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Earnest money receipt agreement
 

Earnest money receipt agreement

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    Earnest money receipt agreement Earnest money receipt agreement Document Transcript

    • EARNEST MONEY RECEIPT AGREEMENT<br /> <br /> <br />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 March 1, 2010 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.<br /> <br />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 __________________.<br /> <br />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 _____________________.<br /> <br />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.<br /> <br />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.<br /> <br />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.<br /> <br /> <br />IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ______ day of __________________ at _________________________, Philippines.<br /> <br /> <br />                                    (SELLER)                                                 (BUYER)<br />Name                                                       Name  <br />WITH MARITAL CONSENT:<br />________________________                       _________________________Name of Seller’s Spouse                       Name of Buyer's Spouse <br />SIGNED IN THE PRESENCE OF:<br /> <br />__________________________               ____________________________<br /> <br /> <br />ACKNOWLEDGMENT<br />REPUBLIC OF THE PHILIPPINES)_____________________________ )  SS.<br />BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following:<br /> <br />Name                               CTC Number                Date/Place Issued<br /> <br />            (Name of Seller)                  10000000                February 5, 2010 / Pasay City<br /> (Name of Buyer)                 10000000               January 14, 2010/ Quezon City<br /> <br />This instrument, consisting of ___ page/s, 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.<br /> <br />IN WITNESS  WHEREOF, I have hereunto set my hand the day, year and place above written.<br />   <br />Notary Public<br />                               Doc. No. ........;Page No. .......;Book No. .......;Series of 2010<br />