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Sample of Contract Of Sale
This Agreement is made this ____ day of __________ 2001,
by and between ______________________________________________________
whose address is _________________________________________________
hereinafter referred to as "Seller", and
_________________________________,
whose address is _________________________________________________,
hereinafter referred to as "Buyer".
1. Agreement to Sell and to Purchase : Description
of Property. Subject to the conditions set forth in this Agreement, Seller
agrees to sell to Buyer and Buyer agrees to purchase from Seller the real
property located in the Municipality of
M a n i l a, Philippines, described as follows :
Unit No. ____ _, ______sq.m
Le Mirage de Malate located at 2126 A. Mabini Street,
Malate, Manila
TOGETHER with the buildings, improvements, tenements,
rights, easements, privileges and appurtenances to the same belonging or
appertaining or held or enjoyed herewith,
including the reversions, remainders, rents, issues and
profits thereof, and all of the estate, right, title and interest of the
seller both at law and in equity therein and
thereto.
2. Purchase Price. The Total purchase price of the property is
____________________________________________________________
_______________________ (Php ____________________), payable by Buyer
to Seller, as follows :
- The sum of __________________________________(Php______________)
upon execution of this Agreement, as deposit to be applied towards the
purchase price :
- The balance of the purchase price shall be payable as follows ;
Php __________________ payable in ____ months starting on
______________________ to ____________________;
Php ___________________ payable in ___ months starting on
_______________________ to ____________________;
Php ___________________ payable upon turnover.
In-house Financing (if applicable) :
Php _________________________ of the balance of the purchase price at
21% interest payable in _______ months starting on _______________ to
_____________________.
3. Consequences of Buyer Defaulting. Should
Buyer default in the performance of this Agreement, the deposit described in
Section 2(a) shall be forfeited by Buyer as provided in Section 8. In the
event this Agreement is terminated for any other
reason, the deposit shall be refunded to Buyer pursuant to Section 8.
4. Seller shall convey the property to Buyer by means
of Condominium Certificate of Title (CCT) free
and clear of all liens and encumbrances.
5. Upon receipt of full payment of the balance of the
purchase price, the Seller shall execute the
transfer of Condominium Certificate of Title under the name of the Buyer.
6. Fees and Costs.
- Processing Fees and Document Costs
. Buyer shall bear andpay as
Buyer’s expense the recording fees and document tax associated with the
transfer of title.
- Attorney’s Fees
. Seller shall bear and pay as Seller’s expense
all attorney’s fees charged for the preparation of the title required
for this sale.
7. Remedies Upon Default. If Seller is unable to deliver the
Condominium Certificate of Title upon full payment of the purchase price,
Buyer shall have the right to terminate this Agreement, and, upon such
termination, all funds received by Seller shall be returned immediately to
Buyer, without interest, and all obligations of the parties shall be
terminated without further liability to each other. If Buyer defaults in the
performance of this Agreement, the parties agree that Seller shall be
released from any obligation to sell the property to Buyer and may retain,
as liquidated damages, the deposit and payments made pursuant to 2(a).
Initials : _________ __________
Seller Buyer
8. Delivery of the Unit.
- Upon completion of the Unit(s), the Seller shall notify the Buyer for
Turnover of the UNIT in writing. Sixty (60) days upon receipt by Buyer
of Seller’s written notice of Turnover of the UNIT, all condominium
dues and other related assessments shall be for the account of the
Buyer.
- Buyer shall be deemed to have taken possession of the UNIT in any of
the following or Analogous instances : (1) when Buyer actually occupies
the UNIT; (2) when Buyer commences to introduce improvements,
alterations, furnishing, etc.; (3) when Buyer takes or receives the keys
to the UNIT.
9. Miscellaneous Provisions.
- Notices. Any and all notices and other communications required or
permitted by this Agreement or by law to be served on or given to any
party by another party shall be in writing and shall be deemed duly served
and given when personally delivers to the party to whom it is directed, or
in lieu of such personal service when the purpose of this section by
giving written notice of such change to the other party in the manner
provided in this section.
- Entire Agreement. This Agreement contains the entire agreement
between Buyer and Seller respecting the property, and any agreement or
representation respecting either the duties of Buyer or Seller in relation
thereto not expressly set forth in this Agreement or the exhibits is null
and void.
- Successors and Assigns. This Agreement shall bind the parties,
their successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Agreement as of
the day and year first above written.
SELLER :
BUYER :
______________________________ ___________________________
______________________________ ___________________________
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