Sample Form: Deed of Sale of Unregistered Land

(This form is for the sale of unregistered real property/estate)

DEED OF ABSOLUTE SALE 

KNOW ALL MEN BY THESE PRESENTS: 

This DEED OF ABSOLUTE SALE is made, executed and entered into by:

        (NAME OF SELLER), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address of Seller), hereinafter referred to as the SELLER

-AND-

       (NAME OF BUYER), Filipino and with residence and postal address at (Address of Buyer), hereinafter referred to as the BUYER.

WITNESSETH, THAT:

For and in consideration of the amount of P______________, paid to me today by _______________, of legal age, Filipino, single and resident of _______________ (BUYER), the SELLER does hereby SELL, TRANSFER, and CONVEY absolutely and unconditionally unto said ____________ that certain parcel (s) of land/real estate destined for and in actual use as _________ land, together with the buildings and improvements thereon, situated at ______________, and more particularly described as follows: 

          (description: state the nature of each piece of land and its improvements, situations and boundaries, area in square meters, whether or not the boundaries are visible on the land by means of monuments or otherwise; and if they are, what they consist of, the permanent improvements, if any, the page number of the assessment of each property for current year (s) when registration is made, the assessed value of the property for the year) 

The SELLER hereby declare that the boundaries of the foregoing land are visible by means of (monuments, creeks, trees, etc.) _______________; that permanent improvements existing thereon consist of ________ (if none, state so); that the land is assessed for the current year at Php___________ as per Tax Declaration No.________, and the buildings and/or improvements, at Php___________ as per Tax declaration No._______________, of the city/municipal assessor of ______; and that the property is in the present possession of the SELLER (or seller's tenant or representative, as the case may be, named _____).

The SELLER  hereby covenants and agrees with the said BUYER that he/she is lawfully seized in fee of said premises, that they are free and clear of all liens and encumbrances, that he/she has a perfect right to convey the same, and that he/she will warrant and forever defend the same unto said BUYER, his/her heirs and assigns against the lawful claims of third persons whomsoever;

The above described real estate, not having been registered under Act No. 496 nor under the Spanish Mortgage Law, the parties hereto have agreed to register this instrument under the provisions of Act 3344. 

           IN WITNESS WHEREOF, we have signed this deed this ____ day of ______, _____ at _________. 

________________ 

(SELLER) 

With my marital consent: 

___________________ 

Signed in the Presence of: 

_______________           _______________

REPUBLIC OF THE PHILIPPINES) 

PROVINCE OF _______________) 

CITY/MUNICIPALITY OF _____) S.S. 

            BEFORE ME, a NOTARY PUBLIC for and in the above jurisdiction, this ___ day of _____, ______, personally appeared the following persons 

                   NAME                  IDENTIFICATION           DATE AND PLACE 

                                                                                             OF ISSUANCE

              ____________        ____________                  _______________

              ____________        ____________                  _______________

         Known to me to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their own free and voluntary act and deed and of the corporations herein represented. 

        This instrument refers to a (title of document) and consists of ___ pages including the page on which this acknowledgment is written and signed by the parties and their instrumental witnesses on each and every page thereof. 

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

                                                         

Doc. No._____; 

Page No. ____; 

Book No.____; 

Series of _____.

Sample Form: EXCLUSIVE OPTION TO PURCHASE

KNOW ALL MEN BY THESE PRESENTS:

That _______________, of legal age, single/married to ______________, and resident of ______________________ hereinafter called the GRANTOR, for good and valuable consideration the receipt whereof is hereby acknowledged from _________________, likewise of legal age, single/married to _______________, Filipino citizen, and resident of ____________________, hereinafter called the GRANTEE, does hereby grant unto said GRANTEE the EXCLUSIVE OPTION to buy that certain real property covered by Original/Transfer/Condominium Certificate of Title No. _________ and more particularly identified as follows:

(TECHNICAL DESCRIPTION)

That the purchase price of the above-described property is hereby agreed at _________________ PESOS (P________) Philippine currency, payable within the period of this option, which shall expire on ____________, 20 ____, at 12:00 ____;

That the GRANTEE, upon deciding definitely to exercise the right under this option, shall serve written notice to the GRANTOR at least five days in advance of the date to be fixed for the execution of the deed of Absolute Sale, with warranty of title, and such other legal papers as may be necessary, and simultaneously for the delivery of the agreed purchase price;

That it is further agreed that if the GRANTEE shall fail to exercise the right under this option within the period above stipulated, or default to pay the agreed purchase price on the date set for the execution of the necessary instruments, then this option shall be deemed automatically cancelled and rendered of no further force and effect, and the consideration paid thereof forfeited in favor of the GRANTOR: Provided, however, that if the sale be consummated, the consideration of this option received by the GRANTOR shall be applied as part of the agreed purchase price; and

That all incidental expenses including attorney’s fees and documentary stamps and capital gains tax shall be for the account of the GRANTOR or seller, and the registration fees and transfer tax for the transfer of title to the GRANTEE or buyers shall be for the account of the latter.

IN WITNESS WHEREOF, the GRANTOR has hereunto set/her hand at ________, Philippines, on this ______ day of ________________, 20 ______.

_______________________

GRANTOR

AGREED:

__________________

GRANTEE

SIGNED IN THE PRESENCE OF:

____________________________    ______________________________

ACKNOWLEDGMENT

Republic of the Philippines

_____________________SS.

BEFORE ME, a Notary Public in and for the City/Municipality of ____________________, Philippines, this _____ day of _________________, 20____ personally appeared:

Name           Valid ID               Date/Place Issued

_________________       ____________           _______________

_________________      _____________          _______________

all 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.

IN WITNESS WHEREOF, I hereunto set my hand and affix my notarial seal on the date and at the place first above written.

Doc No. _______

Page No._______

Book No. ______

Series of ______

FORM: Extrajudicial Settlement of Estate

EXTRAJUDICIAL SETTLEMENT OF ESTATE

KNOW ALL MEN BY THESE PRESENTS:

This AGREEMENT made end and entered into this _____ day of ________20__, in _______________________________________, by and between:

_____________, of legal age, Filipino, widow, residing at _________________________________;

_____________, of legal age, Filipino married, residing at ________________________________;

WITNESSETH, that:

WHEREAS, we are the sole heirs of the deceased ___________________ who died on __________________, at _____________________________, copy of his death certificate is hereto attached as Annex A;

WHEREAS, _______________________, died intestate, without Will or Testament, and without any outstanding debts in favor of any person or entity;

WHEREAS, ________________________ is the absolute and registered owner of two parcels of land located at __________________________ covered by Transfer Certificate of Title No. ________ and _______, respectively, of the Registry of Deeds of _____________ and more particularly described as follows:

[TECHNICAL DESCRIPTION OF THE PROPERTY]

WHEREAS, pursuant to Rule 74, Sec. 1 of the Revised Rules of Court of the Philippines, and being with full capacity to contract, we do hereby adjudicate unto ourselves the parcel of land described above, in equal shares.

IN WITNESS WHEREOF, we hereunto set our hand on the _______ day of _________________, ______ at _____________________________________. 

The Heirs of __________________________

___________________________ ___________________________

SIGNED IN THE PRESENCE OF:

___________________________ ___________________________

ACKNOWLEDGEMENT

Republic of the Philippines)

City of ________________ ) S.S

BEFORE ME, a Notary Public in and for the City of ______________________, this _____ day of ______________, personally appeared:

Name           Identification Card          Valid until/Expires on

who have satisfactory proven to me their identity that they are the same person who executed and voluntarily signed the foregoing EXTRJUDICIAL SETTLEMENT OF ESTATE which they acknowledged before me as their free and voluntarily act and deed.

The foregoing instrument which relates to an Extrajudicial Settlement of Estate of two parcels of land consisting of ___ pages including the page on which this acknowledgement is written, has been signed on the left margin of each and every page by the parties and the witnesses.

WITNESS MY HAND AND SEAL, this ____ day of _______________, in the City of _______________________, Philippines.

Doc. No. _______;

Page No. _______;

Book No. ______;

Series of 20____.

See Also: Extrajudicial Settlement of Estate with Absolute Sale

LEGAL FORMS: Offer To Purchase A Real Property

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OFFER TO PURCHASE

Mr. __________

_____________

_____________

Re: Blk.___ Lot___, ______ St., Manila; 

with lot area of _____ sqm more or less; 

covered by T.C.T. No. ______________

Dear Mr. Benitez,

This is to express our firm offer to buy the above stated property through our authorized brokers, Alex Ortiz, subject to the following terms and conditions:

Purchase Price PhP: ______________________

Terms and Conditions:

1) Upon acceptance of this offer, earnest money in the amount of ___amount in words__ (Php:________) shall be paid and shall be credited as part of the purchase price.

2) The balance, in the amount of ___amount in words__ (Php:________) shall be paid in full within 15 working days.

3) The Capital Gains Tax and Broker's commission shall be for the account of the SELLER, while the Documentary Stamps, Transfer Tax and Registration Fees shall be for the account of the BUYER. 

Note: Revise above conditions / add or delete terms and conditions as applicable to you.

If the above terms and conditions are acceptable to you, please signify your conformity by signing on the space provided below.

Truly yours,

--------------------------------

(Buyer)

Conforme:

--------------------------------

(Seller)

LEGAL FORMS: Authority To Sell

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EXCLUSIVE (NON-EXCLUSIVE) AUTHORITY TO SELL (LEASE)

         THIS IS TO AUTHORIZE (Name), of legal age, a resident of (Address) , to do and perform any and all of the following acts:

        

(In case of a corporation, replace above with: THIS IS TO AUTHORIZE [Name of Corporation], a domestic corporation  existing under and by virtue of the laws of the Philippines, with principal office located at [Address], to do and perform the following acts:) 

TO SELL (or TO RENT OUT) my house and lot located at (Address), more particularly described as follows:

Block No. _________ Lot No. __________ Lot Area: __________ square meters

Transfer Certificate of Title No. __________

        That (Name /Corporation) shall receive a commission fee equivalent to FIVE (5%) PERCENT of the total selling price as stipulated in the Deed of Sale or Contract to Sell, payable upon the execution of the instrument.

        (In case of rent, replace above with: That (Name /Corporation) shall receive a commission fee equivalent to ONE MONTH RENT as stipulated in the Rental /Lease Contract, payable upon the execution of the instrument.

       

        In case of renewal of lease, (Name /Corporation) shall receive an equivalent of  ONE MONTH RENT for every year of lease as stipulated in the Rental /Lease Contract, payable upon the execution of the instrument.)

(Add terms as required)

        This exclusive (or Non-Exclusive) authority shall become ineffective only after 30 (60 or 90) days from receipt of either party of a written notice terminating such authority.

__________________________________            

                                                                                    OWNER                                  

                                                                             Signature Over Printed Name                

Name of Owner: _________________________________________

Spouse: _________________________________________________

Home Address: __________________________________________

Telephone Nos. __________________________________________

Office Address: __________________________________________

Telephone Nos. __________________________________________

Date: _______________________

LEGAL FORMS: Deed Of Donation Of A Real Property

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DEED OF DONATION

KNOW ALL MEN BY THESE PRESENTS:

That I, _____________________ of legal age, single / married to_____________________ with postal address at __________________________________________ hereinafter referred to as the DONOR, and _______________________, likewise of legal age, single / married to __________________________ with postal address at _________________________________ hereinafter called the DONEE, witnesseth:

That the DONOR is the registered owner of a parcel of land, more particularly described as follows:

(Insert description of property to be donated)

That the DONEE is a cousin of the DONOR, who has lovingly dedicated five (5) years of his life as the latter's personal caregiver and companion;

That FOR AND IN CONSIDERATION of the DONEE'S trust, devotion and affection shown to the DONOR, and as an act of gratitude and liberality on his part, the DONOR hereby voluntarily GIVES, TRANSFERS, and CONVEYS by way of donation, unto the said DONEE, his heirs and assigns, the above described property, together with all the improvements found thereon, free from all liens and encumbrances;

That the DONOR affirms that this donation is not made with intent to deceive his creditors, and that he has reserved for himself sufficient funds and property;

That the DONEE hereby accepts and receives this donation made in his favor by the DONOR, and hereby manifests his gratefulness for the latter's generosity.

IN WITNESS WHEREOF, both the DONOR & DONEE have hereunder subscribed their names this __________ day of __________________ 20__ at _____________________, Philippines.

_____________________________           ______________________________

DONOR                                                  DONEE

WITNESSES:

_____________________________          ______________________________

ACKNOWLEDGEMENT

Republic of the Philippines)

_____________________) S.S

BEFORE ME, a notary for and in the City of Makati, personally appeared:

Name                CTC Number                    Date/Place Issued    

(Donee)                 00000000               June 28, 20__ / Makati City

known to me and to me known to be the same persons who executed the foregoing Deed of Donation and 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__.

LEGAL FORMS: Deed Of Assignment

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DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS

KNOW ALL MEN BY THIS PRESENTS:

        This deed, made and entered into this ___ day of __________, 20__ at the City of Manila, by and between:

_____________, Filipino Citizen, of legal age, married to Juanita de la Cruz with residence and postal address at _________________________, Manila, hereinafter referred to as the "ASSIGNOR".

-and-

______________, Filipino Citizen, of legal age, married to Patricia San Juan with residence and postal address at _________________________, Manila, hereinafter referred to as the "ASSIGNEE".

WITNESSETH that:

        WHEREAS the ASSIGNOR is the buyer of a 2-bedroom unit, located at _____________, Manila, with an area of SEVENTY EIGHT (78) SQUARE METERS more or less, covered by Condominium Certificate Title No._______ of the register of Deeds of Manila, registered in the name of the Bank of the Philippine Islands.;

        WHEREAS, the ASSIGNOR has offered to to assign all his rights, title and interest over the above unit, as referred in said Contract to Sell and the ASSIGNEE hereby accepts the assignment in accordance with the terms herein set forth;

        NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of ONE MILLION PESOS (1,000,000.00), PHILIPPINE CURRENCY, which the ASSIGNOR hereby acknowledged to have received from the ASSIGNEE, the ASSIGNOR hereby assigns, transfers and conveys unto the ASSIGNEE, all his rights, title and interest to the aforementioned property and and appurtenant interest in the Condominium project pursuant to this Agreement and the ASSIGNEE by these presents hereby accepts the assignment and agrees to be bound by the terms and conditions of the Contract to Sell and the rules and regulations, and restrictions pertaining to the said unit.

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

____________                              ____________

ASSIGNOR                                      ASSIGNEE   

Signed in the presence of:

_____________________________                  ______________________________

ACKNOWLEDGEMENT

Republic of the Philippines)

_____________________) S.S

BEFORE ME, a notary for and in the City of Manila, personally appeared:

   Name                       CTC Number                 Date/Place Issued    

      (ASSIGNOR)                  00000000           January 15, 20__ / Quezon City

(ASSIGNEE)                  00000000            January 21, 20__ / Manila   

known to me and to me known to be the same persons who executed the foregoing Deed of Assignment and transfer of Rights and 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___.

LEGAL FORMS: Earnest Money Receipt Agreement

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EARNEST MONEY RECEIPT AGREEMENT

Received from (Name of Buyer) with postal address at ( Address), the sum of  (Amount in Words) (P 000,000.00) covered by ABC Bank, check # 00000000 dated January 1, 20__ representing EARNEST MONEY for payment of a Two-Story house and lot located at (Address of Property) covered by T.C.T. No. T-00000.

This EARNEST MONEY forms part of the purchase price of (Amount in words) (P 0,000,000.00). The balance and full payment shall be paid on or before__________________.

The BUYER hereby reserves the exclusive right to purchase the aforementioned property and the SELLER cannot offer the aforementioned property to any third party until _____________________.

Upon full payment, the SELLER shall execute a DEED OF ABSOLUTE SALE in favor of the BUYER, conveying the subject property with full warranty of a legal and valid title as provided by law, free and clear from any liens and encumbrances.

Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of the Capital Gains Tax. The BUYER shall shoulder the payment of the Documentary Stamps Tax, Transfer Tax, Registration Fee and all other expenses to transfer the title of the property under his name.

In case of voluntary cancellation of this agreement by the BUYER without any cause on the part of the SELLER or if the BUYER fails to comply with his obligations mentioned, then the SELLER shall have the right to terminate this agreement in which case the EARNEST MONEY in the amount of (Amount in words) (P 000,000.00) shall be forfeited in favor of the SELLER as liquidated damages.

January 1, 20___

              (SELLER)                                               (BUYER)              

Signature over Printed Name               Signature over Printed Name

LEGAL FORMS: Rent To Own Contract (Contract Of Lease With Option To Purchase)

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RENT TO OWN CONTRACT

This Contract of Lease with Option to Purchase (Rent-to-Own Contract) made and executed this ____of __________ 20___ Manila, Philippines by and between__________________________________, Filipino, of legal age, single/married to, with post address at ________________________, hereinafter referred to as theLESSOR/SELLER. 

-AND –

            __________________________________, Filipino, of legal age, single/married to, with postal address __________________________, hereinafter referred to as theLESSEE/BUYER.

WITNESSETH:

             THAT, for and in consideration of the payment of rent and the faithful compliance by the LESSEE/BUYER of all the stipulations and covenants hereinafter contained, the LESSOR/SELLER has agreed to lease unto the LESSE /BUYER the premises located at _______________________________, City of Manila under the following terms and conditions:

1. PURPOSE: That the premises hereby leased shall be used exclusively by the LESSE/BUYER for residential purposes only and shall not be diverted to other uses. It is hereby expressly agreed upon that if at any time the premises are used for other purposes, the LESSOR/SELLER shall have the right to rescind this contract without prejudice to its other rights under the law.

2. TERM: The term of this non–renewable lease is for ______________ months from_____________________ to ________________ inclusive.

3. RENTAL RATE: The monthly rate for the leased premises shall be in PESOS: ______________________ [_______________], Philippine currency. All rental payments shall be made payable to ______________________.

4. DEPOSIT: That the LESSEE/BUYER shall deposit with the LESSOR/SELLER upon signing of this contract and prior to move in an amount equal to ten percent (10%) of the selling price or the sum of PESOS: _____________________________________________________, Philippine currency.

5. RENTAL PAYMENT: The LESSE/BUYER shall issue, likewise, upon signing of this contract and prior to move in, Thirty (30) post-dated checks to cover monthly rental for the months of _________________ to __________________, each check dated on the _____ day of each month.

6. DEFAULT IN PAYMENT: In case of default by the LESSEE/BUYER in the payment of the rent, such as when the checks are dishonored, the LESSOR/SELLER, at its option may terminate this contract and eject the LESSEE/BUYER as hereinafter provided. However, the LESSE/BUYER is given seven (7) days grace period within which to settle the account from date rental payment is due. Granting an extension to the aforesaid grace period may not be deemed as a waiver of LESSOR/SELLER right to terminate this contract and eject the LESSE/BUYER but in the event the LESSOR/SELLER so opts to grant a written request for extension, a penalty equivalent to three (3%) percent per month of the rental due, with a fraction of a month considered as one month shall be charged and assessed for delayed payments.

7. SUB–LEASE: The LESSEE/BUYER shall not directly or indirectly sublet, allow or permit the leased premises to be occupied in whole or in part by any person, form or corporation; neither shall the LESSEE/BUYER assign its rights hereunder to any other person or entity and no right of interest thereto or therein shall be conferred on or vested in anyone by the LESSEE/BUYER without LESSOR/SELLER’s written approval.

8. LESSE’S VISITORS, etc…: In case of damage to leased premises attributable to the LESSEE/BUYER, agents and/or visitors, repair of the same shall be for the account of the LESSEE/BUYER without prejudice to LESSOR/SELLER’s availment of any other right under the law.

9. POWER, WATER CONSUMPTION & ASSOCIATION DUES:  Power, water and association dues shall be for the account of the LESSEE/BUYER.

10. OTHER PUBLIC UTILITIES: The LESSEE/BUYER shall pay for its telephone, cable and electrical services and other public services and utilities.

11. REPAIR AND MAINTENANCE: The LESSOR/SELLER shall deliver the leased as is where is. The LESSEE/BUYER hereby expressly acknowledges that the leased as is where is. The LESSE/BUYER hereby agrees and binds itself to undertake at its exclusive expense all minor and major repairs as may be required to maintain the leased premises in good state of repair, any provisions of law, present or future, or any stipulation in this agreement to the contrary notwithstanding.

12. IMPROVEMENTS, ALTERATIONS AND RENOVATIONS: The LESSEE/BUYER shall not make any improvements, alternations and renovations in the leased premises without prior written consent of both the Association and the LESSOR/SELLER. It is understood that all permanent improvements shall be owned by the LESSOR/SELLER and may not be removed without the express and written consent of the LESSOR/SELLER.

13. INJURY OR DAMAGE: The LESSEE/BUYER hereby assumes full responsibility for any damage which may be caused to the person or property of third person/s while remaining either casually or on business in any part of the premises leased. LESSEE/BUYER further binds itself to hold the LESSOR/SELLER harmless and free from any claim for such injury or damage. Provided, however, that the LESSOR/SELLER shall make necessary actions to correct said deficiencies to ensure that premises are in good and tenantable condition.

14. DISTURBANCE OF POSSESSION: Disturbance or discontinuance of possession of the LESSEE/BUYER due to “force majeure” shall confer nor right of any kind to the LESSEE/BUYER as against the LESSOR/SELLER, by reason of inconvenience, annoyance or injury to business arising out of the necessity of repairing any portion of the leased premises.

15. GOVERNMENT REGULATIONS: The LESSEE/BUYER, shall, at its own expense and risks, comply with all the laws, ordinances, regulations and orders of any agency of the government, national or local, affection or pertaining to the leased premises and to any effects or articles which said LESSEE/BUYER may have in its possession therein.

16. ABANDONMENT OF PREMISES: Should the LESSEE/BUYER abandon the leased premises for a period of THIRTY (30) DAYS or vacate the premises before expiration of this Contract of Lease without notifying the LESSOR/SELLER and check payment for the current month is dishonored, the LESSOR/SELLER’S may immediately re-enter the leased premises and this lease shall thereon be automatically terminated.

17. BREACH OF CONDITIONS: In case of breach by the LESSEE/BUYER of any of the conditions and covenants of this lease as herein stipulated, the LESSOR/SELLER at its option, may forthwith terminate and cancel this lease and the LESSEE/BUYER shall be liable for any and all damages as a result of such default and termination. Forfeiture of whatever rental desists and advances shall apply in case the LESSEE/BUYER violates any of the provisions in the contract. Forfeiture shall likewise apply should the LESSEE/BUYER fails to exercise his option to purchase after the expiration of this contract.

18. NON-WAIVER OF LESSOR’S RIGHT: Failure of the LESSOR/SELLER to enforce strict performance by the LESSEE/BUYER of any of the terms, conditions and covenants of this agreement shall not be construed as waiver of any right or remedy that the LESSOR/SELLER’S may have, nor shall it be deemed as a waiver of any subsequent breach of the terms, conditions, and covenants contained therein. No waiver by the LESSOR/SELLER of its rights hereunder shall be deemed to have been made unless expressed in writing and signed by the LESSOR/SELLER.

19. EXPIRATION OR CANCELLATION OF LEASE: At the expiration of the term of this lease or cancellation thereof, as herein provided, the LESSEE/BUYER will promptly deliver to the LESSOR/SELLER the leased premises with all corresponding keys and in as good and tenantable condition as the same is now, ordinary wear and tear excepted, devoid of all occupants, movable furniture, articles and effects of any kind.  Non-compliance with the terms of this clause by the LESSEE/BUYER will give the LESSOR/SELLER the right, at latter’s option, to refuse to accept the delivery of the premises and to compel the LESSEE/BUYER to pay therefrom at the same rate as herein provided plus an additional sum equal to Twenty Five (25%) percent thereof as penalty until the LESSEE/BUYER shall have complied with terms hereof. The same penalty shall, likewise, be imposed in case the LESSEE/BUYER shall refuse to leave the leased premises after the expiration of this Contract of Lease or the termination for any reason whatsoever.

20. OPTION TO PURCHASE: For good & valuable consideration, the receipt whereof is hereby acknowledge from the LESSEE/BUYER.  The LESSOR/SELLER hereby extends an option to the LESSEE/BUYER to purchase for the amount of PESOS: ___________________________________________ [P __________________] of Lease on the 18^th month or the period from 1^st to _____ of __________, _______. The LESSEE/BUYER, at his/her/its exclusive option, conditioned on faithful compliance with all payments and undertakings contained herein, may convey his/her/its decision to avail of option to purchase in writing to the LESSOR/SELLER who thereafter shall credit all rental payments up to the __________ (___) month and the initial deposit stated above to down payment.

21. BALANCE AFTER THIS LEASE AGREEMENT: If LESSEE/BUYER complied with all terms and conditions stated above, inclusive of payment of realty taxes, power, water and association dues, the outstanding balance of the LESSEE/BUYER shall be 70% of the Total Selling Price amount equivalent to PESOS: _____________________________________ [P_____________], Philippine currency. The LESSEE/BUYER hereby agrees to execute the Deed of Absolute Sale upon payment in full of the TOTAL PURCHASE PRICE. Failure of the LESSEE/BUYER to exercise his/its right to purchase within the period of 30 months from the execution of this contract shall mean forfeiture and abandonment of his right to purchase. In such case, all payment made during the term of this lease are considered rentals.

22. TRANSFER EXPENSES: Documentary stamp tax, capital gain tax, registration fees, transfer tax, and other necessary expenses connected with the execution and registration of the sale shall be for the account of and paid by the LESSEE/BUYER.

23. TAXES, UTILITIES AND OTHER ASSOCIATION IMPOSITIONS: For the duration of this lease, LESSEE/BUYER shall pay the Realty Taxes. However, should the LESSEE/BUYER not exercise the option to purchase, LESSOR/SELLER shall reimburse the LESSEE/BUYER of all the taxes, exclusive of penalties for delayed payments, if any, it had paid as well as the start-up fund of the Homeowners Association.

24. JUDICIAL RELIEF AND PENALTY: Should any one of the parties herein be compelled to seek judicial relief against the other, the losing parties shall pay an amount equivalent to One Hundred Percent (100%) of the amount claimed in the compliant as attorney’s fees which shall in no case be less than P 100,000.00 pesos in addition to other cost and damages which the said party may be entitled to under the law, to recover from the other party. Provisions of penal character in this Contract of Lease shall be considered as cumulative to the relief granted by this section.

25. RIGHTS AND INTERESTS: The rights and interests of the LESSOR/SELLER subject under this instrument shall be fully assignable by the LESSOR/SELLER subject only to previous written notice thereof to the LESSEE/BUYER.

26. FORFEITURE OF DEPOSIT: Forfeiture of whatever rental deposit and advances shall apply to any of the following:

         a. When the LESSEE/BUYER is in default in payment for three (3) months. In such a  case, the LESSOR/SELLER shall have the right to prohibit entry of the LESSEE/BUYER, visitors, guests and his employees in the premises and the right to   padlock the leased premises until indebted is satisfied;

            b. When LESSEE/BUYER pre-terminates lease with or without cause;

            c. When LESSEE/BUYER violates any of the provisions of this contract; and

            d. When the LESSEE/BUYER fails to exercise his/her option to purchase.

27. PENAL PROVISION: The parties agree that all covenant and agreements herein contained shall be deemed conditions as well as covenants that if default or breach be made of any such covenants and conditions, then this lease may be terminated and cancelled and the party in breach shall be liable for any and all damages, actual and consequential, resulting from such breach or termination; provided however, that no default shall be declared under this lease unless the party in default has given written notice to cure such default within thirty (30) days. In the event of violation of this contract, other than the non-payment of rentals, the party in breach must immediately take remedial steps to cure the breach not later than thirty (30) days.

28. RIGHT OF ENTRY: LESSOR/SELLER or its authorized agent/s shall, after giving due notice to the LESSEE/BUYER, have the right to enter the premises in the presence of the LESSEE/BUYER or its representative at any reasonable hour to examine the same or to make repairs therein or for the operation of regular maintenance of the building or for any other lawful purpose which it may deem necessary.

This RENT TO OWN CONTRACT (CONTRACT OF LEASE WITH OPTION TO PURCHASE) shall be valid and binding, between the parties, their successors-in-interest and assigns. No amendment of the terms of the instrument shall be effective unless in writing and signed by the parties therein.

            IN WITNESS WHEROF, parties herein have affixed their signatures on the date and place first above written.

__________________________                           _______________________

[Name]                                                       [Name]

LESSOR/SELLER                                       LESSEE/BUYER

 SIGNED IN THE PRESENCE OF:

__________________________                           _______________________

ACKNOWLEDGEMENT

Republic of the Philippines)

_____________________) S.S

          

BEFORE ME, a Notary Public, this   _____ day of ____________, 20___ personally appeared the following to witness:

      

      NAME                                CTC No.            DATE ISSUED        PLACE ISSUED 

-------------------------------       ---------------      ---------------------      ---------------------

-------------------------------       ---------------      ---------------------      --------------------- 

Known to me to be the same persons who have executed the foregoing, instrument and acknowledged to me that the same is of their own free will and voluntary act and deed as well as of the corporation herein represented.

This instrument consisting of ______ (__) pages, including the page on which this acknowledgement is written, has been signed on the left margin of each page and every page thereof by the parties and their instrumental witnesses and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand, the day, year and place above written.

Doc. No.  ______:

Page No.  ______:

Book No. ______:

Series No 20___.