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NEW Contract To Sell PAG IBIG

This document is a conditional contract for the sale of a property located in Iloilo City, Philippines. The seller agrees to sell the property to the buyer for PHP2,800,000, with PHP1,000,000 paid upon signing and the remaining PHP1,800,000 to be paid upon release of a housing loan from PAG-IBIG. The contract allows the buyer to apply for the loan and have the title temporarily transferred pending a letter of guarantee from PAG-IBIG. Capital gains tax will be paid by the seller and transfer tax by the buyer.

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Mj Javellana
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3K views2 pages

NEW Contract To Sell PAG IBIG

This document is a conditional contract for the sale of a property located in Iloilo City, Philippines. The seller agrees to sell the property to the buyer for PHP2,800,000, with PHP1,000,000 paid upon signing and the remaining PHP1,800,000 to be paid upon release of a housing loan from PAG-IBIG. The contract allows the buyer to apply for the loan and have the title temporarily transferred pending a letter of guarantee from PAG-IBIG. Capital gains tax will be paid by the seller and transfer tax by the buyer.

Uploaded by

Mj Javellana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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CONDITIONAL CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT made and entered into in Iloilo City, Philippines, this 12th day of
November, 2019 by and between:

____________, of legal age, widowed and with residence at ____________, Philippines,


hereinafter referred to as the SELLER/VENDOR;

- AND -

____________, of legal age and with residence at ____________, Philippines, hereinafter


referred to as the BUYER/VENDEE;

WITNESSETH: THAT

WHEREAS, SELLER/VENDOR is the absolute and registered owner of a house and


Lot 2, Block 4, Lawaan Village, Brgy. Balantang, Jaro, Iloilo City, with an area
____________issued by the Registry of Deeds, Province of____________;

NOW THEREFORE, for and in consideration of the foregoing premises, the


SELLER/VENDOR agrees to sell and the BUYER/VENDEE agrees to buy the above described
house and lot and all improvements thereof, under the following terms and conditions:

1. WHEREAS, the BUYER/VENDEE would like to avail the said property and that the
SELLER/VENDOR has agreed to sell the same at an agreed purchase price of TWO
MILLION EIGHT HUNDRED THOUSAND PHILIPPINE PESOS
(PHP2,800,000.00).

2. WHEREAS, the SELLER/VENDOR is granting the BUYER/VENDEE to apply for


a lot and housing loan from the Home Development Mutual Fund (PAG-IBIG).

3. WHEREAS, The BUYER/VENDEE shall pay the SELLER/VENDOR the amount


of ONE MILLION PHILIPPINE PESOS (PHP1,000,000.00) upon the execution of
this contract. The balance of ONE MILLION EIGHT HUNDRED THOUSAND
PHILIPPINE PESOS (PHP1,800,000.00) shall be paid upon the release of the lot and
housing loan from the Home Development Mutual Fund (PAG-IBIG). The
proceeds/check of the PAG-IBIG loan shall be paid to and in the name of
SELLER/VENDOR;

4. For purposes of the loan, the SELLER/VENDOR shall allow the transfer of the title
in the name of the BUYER/VENDEE, but only after the issuance of a letter of
guarantee from PAG-IBIG;

5. The capital gains tax and notarial fees shall be to the account of the
SELLER/VENDOR, while the transfer tax and documentary stamp tax shall be to the
account of the BUYER/VENDEE.

IN WITNESS WHEREOF, the parties have hereunto set their hands at the place and
date first above written:

1
SELLER/VENDOR BUYER/VENDEE

______________________________ ______________________________
ELVIRA C. MORRIS KIM C. JAVELLANA

SIGNED IN THE PRESENCE OF:

_____________________________ ___________________________
Witness Witness

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)


) S.S.

BEFORE ME, a Notary public for and in __________, this _____ day of
_______________, 20___ personally appeared:

Known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledge to me that the same is their free and voluntary act and deed.

I HEREBY CERTIFY that this instrument which consists of ____ pages, including this
page whereon this Acknowledgment is written, have been signed by the parties and their
instrumental witnesses on the appropriate spaces on page _____ and on the left margin of the
other pages.

WITNESS MY HAND AND SEAL on the date and at the place first above-written.

NOTARY PUBLIC

Doc No. ;
Page No. ;
Book No. ;
Series of .

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