DEED OF CONDITIONAL SALE
OF A PARCEL OF LAND
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Conditional Sale is entered into by and between the
following parties:
MARIANO GARING JR, of legal age, married to JONELA VALIENTE,
Filipino, and with residence and postal address at B24 L15 Diamond St. Villa
Luisa Subd. Brgy San Agustin 2, Dasmariñas City, Cavite, hereinafter referred
to as the SELLER
-AND-
JEFFREY SYED, of legal age, married to LINDA ROMERO, Filipino, and
with residence and postal address at B1 L2, Emerald Street, Cottonwoods
Botanical Village, Pasig City., hereinafter referred to as the BUYER.
WITNESSETH: THAT
WHEREAS, the SELLER is the registered owner of a parcel of land with
improvements located at Municipality of San Narciso, Province of Zambales
and covered by Transfer Certificate of Title No. T-74607 containing a total area
of Four Thousand Four Hundred Fifty Nine (4,459) SQUARE METERS, more or
less, and more particularly described as follows:
TRANSFER CERTIFICATE OF TITLE NO. T-74607
A PARCEL OF LAND (3852-A of subdivision plan (LRC) Pcs-13265,
approved as a non-subdivision plan, being portion of Lot 3852 (LRC) situated
in the Municipality of San Narciso, Province of Zambales, Is. of Luzon.
Bounded on NE., point 4 to 1 by Road Lot 22, on...to the point of beginning;
containing an area of Four Thousand Four Hundred Fifty Nine (4,459) SQUARE
METERS more or less..."
WHEREAS , the title to the Subject Property is still registered in the
name of MARIANO GARING JR, and that the settlement of the estate and the
registration of the Subject Property in the name of the seller is currently on its
initial stage of processing
WHEREAS, the BUYER has offered to buy and the SELLER has agreed to
Conditionally sell the above mentioned property and the BUYER has agreed to
buy the Subject Property;
NOW, THEREFORE, for and in consideration of the foregoing premises
the SELLER hereby conditionally sells unto said BUYER, for and in
consideration of a sum of money the Subject Property identified above,
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including improvements found therein, subject to the following terms and
conditions:
1. The Total Purchase Price is TWELVE MILLION PESOS (PHP12,000,
000.00) payable as follows:
1.1. Initial Payment THREE MILLION PESOS (PHP3,000,000.00) shall
be paid by the BUYER to the SELLER upon execution of this
AGREEMENT
1.2. the BUYER shall pay the balance in the amount of NINE MILLION
PESOS (Php9,000,000.00) Philippine Currency, in 3 years of equal
monthly installments from the execution of this document;
2. It shall be the obligation of the SELLER to cause the settlement of the
estate of the original registered owner and to effect the transfer of the
title of the Subject Property from the name of the original owner to the
name of the SELLER or to any one of them as the case may be.
In addition, it shall also be the obligation of the SELLER to
acquire a perpetual easement of right of way in favor of the Subject
Property considering that the said property has no adequate inlet and
outlet to a public highway. The right of way so obtain shall be
constituted in favor of and inure to the benefit of the Subject Property,
its owner/s, its assigns and successors-in-interest. It shall be the
obligation of the SELLER to negotiate and pay the expenses in
establishing the said easement of right of way for the Subject Property.
Both conditions are herein referred to as the “CONDITIONS.”
3. The initial payment made by the BUYER as mentioned above forms part
of the total purchase price of the Subject Properties. In case the
SELLER fails to comply with both the CONDITIONS within a maximum
period of one hundred fifty (150) days from execution hereof,
the initial payment made pursuant hereto shall be returned and
reimburse to the BUYER by the SELLER. In case the SELLER fails to
return or refund the initial payment mentioned above, the same
obligation to return or refund shall and is hereby constituted as a lien
upon the SUBJECT PROPERTY. This Agreement shall also be annotated
at the back of the subject title in case of failure to refund the said initial
payments.
4. In case the BUYER defaults in the payment of the remaining purchase
price, the BUYER shall be given an additional period of ten (10) days
from the date the obligation becomes due to make the necessary
payments. After which, the SELLER may cancel or terminate this
agreement without need of any legal or court actions, and upon written
notice of such fact to the BUYER. In which case, the SELLER shall have
the right to forfeit all payments made by the BUYER as liquidated
damages. Likewise, in the event the SELLER fails to comply with the
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conditions stipulated herein, the SELLER shall refund all payments
made by the BUYER. In addition thereto, this agreement shall
automatically be terminated and be without force and effect.;
5. Capital Gains Tax and Documentary Stamp Tax shall be for the account
of the BUYER. Transfer and registration costs as well as other incidental
expenses shall be for the account of the BUYER. All realty taxes due
must be paid and updated by the SELLER prior to the execution of the
Deed of Absolute Sale;
6. This agreement constitutes the entire agreement of the parties and may
not be altered, unless the same is agreed upon in writing signed and
acknowledged by the parties.
7. This agreement is binding upon the heirs, court appointed
representatives, assigns, and successors of the parties
8. In case the BUYER is force to file cases before the appropriate Courts to
collect pursuant to provisions of this agreement, he shall be entitled to
collect an additional amount of Php 500,000.00 as damages and
collection expenses. Any suit arising from this Deed shall be instituted
exclusively in the proper courts of Dasmariñas City, Cavite.
IN WITNESS WHEREOF, the parties have hereunto signed this DEED
OF CONDITIONAL SALE this 28th day of March 2023, in the City of
Dasmariñas, Province of Cavite, Philippines.
MARIANO GARING JR JEFFREY SYED
Seller BUYER
WITH MARITAL CONSENT:
JONELA VALIENTE LINDA ROMERO
Name of Seller's Spouse Name of BUYER's Spouse
SIGNED IN THE PRESENCE OF:
ALLISON EUSEBIO NONITO FERNANDEZ SR
Witness Witness
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ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
City of Dasmariñas ) SS.
BEFORE ME, a Notary Public for and in the City of Dasmariñas, Province of
Cavite, personally appeared:
Name Identification Card Issued On/At
MARIANO GARING JR DL No. N125254896 1-1-21/Cavite
JEFFREY SYED DL No. N182638263 2-1-21/Las Piñas
ALLISON EUSEBIO PRC I.D. No. 124586 4-1-22/Manila
LINDA ROMERO PRC I.D. No. 1254528 5-1-21/Manila
Known to me and to me known to be the same persons who executed the
foregoing instrument and acknowledged to me that the same are their free act
and voluntary deed.
This instrument, consisting of Four (4) pages, including the page on
which this acknowledgment is written, has been signed on the left margin of
each and every page thereof by the concerned parties and their witnesses, and
sealed with my notarial seal.
WITNESS MY HAND AND SEAL on this 28th day of March 2023, at City
of Dasmariñas, Province of Cavite.
Notary Public
Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 2023.
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