Sample Contract To Sell A Condominium Unit
Sample Contract To Sell A Condominium Unit
(A Condominium Project)
Contract No.
____________________
Tower No.
__________________
Contract Ptice
____________________
Unit No.
__________________
Donwpayment
____________________
Unit Area
__________________
Balance
____________________
Price/sq.m.
__________________
CONTRACT TO SELL
KNOW ALL MEN BY THESE PRESENTS:
This Contract, made and entered into this ________ day of
__________________ in ______________________________, Philippines, by and
between:
a corporation duly
organized and existing under and by virtue of the laws of the
Republic of the Philippines with office address at the Ground
Floor, State Financing Center Bldg., Ortigas Avenue,
Mandaluyong City; , represented herein by
a corporation
duly organized and existing under and by virtue of the laws of
the Republic of the Philippines, with office address at Jaka
Center, 2111 Chino Roces Avenue, Makati City, represented
herein by PERSIVERANDO M. LUKBAN, SVP-General Manager ;
collectively referred to as the SELLER;
-and-
Contract to Sell
Unit Area:
__
subject to
Parking Unit No
change)
(unit area & final price is
subject to change
based on
final layout)
: ______
6.1.
DOWNPAYMET
__________________________________________________________
_________________________________________________________________
______,
a. Reservation
Fee:
______________________________P_____________________),
b. Balance
of
Downpayment:
____________________________________________,
_________________________________________________________________
______
(P_____________________),
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Contract to Sell
BALANCE:_______________________________________________________
_______
_________________________________________________________________
______
(P_____________________),
payable
in
_____________
installments and on the _______ day of each month beginning
__________________ until __________________.
The BUYER shall
deliver to the SELLER __________________ (______) post-dated
checks to cover the afore-mentioned installments.
(See
attached schedule of payments).
Installment Payment any or all installment payments shall be made
by the BUYER at the SELLER'S address at the Ground Floor, State Financing
Center Building, Ortigas Avenue, Mandaluyong City, or such other offices
where the SELLERs sales personnels place of business may, in the future, be
transferred to, on or before the specified due date without need of demand,
and in case the BUYER fails to do so, the SELLER is entitled to impose and
collect, a penalty of three percent (3%) per month (any fraction of a month
shall be considered as one entire month) on the amount due without
prejudice to the other remedies available to the SELLER. Only the provisional
receipt and/or official receipt issued by the SELLER and signed by the SELLER
or its authorized representative shall be acknowledged and held binding.
The SELLER may allow the BUYER to advance payment of any
outstanding balance in full or in part upon such terms and conditions as may
be imposed by the SELLER. Advance partial payments when authorized by
the SELLER shall have the effect of shortening the term of the Contract. In no
case shall payment of fractional installments be accepted.
7. The SELLER shall pay real estate tax and assessment on the subject
property without recourse to the BUYER for as long as the title has
not passed to the BUYER. However, if the BUYER has actually taken
possession of and occupied the Unit, the BUYER shall be liable to
the SELLER for such real property tax and assessment.
8. Without prejudice to the rights of the SELLER to consider this
Contract as automatically terminated under Section 9 hereof,
should the BUYER fail to pay any installment(s) when due, together
with any interest thereon as provided in this Contract, the rights
and obligations of the parties shall be as follows:
(a)
Subject to the provisions of Republic No. 6552, otherwise known
as the Maceda Law, if the BUYER is in default in any installment due,
the BUYER shall be entitled to a grace period of sixty (60) days to make
the necessary payment, provided, however, that the BUYER shall avail
of such grace period only once during the entire term of the Contract.
Upon failure of the BUYER to update all outstanding installments within
the said grace period, the SELLER shall, at its own absolute discretion
have the right: (i) to charge the BUYER a late payment charge at the
rate of three (3%) percent per month of the total amount due and
payable, computed from the due date of each installment, and/or (ii) to
cancel and rescind this Contract after thirty (30) days from receipt by
the BUYER of the notice of cancellation or demand for rescission of this
Contract, by a notarial act and all payments made by BUYER under this
Contract shall be forfeited as liquidated damages and/or considered
rentals for the use of the Unit(s). Furthermore, the BUYER shall also be
liable to pay the total amount of interests, advances and late payment
charges due and unpaid to the SELLER, as well as unpaid taxes,
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Contract to Sell
11. The title to the property, subject of this sale, shall remain in the
name of the SELLER until full payment of the consideration of the
sale as well as payment of any sum of money due from the BUYER
under the terms and conditions of this Contract. After the aforesaid
payments, the SELLER is duty bound to cause the delivery of the
Condominium Certificate of Title and execution of a Deed of
Absolute Sale of the UNIT free from liens and encumbrance, except
for the Master Deed with Declaration of Restrictions that shall
be annotated unto the Titles and other conditions imposed by the
SELLER necessary for the proper management of the Project.
Contract to Sell
13. The BUYER hereby acknowledges that in buying the UNIT, subject
matter of this sale, the BUYER has full knowledge that Splendido
Taal Towers, is part of the development of Splendido Residential
Estates and Golf and that the BUYER poses no objection to the
changes or expansion or alteration that the SELLER may
introduce/institute on the total project of Splendido Residential
Estates, and the necessity of prior notice to the BUYER or
conformity is hereby waived.
Contract to Sell
21. The BUYER shall not assign, cede, sell, transfer or in any manner
dispose of the UNIT subject of this Contract and no transfer or
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Contract to Sell
22. In case the BUYER transfers its rights under this Contract, the
23. The BUYER hereby agrees that the SELLER shall have the right to
24.The BUYER hereby recognizes and agrees that the SELLER shall
have the right to assign all its rights and receivables under this
Contract in favor of a bank or government or private financial
institution. In such a case, the BUYER undertakes to conform to the
same and to perform faithfully all his/her obligations under this
Contract without need of demand from the SELLERS assignee,
which may be designated as the servicer for the servicing and
collection of the obligations of the BUYER under this Contract.
Accordingly, the BUYER agrees that the assignee shall assume all
the rights and interest of the SELLER under this Contract and upon
the advice by the assignee, the BUYER shall pay his/her obligations
under this Contract directly to the assignee. The said assignment
of rights and receivables shall be without prejudice to a deferred
Real Estate Mortgage on the property which may, immediately or
thereafter be required by the SELLER or the assignee bank or
government or private financial institution for the purpose of
securing a financial package availed of for the payment of the
balance of the purchase price.
25.The BUYER hereby appoints the SELLER or its authorized
representative as his/her exclusive attorney-in-fact in a manner
absolute and irrevocable to sign, receive and release the
assignment of rights and receivables which the SELLER shall apply
to any and all obligations due from the BUYER under this Contract,
and to do any and all other acts which may be necessary to pay the
obligations of the BUYER to the SELLER; and for this purpose the
BUYER hereby ratifies and confirms any and all acts of the SELLER
in the execution of the power of attorney herein given.
26.Upon the payment by the BUYER of the full amount of the contract
price, including any and all assessments and expenses that may
have been advanced by the SELLER for the account of the BUYER,
and after full compliance by the BUYER of all its obligations here,
the SELLER will convey title and ownership and all the rights and
interests over the UNIT in favor of the BUYER.
Contract to Sell
Contract to Sell
31. In case the BUYER (including its heirs, successors and assigns)
commits a breach of any of the stipulations herein provided, the
SELLER is entitled to bring suit to recover damages plus attorneys
fees, and no suit or cause of action shall be instituted except before
the proper courts of Pasig City;
33. This Contract states the entire agreement between the parties and
the SELLER is not and shall not be bound by any stipulation,
representation, agreement or promises, whether oral or otherwise,
which is not contained in this Contract or incorporated herein by
reference. This Contract shall be deemed subject to the provisions
of the Reservation Agreement, Condominium Act, the Master Deed,
the Declaration of Restrictions, Articles of Incorporation and ByLaws and Rules and Regulations of the Condominium Corporation.
34.The SELLER shall assign to the Condominium Corporation, for the
pro rata benefit of Unit owners, all warranties that it may procure
from contractors or suppliers in connection with the Project. The
SELLER has no other liability for warranty of similar claims other
than the obligation to assign such warranties from contractors
and/or suppliers.
35.Upon acceptance of the Unit, it is hereby understood by the Parties,
that:
a) The BUYER shall notify the SELLER in writing of any change in his
mailing address within SIXTY (60) DAYS from such change. Should
BUYER fail to do so, his address stated in this Contract shall remain his
mailing address for the purpose of sending of all notices under this
Contract and/or required by law.
b) Any and all actions or suits in connection with or arising from this
contract shall be filed with the proper courts of Pasig City, Philippines.
c) In case either of the parties is compelled to resort to the courts or seek
the assistance of legal counsel to protect its rights or seek redress for
its grievances, the offending party shall be liable to the offended party
for attorney's fees equivalent to at least twenty percent, (20%) of the
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Contract to Sell
amount of the claim on the demand but in no case less than Fifty
Thousand Pesos (P50,000.00), Philippine currency.
36. Notices and other legal processes shall be sent by registered mail
CORP
____________________________
_______________________________
Buyer
___________________________
_______________________________
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES)
) S.S.
BEFORE ME, a Notary Public in ____________________________, Philippines,
this ________ day of ____________________, 20____ came and appeared the
following:
NAME
CTC#
DATE/PLACE ISSUED
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Contract to Sell
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