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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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