NOTARIZED CONTRACT TO SELL
KNOW ALL MEN BY THESE PRESENTS:
This Contract to Sell is made and entered into this ______________ day of ______________, 20____, by and between:
LUZ, of legal age, Filipino citizen, and a resident of _____________________________ (hereinafter referred to as the "SELLER");
-AND-
MINDA, of legal age, Filipino citizen, and a resident of _____________________________ (hereinafter referred to as the "BUYER");
WITNESSETH THAT:
WHEREAS, the SELLER is the lawful and registered owner of a parcel of land with an area of 500 square meters located in San Miguel, Bulacan, covered by Transfer Certificate of Title No. R-248016 (hereinafter referred to as the "Property").
WHEREAS, the SELLER agrees to sell the Property to the BUYER for the total sum of Php 500,000.00 (Five Hundred Thousand Philippine Pesos) payable in ten (10) monthly installments, as detailed below:
1. The BUYER shall pay the first installment amounting to Php 50,000.00 (Fifty Thousand Philippine Pesos) upon the execution of this Contract to Sell.
2. The BUYER shall pay the succeeding installments of Php 45,000.00 (Forty-Five Thousand Philippine Pesos) each on the same day of each succeeding month until the full consideration is fully paid.
WHEREAS, it is expressly agreed upon by both parties that the transfer of title to the Property shall only take effect and be finalized upon full payment of the total consideration.
WHEREAS, the BUYER agrees to shoulder all taxes, fees, and expenses incidental to the sale, transfer of title, and registration of the Property.
NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual covenants contained herein, the parties hereto agree as follows:
1. The SELLER agrees to sell and the BUYER agrees to purchase the Property for the total consideration of Php 500,000.00 (Five Hundred Thousand Philippine Pesos) under the terms and conditions set forth in this Contract.
2. The BUYER shall make timely and consecutive monthly installment payments as specified herein until the full consideration is paid.
3. The SELLER agrees to execute a Deed of Absolute Sale in favor of the BUYER upon receipt of the full payment, thereby transferring all rights, interests, and ownership of the Property to the BUYER.
4. The BUYER agrees to assume responsibility for all taxes, fees, and expenses incidental to the sale, transfer of title, and registration of the Property, including but not limited to documentary stamp taxes, transfer taxes, registration fees, and notarial fees.
5. In the event of default in any of the installment payments, the SELLER reserves the right to cancel this Contract to Sell and forfeit all previous payments made by the BUYER, without prejudice to any other rights or remedies available to the SELLER under the law.
6. This Contract to Sell shall be binding upon the parties, their successors, and assigns.
IN WITNESS WHEREOF, the parties have hereunto set their hands this ______________ day of ______________, 20____, in the presence of the undersigned witnesses.
___________________________ ___________________________
(Signature of Seller) (Signature of Buyer)
Signed in the presence of:
___________________________ ___________________________
(Witness' Name and Signature) (Witness' Name and Signature)
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
____________________________) S.S.
BEFORE ME, a Notary Public for and in ____________________, this _____ day of ______________, 20____, personally appeared:
Name Government-Issued ID Date/Place of Issue
_______________________ _______________________ ______________________
(Seller's Name) (ID Type and Number) (Date and Place of Issue)
_______________________ _______________________ ______________________
(Buyer's Name) (ID Type and Number) (Date and Place of Issue)
Known to me and to me known to be the same persons who executed the foregoing instrument, and they acknowledged to me that the same is their free and voluntary act and deed.
WITNESS MY HAND AND SEAL on the date and place first above written.
_____________________________
Notary Public
Doc. No. _______;
Page No. _______;
Book No. _______;
Series of 20____.
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