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Deed of Absolute Sale: - , Both of Legal Age, Filipinos, and Residing
Deed of Absolute Sale: - , Both of Legal Age, Filipinos, and Residing
-and-
WITNESSETH: That --
WHEREAS, the SELLERS are the absolute and registered owners in fee simple
of a parcel of land located at _____________________, with an area of
____________________________ square meters, more or less, covered by Transfer
Certificate of Title No. _______________, issued by the Registry of Deeds for the
Province of _______________ (hereinafter referred to as the “PROPERTY”), a copy of
which is attached as Annex “_”;
WHEREAS, the SELLERS have offered to sell the PROPERTY and the BUYER
has accepted the offer and has agreed to buy the PROPERTY, subject to the conditions
stated hereunder;
The SELLERS shall pay the capital gains tax which shall be deducted and
withheld by the BUYER from the full balance payment. Payment to the Bureau of
Internal Revenue of the amount deducted and withheld shall be the responsibility of the
BUYER. However, the official receipt evidencing payment of the aforesaid tax obligation
must be made in the names of the SELLERS.
Real property taxes due for the year _______, documentary stamp tax, transfer
tax, registration fees and notarial fees shall be for the account of the BUYER. In
connection therewith, all original ownership documents and any other documents
necessary to effect such transfer of ownership of the PROPERTY in favor of the
BUYER, such as the original Owner’s Copy of the Transfer Certificate of Title covering
the Property, latest tax declaration and tax clearance, official receipts evidencing
payment of real property taxes, shall be given, delivered and/or surrendered by the
SELLERS to the BUYER immediately upon signing of this Deed. Any broker’s
commission owing to anybody by reason of the transaction covered by this Contract
shall be for the account of the SELLERS.
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(vii) There are no squatters, illegal occupants or illegal settlers in the
PROPERTY. Should there be squatters, illegal occupants or illegal settlers, the
SELLERS shall be responsible for their disturbance compensation and/or
relocation;
(viii) The PROPERTY has been declared for real property tax purposes and all
real estate taxes on the PROPERTY have been paid and will be paid by the
SELLERS;
(ix) The tax declaration, transfer certificate of title, official receipts evidencing
payments of the real estate taxes, and other documents relating to the
PROPERTY are all authentic;
(x) Without prejudice to whatever legal action/s the BUYER deems
appropriate and necessary to institute to enforce its rights against the SELLERS,
upon failure of the SELLERS to abide by any or all of the foregoing covenants
contained herein or in the event that the SELLERS are unable to transfer the title
to the name of the BUYER for any reason whatsoever, the SELLERS expressly
agree to reimburse and return to the BUYER any and all amount already paid by
the latter in connection with this Deed plus ten percent (10%) legal interest from
the time the amount was paid by the BUYER until the same is returned in full by
the SELLERS, without need for any further notice or demand. The agreement
between the parties herein as contained in this Deed shall thereafter be
rescinded and rendered without any force and effect.
(i) The BUYER is duly organized and validly existing and in good standing
under the laws of the Republic of the Philippines and possesses the requisite
corporate capacity, power and authority to enter into this Deed;
(ii) The BUYER has the legal right and full power and authority to execute,
deliver and perform its obligations under this Deed, which when executed will
constitute legal, valid and binding obligations of the BUYER, enforceable in
accordance with its terms.
Section 4.SEVERABILITY
This Deed shall be binding on the parties hereto, their assigns and successors-
in-interest.
This Deed represents the entire agreement of the parties and supersedes all
previous oral or written communications, representations or agreements between the
parties hereto with respect to the subject matter hereof.
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Section 7. VENUE
The parties hereto expressly agree that any and all legal actions that may arise
out of this transaction, including but not limited to the provisions of the Deed of Absolute
Sale and all other documents executed and may hereafter be executed by the parties
hereto, shall only be instituted before the proper court in __________________,
Philippines.
IN WITNESS WHEREOF, the parties hereto have affixed their signatures at the
place and on the date above-written.
______________________ ______________________
Seller Buyer
By:
______________________ ______________________
Seller
_________________________ ______________________
ACKNOWLEDGMENT
all known to me and to me known to be the same persons who executed the
foregoing Deed of Absolute Sale and they acknowledged to me that the same is their
free and voluntary act and deed and that of the corporation represented herein.
WITNESS MY HAND AND SEAL on the date and place stated above.
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