HEIRS OF FAUSTO IGNACIO VS HOME BANKERS TRUST COMPANY Contracts are perfected by mere consent which is manifested by the

Contract of Sale; Perfection| GR. No. 177783 | January 23, 2013| Villarama, Jr.
Nature of Case: Petition for specific performance for the contract of sale.
Digest maker: Bugayong, Marlo G.
SUMMARY: Petitioner Fausto Ignacio, during his lifetime, mortgaged two
parcels of land located in Cabuyao, Laguna to respondent Home Bankers
Savings and Trust Company, as a security for a loan of P500,000. When
Ignacio defaulted in payment of his loan obligation, respondents proceeded
to foreclose the mortgaged property; and upon failure of petitioner to
redeem his property within the one-year redemption period, TCT’s were then
issued in favor of respondent bank. Petitioner, in a letter sent to respondent
bank, offered to repurchase the properties. Petitioner offered to pay
P600,000 for the said properties but was never accepted by the respondent.
Respondent bank then sold the properties to herein private respondents.
Petitioner then filed an action for specific performance in the RTC against
respondent bank.
meeting of the offer and acceptance of the thing and the cause which
would constitute the contract. In this case, the offer by petitioner was
not accepted by the respondent bank, who then gave a counter-offer,
to which the petitioner did not accept.
RULING:
WHEREFORE, the petition for review on certiorari is DENIED. The Decision dated
July 18, 2006 and Resolution dated May 2, 2007 of the Court of Appeals in CA-
G.R. CV No. 73551 are hereby AFFIRMED.
With costs against the petitioners.
SO ORDERED.

DOCTRINE:
Counter-offers in Contracts of Sale.

FACTS:
1) Petitioner Fausto Ignacio mortgaged two parcels of land located in Cabuyao,
Laguna to respondent Home Bankers Savings and Trust Company, as a security
for a loan of P500,000.
2) Petitioner defaulted in payment of his loan obligation; respondent bank
proceeded to foreclose the mortgaged property.
3) Petitioner failed to redeem his property within the one-year redemption
period, TCT’s were issued in favor of respondent.
4) Petitioner offered to repurchase the properties and negotiated with
repondents. Petitioner offered to pay P600,000 for the said properties but was
never accepted by the respondent.
5) Respondent Bank then sold the properties to herein private respondents.
6) Petitioner then filed an action for specific performance in the RTC against
respondent bank.

ISSUE:
1. W/N there was Contract of Sale

No. There was no perfected contract of sale.