable taxes, if any, shall be paid in sixty (60) Monthly Installments of Fourteen Thousand Three Hundred Ninety Nine and 14/100 (₱14,399.14) Pesos each including interest, net of Withholding Tax and exclusive of Value Added Tax and other applicable taxes, if any, for the next sixty (60) consecutive months beginning on 09 December 2013, payable on the ninth (9th) of each month within the herein payment period without need of notice or demand from the Seller.
  5. All succeeding payments by the Buyer to the Seller shall be as follows:
    1. All payments shall be made as deposits or fund-transfers to one of the Seller’s following bank accounts under the name “Jesus Vicente D. Fernandez and Maria Luisa M. Fernandez”:
      1. Bank of the Philippine Islands-Coron, Palawan Branch account number 2493-0140-08.
      2. Allied Savings Bank–Coron, Palawan Branch account number 8771-00055-5.
      3. Banco de Oro-Alabang Hills, Muntinlupa Branch account number 650000229-5.
    2. The Buyer shall submit to the Seller one (1) original duplicate of each deposit slip or other proof of payment from the bank in exchange for the corresponding Acknowledgement Receipt signed by the Seller.
    3. The date that a certain payment is credited in the Seller’s bank account shall be considered the effective date of the payment, not the date that the Buyer sent the payment.
    4. Payments in foreign currency shall be converted to Philippine Pesos by the Seller’s bank at their current in-house exchange rate prior to crediting to the Seller’s account.
    5. The Philippine Peso amount credited to the Seller’s bank account shall be the effective value of the payment.
    6. The Seller shall not honor payments that are not in accordance to the herein procedure or payments coursed through or submitted to other parties.
  6. All late payments shall be subject to monthly Penalty of five (5%) percent of the value of the overdue obligation, on top of the herein contracted interest, compounded monthly, until the obligation and its incurred Penalty have both been paid in full.
    1. The Seller has no obligation to remind the Buyer of payments and obligations that are overdue or coming due.
    2. In the event that the Buyer fails tomake four (4) consecutive payments on the Monthly Amortization, unless caused by force majeure, proof of which shall be the burden of the Buyer, the herein sale shall be cancelled and all payments made shall be forfeited in favor of the Seller.
      1. In the further event that the Buyer is already occupying the Lot, the Buyer shall vacate the same within thirty (30) days from receipt of notice from the Seller or from posting of the same in front of the Lot.
      2. In the further event that the Buyer has already made fixed improvements on a Lot, said improvements shall revert to the ownership of the Seller.
    3. All obligations shall be cumulative, and all payments chronologically applied so that the earliest obligation outstanding shall be paid first.
  7. Upon the prior consent of the Seller, the Buyer may transfer their rights over the Lot and all payments made to date in favor of a Third Party, subject to the Seller’s consent.
    1. The Buyer shall shoulder the expenses incurred in executing the said transfer of rights.
  8. Upon full payment of the Total Purchase Price, the Buyer shall have the right to Possession of the Lot.
    1. Not later than thirty (30) days prior to any construction on the Lot, the Buyer shall pay the sum of Five Thousand (₱5,000.00) Pesos to the Seller representing the Verification Survey Fee for the required geodetic resurvey of the Lot.
    2. Within twenty (20) days after payment of the said Verification Survey Fee, the Seller shall have the geodetic resurvey of the Lot done by a licensed Geodetic Engineer and a lot plan certified by the same made available to the Buyer.
  9. Upon complete payment by the Buyer of the Downpayment, all Installments, and all other Fees stipulated herein, the Seller shall execute a Deed of Absolute Sale of the Lot in favor of the Buyer.
    1. Upon execution of the Deed of Absolute Sale, The Seller shall proceed with the transfer of title of the Lot to the Buyer’s name.
    2. The Buyer shall pay the Seller the Processing Fee of Eight Thousand (₱8,000.00) Pesos prior to the registration of the sale and transfer of title of the Lot to the Buyer’s name.
    3. The Capital Gains and Documentary Stamp Taxes shall be on the Seller’s account, while the Transfer Tax shall be on the Seller’s account.
    4. All expenses on the transfer of the Declaration of Real Property to the Buyer shall be on the Buyer’s account.
  10. The property tax applicable upon the Lot shall be on account of the Seller up to the year that the Buyer has acquired the right take possession of the same, after which it shall be on account of the Buyer.
  11. The Seller hereby guarantees the completion of all required improvements in and for the said Subdivision not later than the deadlines set by the Housing and Land Use Regulatory Board with regards to the Developer.
  12. The Seller however shall not guarantee the supply of power, water, and other utilities to the Buyer, as these have to be provided by the appropriate local utility.
  13. The Buyer and their respective heirs, assigns, and successors-in-interest, as well as the Lot and all present and future improvements thereon, if any, shall be subject under the Deed of Restrictions of Fernvale Living and Leisure Subdivision, and all rules adopted by the Developer or the Fernvale Business and Homeowners Association Inc. for the Subdivision.
  14. The said Total Purchase Price shall include the Buyer’s Membership in Fernvale Sports and Leisure Club, a facility that the Seller shall establish inside the said Subdivision, which shall allow the Buyer to avail of the facilities and services of the said club for a discounted fee.
  15. The exact technical description of the Lot shall be subject to adjustments, if necessary, in order to preserve the integrity of the subdivision plan.
    1. If such adjustments entail an increase or decrease in the lot area, the Total Purchase Price shall be revised accordingly at the same price per square meter as herein contracted.
  16. All rights to the strip of land between the Subdivision and the river running beside the same, including all usufruct rights therein, if any, shall belong to the Seller.
    1. The Seller shall however keep the said strip of land predominantly as open space, and shall allow the Buyer and his family, as well as other property owners in the Subdivision, access to the same at all times, subject to rules and regulations.
    2. The Seller shall also allow the Buyer to build a gate on the Lot, not more than two (2) meters in width, directly leading to the said strip of land.
  17. The address of the Lot shall be “30 Ipil Street, Fernvale Subdivision, Coron, Palawan”, which the Buyer shall always adhere to at all times with regards to the Lot.
  18. All rights and obligations enshrined in this Contract shall be binding upon the Parties, their heirs, assigns, and successors-in-interest.
  19. Should any provision in this Contract be nullified in a court of law, the validity of this Contract and all of its other provisions not affected by such nullification shall remain binding upon the Parties.
  20. Any legal case arising from a dispute between the Parties within the bounds of this Contract may only be elevated to a court of law in Coron, Palawan, or in Metro Manila.

In Witness Whereof, the Parties have hereunto affixed their respective signatures on this Contract on this ninth (9th) day of August 2013 at Coron, Palawan, Philippines.

Seller:


Jesus Vicente D. Fernandez Maria Luisa M. Fernandez

Buyer:


Juan de la Cruz

Signed in the presence of:


__________________________ __________________________

Republic of the Philippines)
City of________________) s.s.

ACKNOWLEDGEMENT

On this ninth (9th) day of August 2013 at Coron, Palawan, Philippines, personally appeared before me Spouses Jesus Vicente D. Fernandez and Maria Luisa M. Fernandez (Seller) and Juan de la Cruz (Buyer) who are all known to me and known by me to be the same persons who executed the foregoing instrument and acknowledged that the same is their free act and deed. The Signatories to this instrument exhibited the following respective identities:
Names
Phil. Govt. ID Type
Number
Date & Place Issued
Jesus
Passport
XX0925609
17 March 2010, Manila
Maria
Passport
EB7175926
16 January 2013, Manila
Juan de la Cruz



This instrument consists of four (4) pages, including this page, with every page signed by each Party and their instrumental witnesses.


NOTARY PUBLIC
Doc No: ______
Page No.______
Book No: _____

Series of: 2013
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