CONTRACT TO SELL KNOW ALL MEN BY THESE PRESENTS:
This CONTRACT TO SELL is made and executed this ________ day of ___________, 2014 by and between: D’ ASIAN HILLS BANK, INC. (A RURAL BANK), a rural banking corporation duly organized and nd
existing under the laws of the Republic of the Philippines with principal office at the 2 Floor DAHBI Centre, Fortich Street, Malaybalay City, Bukidnon and hereby represented by its President and CEO, ESTELITO R. MARABE, CPA , of legal age, Filipino and a resident of Guingona St., Malaybalay City, Bukidnon, hereinafter referred to as “THE SELLER”; -ANDMARCELINO S. VARGA, JR., of legal age, married to ELRECA FE P. VARGA, Filipino and with residence address at Johndorf Subd., Barra, Opol, Misamis Oriental, hereinafter re ferred to as “THE “ THE BUYER” ;
-WITNESSETHWHEREAS, the SELLER is the rightful owner of a parcel of land situated in the BARRIO OF BULUA, CAGAYAN DE ORO CITY and covered by Transfer Certificate of Title No. 137-2013003474, and the parcel of land more particularly described as follows: TRANSFER CERTIFICATE OF TITLE NO. 137-2013003474 A parcel of land ( Lot 10, Block 18, Pcs-10-000459, being a portion of Lot 4309-A 4 309-A to A4; Psd-10003147; 4309-B-1 to B4, Psd-10-003156, 4309-C-1 to C4, Psd-10-003153, 4309-D-1 to D4, Psd-10003149, 4309-E, Psd-10-003004 AND 4-A-4-C & 4-D, Psd-10-004792) situated in the BARRIO OF BULUA, CAGAYAN DE ORO CITY, containing as area of ONE HUNDRED FIFTY-NINE (159 sqm.) square meter, more or less; WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell the abovementioned property under the terms and conditions herein below set forth; NOW THEREFORE, for and in consideration of the total sum of ONE MILLION FIVE HUNDRED THOUSAND (Php 1, 500, 000. 00) PESOS , PHILIPPINE CURRENCY, and of the covenants herein after set forth, the SELLER agrees to sell and the BUYER agrees to buy the aforesaid property subject to the following terms and conditions:
1. The total consideration shall be ONE MILLION FIVE HUNDRED THOUSAND (Php 1, 500, 000. 00) PESOS, PHILIPPINE CURRENCY, payable on a one-time basis upon release of the BUYER’S loan proceeds from his application from the BANGKO SENTRAL NG PILIPI NAS (BSP) Provident Fund. 2. Capital Gains Tax and Real Estate Tax, shall be for the account of the BUYER; 3. Documentary Stamps Tax, Registration Fee, registration expenses and all other miscellaneous fees for the subsequent transactions of this CONTRACT TO SELL and to the subject property shall be for the account of the BUYER; 4. Possession to the subject property shall be delivered by the SELLER to the BUYER upon full payment of the total consideration; 5. Upon full payment of the total price, the SELLER shall sign and execute a DEED OF ABSOLUTE SALE in favor of the BUYER. The SELLER shall likewise execute and/or deliver any and all documents, including but not limited to the original copy of Transfer Certificate of Title, Tax
Declaration and all other documents necessary for the transfer of ownership from SELLER to the BUYER. IN WITNESS WHEREOF , the parties have hereunto affixed their signatures, this _______ day of ___________________ at ___________________________________, Philippines.
D’ ASIAN HILLS BANK, INC. ,
MARCELINO S. VARGA, JR. BUYER
SELLER
Represented by: ESTELITO R. MARABE, CPA President/CEO
Witnesses: ______________________ ______________________
ACKNOWLEDGMENT
Republic of the Philippines
)
City of Malaybalay, Bukidnon
) S.S.
BEFORE ME, Notary Public, this _______________ personally appeared in above named parties showing to me their ______ written below their names and signatures, all known to me to be the same persons who executed the foregoing instrument consisting of two (2) pages and they having signed each and every page hereof, including this page on which this acknowledgment is written, which they acknowledged to me that the same is their own voluntary act and deed. WITNESS MY HAND AND SEAL on the date and place first above written.
Doc. No: Page No: Book No: Series of 2014
