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  • MEMORANDUM OF AGREEMENT Drafts

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    Richard Colunga
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    This 3 sentence memorandum of agreement summarizes the following: 1) The first party agrees to sell a house and lot located in Minglanilla, Cebu to the second party for 2.55 million pesos. 2) As part of the sale, the first party must first settle the mortgage on the property with PAGIBIG. 3) The agreement outlines the process and timeline for the earnest money payment, releasing the mortgage, transferring title, and completing the final sale documents.

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    Draft of MEMORANDUM OF AGREEMENT

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    This 3 sentence memorandum of agreement summarizes the following: 1) The first party agrees to sell a house and lot located in Minglanilla, Cebu to the second party for 2.55 million pesos. 2) As part of the sale, the first party must first settle the mortgage on the property with PAGIBIG. 3) The agreement outlines the process and timeline for the earnest money payment, releasing the mortgage, transferring title, and completing the final sale documents.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    1K views3 pages

    MEMORANDUM OF AGREEMENT Drafts

    Uploaded by

    Richard Colunga
    This 3 sentence memorandum of agreement summarizes the following: 1) The first party agrees to sell a house and lot located in Minglanilla, Cebu to the second party for 2.55 million pesos. 2) As part of the sale, the first party must first settle the mortgage on the property with PAGIBIG. 3) The agreement outlines the process and timeline for the earnest money payment, releasing the mortgage, transferring title, and completing the final sale documents.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    of 3

    MEMORANDUM OF AGREEMENT

    Know All Men By These Presents:

    This Memorandum of Agreement made and entered into this


    02 day of March 2020, in the City of Cebu is entered into by and
    between. . .

    xxxxx, of legal age, married, Filipino, residing at


    Phase 4 Block 8 lot 59 Deca Homes Tungkil, Minglanilla,
    Cebu, herein referred to as the “First Party”,

    - and –

    xxxxx, of legal age, single, Filipino, residing at Bato


    Carbon Ermita Cebu City, herein referred to as the
    “Second Party”,

    WHEREAS, the First Party, is the registered owner of a house


    and lot, situated at Minglanilla, Cebu covered under Tax Declaration
    Nos. xxxxx, respectively with the parcel of land under TRANSFER
    CERTIFICATE OF TITLE NO. 1 xxxxx registered under the name of the
    xxxxx;

    WHEREAS, the First Party, intends to sell, and the Second


    Party intends to buy, the aforementioned property for the
    consideration of the sum of TWO MILLION FIVE HUNDRED
    FIFTY THOUSAND PESOS (P2,550,000.00), Philippine currency;

    WHEREAS, the subject property is currently mortgaged by the


    First Party with the PAGIBIG Home Development Mutual Fund
    (HDMF);

    NOW THEREFORE, and in view of the foregoing, the parties


    hereby mutually, consensually and voluntarily agree to enter into the
    hereunder terms and conditions in the instant agreement to wit:

    1. The Second Party shall pay Seven Hundred Fifty Thousand


    Pesos (Php 750,000.00) to the First party as earnest money upon
    execution of this agreement which shall form part of the payment of
    the full consideration in purchasing the subject property for TWO
    MILLION FIVE HUNDRED FIFTY THOUSAND
    PESOS (P2,550,000.00).
    2

    2. The First Party shall release the subject property from its
    mortgage obligation with the PAGIBIG, under the expense of the
    First Party;

    3. Upon successful settling the encumbrance / mortgage


    obligation with PAGIBIG, the original owners copy of the Certificate
    of title covering the property shall be procured by the First Party.

    4. Upon compliance of the preceding paragraph, the First Party


    and the Second Party shall enter into a deed of absolute sale, or any
    other deed of conveyance that the parties may agree, whereby the
    former SELL, CONVEY, and TRANSFER by way of ABSOLUTE
    SALE unto the latter, the subject property.

    5. On the other hand, pending compliance by the First party to


    settle the mortgage obligation, she hereby guarantee that she will not
    sell the property to anyone, nor lease or any other arrangement that
    will dispossess the First party of its possession or the Second Party,
    on a future time, nor attach any encumbrance to the same.

    6. The instant agreement shall remain, as between the parties,


    effective and binding upon and between them, their heirs and
    successors-in-interest.

    7. The parties hereto shall willingly, faithfully and in good


    faith abide by the terms and conditions herein stipulated.

    IN WITNESS WHEREOF, the parties have both affixed their


    hands and signatures this 2nd day of March 2020 in the City of Cebu,
    Philippines.

    Xxxxx xxxxx
    First Party Second Party
    xxxxx xxxxx
    xxxxx xxxxx

    Witnesses:

    1.) xxxxx 2.) xxxxx


    3

    Republic of the Philippines ) S.S.


    City of Cebu )
    x----------------------------------/

    ACKNOWLEDGMENT
     
    BEFORE ME, a Notary Public for and in the City of CEBU,
    personally appeared xxxxx and xxxxx with their respective competent
    evidence of identity bearing the aforementioned details, both known
    to me and to me known to be the same persons who executed the
    foregoing instrument which they acknowledged to me to be their
    free and voluntary act and deed, consisting of only Three (3) pages,
    including this page in which this Acknowledgement is written, duly
    signed by them and their instrumental witnesses on each and every
    page hereof.

    IN WITNESS WHEREOF, I have hereunto set my hand the


    day, month, year and place above-written.

    Doc. No. ____;


    Page No. ____;
    Book No. ____;
    Series of 2020.

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