The Koncord Residences Contract to Sell

Document Sample
The Koncord Residences Contract to Sell Powered By Docstoc
					KNOW ALL MEN BY THESE PRESENTS: This CONTRACT TO SELL, made and executed this ____ day of ______________________at ________________ by and between: KONCORD PACIFIC PROPERTY DEVELOPMENT INC., a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines with principal office at No. 4687 Santiago St. cor. B. Valdez and Singian Sts., Makati City herein represented by its Chief Executive Officer , MS. AHBEE TAYAO, duly authorized for the purpose and hereinafter referred to as the "SELLER/VENDOR"; -AND____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ hereinafter referred to as the "BUYER/ VENDEE". WITNESSETH; WHEREAS, the SELLER/VENDOR is the absolute and registered owner of a parcel of land consisting of four ( 4) parcels of land located at No. 4687 Santiago St. cor. B. Valdez and Singian Sts., Makati City with an area of SEVEN HUNDRED FIFTY NINE (759.00) sq.m., more or less, duly covered by Transfer Certificate of Title Nos., 199258, 199259, 199260 and 197984 issued by the Registry of Deeds of Makati City; WHEREAS, the SELLER/ VENDOR is presently developing a multi-storey commercial and residential condominium project on the above parcel of land which shall be known as “THE KONCORD” to be governed by a Master Deed with Declaration of Restrictions for the project in accordance with Republic Act 4726, otherwise known as the Condominium Act, as amended; WHEREAS, the BUYER/VENDEE offered to purchase a UNIT in the condominium project which offer has been accepted by the SELLER/VENDOR in accordance with the terms and conditions hereinafter set forth; NOW , THEREFORE, for and in consideration of the foregoing premises, the parties hereto hereby agree as follows: SECTION 1. CONDOMINIUM UNIT PURCHASED WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER /VENDOR has agreed to sell a ___________________type of condominium unit/s from the above mentioned property, unit/s to be bought by BUYER / VENDEE has a floor area of_____________________________________________________________(_______) located at floor number__________, unit number____________ , with parking slot _________________( ) located at parking floor level ____________________under the terms and conditions herein below set forth and hereinafter referred to as the “UNIT” ; NOW THEREFORE, for and in consideration of the total sum of __________________________________________ ______________________________________________________________________ (______________________) and of the covenants herein after set forth the SELLER/VENDOR agrees to sell and the BUYER/VENDEE agrees to buy the aforesaid condominium unit subject to the following terms and conditions:

BUYER/VENDEE hereby declares that he has examined the plans and specifications for the project to his/her/its satisfaction. The BUYER/VENDEE shall within TEN (10) days from receipt of UNIT turnover notice, register his/her/its exceptions for any defect in the UNIT with the SELLER/VENDOR for the proper remedy, repair or assistance; otherwise, failure to do so shall be deemed an unqualified and unconditional acceptance of the UNIT and shall constitute a waiver against any future complaints or legal action. SELLER/VENDOR may upon written request by the BUYER/VENDEE make such modification on the plans and specifications of the UNIT purchased. Any and all costs incurred by the SELLER/VENDOR by reason of such modifications shall be borne by the BUYER/VENDEE. The SELLER/VENDOR reserves the right to alter, modify or change the area, shape and/or layout of the project relating to both the common area and individual units without the need of prior notice to the BUYER/VENDEE. If upon completion of the project, it will appear that there has been an alteration in shape and/or layout resulting in the increase or decrease in the area of a UNIT sold to any BUYER/VENDEE, a corresponding price adjustment as the case may be, shall be proportionately implemented. This SELLER/VENDOR’s right to alter, modify or change the plans of the project shall include decreases and/or increases in the number of floors and correspondingly, decreases and/or increases in the number of units in the project. The BUYER/VENDEE waives any cause of action he may have against the SELLER/VENDEE on account of the aforementioned alterations/changes and hereby expressly consents to such alterations/ changes. SECTION 2. PURCHASE PRICE AND TERMS OF PAYMENT The purchase price of the UNIT is exclusive of interest : DESCRIPTION OF PROPERTY
CONDOMINIUM UNIT PARKING SPACE (fill up only if applicable)



PAYMENT SCHEDULE OF REMAINING BALANCE OF PURCHASE PRICE Payable in ___________monthly installments falling on the following dates inclusive of interest (if applicable) at ( %) per annum. DATE OF CHECK BANK CHECK NUMBER AMOUNT
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.

The BUYER/VENDEE hereby agrees to pay the above installments and/or the balance on the purchase price on or before the above due dates without necessity of any notice or demand. Failure of the BUYER/VENDEE to pay any installment on its due date shall entitle the SELLER/VENDOR at its option, to demand the payment of the balance of the purchase price then remaining unpaid together with penalty interest at the rate of three (3%) percent per month or a fraction of a month from date of default until fully paid and/or to cancel and rescind this contract in accordance with the Default provisions herein provided. It is hereby understood and agreed that any delay or omission on the part of the SELLER/ VENDOR in exercising any right under this contract shall not be construed as a waiver thereof and non-acceptance by the SELLER/VENDOR of any payments made in a manner or at anytime other than as provided herein shall be construed as a violation of the terms hereof. All payments due under this Contract shall be remitted by the BUYER/VENDEE at the SELLER/VENDOR’s office at No. 4687 Santiago St. cor. B. Valdez and Singian Sts., Makati City or any future office location duly designated in writing by the SELLER/VENDOR. Only official receipts issued by the SELLER/VENDOR shall be recognized as valid and binding. In case the check representing the payment for the UNIT, is dishonored by the drawee bank, the earnest money shall be forfeited in favor of the SELLER/VENDOR.

In the event of any supervening change including but not limited to, increase or decrease, inflation or deflation, depreciation or appreciation, devaluation or revaluation in the value of the Philippine Currency during the efficacy of this contract due to any reason whatsoever, the basis of payment of the remaining installments or outstanding balance of the purchase price shall be the value of the Philippine Pesos at the time of execution of this contract.. For purposes of this provision and in the absence of any official declaration to such effect, an appreciable change in the value or purchasing power of the Philippine Currency shall be deemed to exist should there be an increase/ decrease of at least fifteen (15%) percent of the Consumer Price Index affecting construction projects as of the date of execution of this contract set forth in the figures officially released by the Central Bank or by any government office or agency. In such event, a proportionate adjustment of the purchase price and/ or the installments on the unpaid balance thereof shall be effected in favor of either party upon notice thereof. The amount of adjustments shall be the total percentage of change as of the date of the Contract effective on the date of notice. SECTION 3. TITLE AND OWNERSHIP OF UNIT Upon full payment by the BUYER/VENDEE of the purchase price stipulated under Section 2 hereof, including the assessments and expenses hereinafter setforth and upon full compliance by the BUYER/VENDEE of all his/her/its obligation as herein provided, the SELLER/VENDOR shall deliver to the BUYER/VENDEE a Deed of Absolute Sale conveying its rights, interests and title to the UNIT and to the common areas appurtenant to such UNIT and the corresponding Condominium Certificate of Title in SELLER/VENDOR’s name provided that where the BUYER/VENDEE fully pays the purchase price prior to or immediately upon the completion of the PROJECT, and the SELLER/VENDOR shall be given reasonable time not exceeding ninety (90) days from date of completion of the PROJECT to secure the title to the UNIT. It is hereby understood that all titles, rights and interests so conveyed shall be subject to the provisions of the Condominium Act, the Master Deed with Declaration of Restrictions, the Articles of Incorporation and By-Laws and the Rules and Regulations of the Condominium Corporation, zoning regulations and such other restrictions on the use of property as annotated on the title or may be imposed by any government agency or instrumentality having jurisdiction thereon. SECTION 4. DELIVERY/ COMPLETION OF THE UNIT The UNIT herein purchased is expected to be completed and delivered not later than__________________________. Delays due to fire, earthquakes, the elements, acts of God, war, civil disturbances, strikes or other labor disturbances, Government and economic controls, making it impossible or difficult to obtain the necessary materials and for other causes and conditions beyond the control of the SELLER/VENDOR, shall excuse the SELLER/VENDOR from said construction completion date and the SELLER/VENDOR shall be allowed a reasonable time within which to complete construction of the project. It is hereby understood that should any condition arise beyond the control of the SELLER/VENDOR which renders completion impossible, the SELLER/VENDOR may consider itself relieved from any obligation arising out of this agreement but shall reimburse the BUYER/VENDEE without interest whatever amount have been received from the BUYER/VENDEE by virtue of this agreement and neither party shall have any further rights or liabilities hereunder. In any event, all construction and improvements on the PROJECT shall remain the property of the SELLER/VENDOR. The SELLER/VENDOR shall notify the BUYER/VENDEE in writing of the completion of the UNIT. The delivery of such notices shall constitute constructive delivery and acceptance of the UNIT to the BUYER/VENDEE. Any damage or risks of loss to the UNIT and all assessments and obligations pertaining to the UNIT as provided for in the Master Deed with Declaration of Restrictions, the Articles of Incorporation and By-laws and the Rules and Regulations of the Condominium Corporation shall thereafter pertain to the BUYER/VENDEE. SECTION 5. ASSESSMENTS AND EXPENSES The SELLER/VENDOR is hereby authorized to procure such insurance on the PROJECT as it may seem necessary for the first year after completion thereof. The premium of such insurance shall be assessed against all unit buyers in accordance with the percentage interest share of the UNIT to the common areas.

The BUYER/VENDEE hereby agrees to reimburse the SELLER/VENDOR for all expenses incurred in the installation of the UNIT’s electric and water meters, telephone lines, including the registration thereof in the name of the BUYER/VENDEE and for his/her/its prorata share in the assessments for common expenses, including but not limited to expenses for maintenance, common electrical and water consumption, realty taxes and fees, insurance premiums, security, administration and janitorial which are payable and outstanding or which the SELLER may have advanced at any time prior to the turnover of the UNIT. THE BUYER/VENDEE shall pay the Condominium Corporation Membership fee at the rate of fifty (P50.00) pesos per sq. m. based on the area of his/her/its UNIT. Documentary stamp taxes, value added taxes, transfer taxes, registration fees and all other expenses incidental to the transfer of title to the UNIT shall be for the account of the BUYER/VENDEE. All assessments and expenses as hereinabove provided shall be paid by the BUYER/VENDEE to the SELLER/VENDOR and/or to the duly organized Condominium Corporation. Any delay in payment of condominium association dues shall be subject to four (4%) percent penalty per month. Any delay which is less than 30 days shall be considered as one month, for purposes of computing the percentage penalty. Any amount due, owing or specified in this contract, if unpaid shall constitute a lien on the UNIT and the SELLER/VENDOR is granted the right to withhold delivery of the UNIT and or title thereto until such time that the amount is fully paid. SECTION 6. DEFAULT The BUYER/VENDEE shall be considered in default upon failure of the BUYER/VENDEE to pay the corresponding amount on the above due dates or upon his/her/its failure to perform any of the obligations as herein provided. If the BUYER/VENDEE is in default in accordance with the above provision, the SELLER/VENDOR may at its option, require the BUYER/VENDEE to pay the penalty and interest due thereon by reason of such default or terminate this contract subject to the provisions of the Republic Act No. 6552 otherwise known as the Realty Installment Buyers Protection Act; provided, however, that payment of the cash surrender value in the event of forfeiture shall be effected at the office of the SELLER/VENDOR within ten (10) days from receipt by the BUYER/VENDEE of the notice to collect the cash surrender value; provided further that should the BUYER/VENDEE fail to collect the cash surrender value within the said period, this contract shall be considered cancelled upon the deposit in full of the cash surrender value due herein BUYER/VENDEE with any bank which the SELLER/VENDOR shall hereinafter designate. In the event of a Notarial Cancellation under RA 6552, a cancellation fee of TEN THOUSAND (P 10,000.000) pesos and a Notice of Cancellation fee of another FIVE THOUSAND (P 5,000.00) pesos shall be charged against the BUYER/VENDEE, deductible from the cash surrender value or added to the total delinquency to be paid as the case may be. In the event the BUYER/VENDEE, after having availed of the grace period under Section 3 a) of Republic Act 6552 and within five (5) years from the time of availment, shall again fail to pay any two (2) monthly amortizations as herein provided, this contract shall by mere fact of non-payment, expire and be considered automatically terminated, demand and/or the necessity of judicial declaration to that effect, being hereby expressly waived and any and all sums of monty paid under this contract shall be considered liquidated damages and forfeited in favor of the SELLER/VENDOR. Should the BUYER/VENDEE be in possession of the property, he becomes a mere intruder of the same and may be ejected therefrom by the SELLER/VENDOR , who is hereby specifically appointed as he attorney-in-fact of the BUYER/VENDEE to remove all personal effects from the premises, to secure and padlock the same and to undertake such acts as will totally clear the premises of persons and property. Upon such default, the SELLER/VENDOR shall be at liberty to dispose and sell said UNIT to any other person in the same manner as if this contract had never been executed. In case the SELLER/VENDOR is forced to institute legal action to enforce its rights under this contract, the BUYER/VENDEE shall pay the SELLER/VENDOR by way of Attorney’s fees, a sum which in no case shall be less than FIVE THOUSAND (P5,000.00) pesos if the case is in the Municipality/City Court, not less than TEN THOUSAND (P10,000.00) pesos if the case reaches the Regional Trial Court and not less than TWENTY THOUSAND (P 20,000.00) pesos if it reaches the Court of Appeals or the Supreme Court. The SELLER/VENDOR shall also be entitled to the costs of litigation and damages, actual or consequential as may be provided for by law.

SECTION 7. CONDOMINIUM CORPORATION AND MANAGEMENT The SELLER/VENDOR or its representative is hereby authorized and empowered to organize and incorporate a Condominium Corporation for the purpose of holding title to the common areas of the PROJECT and the management thereof for the common benefit of the UNIT buyers. The BUYER/VENDEE shall be bound by the provision of the Master Deed with Declaration of Restrictions and the Rules and Regulations promulgated by the Condominium Corporation. The SELLER/VENDOR may assign to the Condominium Corporation for the common benefit of the BUYER/VENDEE, all available warranties it may procure from contractors or suppliers for services rendered and equipments and facilities installed in the PROJECT. SECTION 8. ASSIGNMENT OF UNIT The SELLER/VENDOR reserves the right to sell, assign or transfer to any person, entity or association, absolutely or conditionally, its right to this contract, the promissory note or the UNIT. The SELLER/VENDOR may mortgage or encumber the PROJECT specifically for the development thereof; provided that upon full payment by the BUYER/VENDEE of the purchase price the title to the UNIT shall be delivered to the BUYER/VENDEE free from any lien and encumbrances. The BUYER/VENDEE may not assign, hypothecate or transfer this contract or any right or interest thereon or in the UNIT subject hereof without the prior written consent of the SELLER/VENDOR and only upon payment of transfer charges in the amount of ________________________________________________________________________ (P ) pesos. SECTION 9. MISCELLANEOUS PROVISIONS The BUYER/VENDEE undertakes to deliver to the SELLER/VENDOR the necessary documents and data as may be required in the execution of the Deed of Sale and the registration thereof with the Registry of Deeds. Failure of the BUYER/VENDEE to submit said documents and/or apply the corresponding fees and expenses to transfer title in the name of the BUYER/VENDEE within fifteen (15) days from date of full payment, the BUYER/VENDEE shall assume responsibility of registering the Deed of Sale and transferring the title to the UNIT and to pay whatever penalties/ charges that may be incurred by reason thereof. Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR. Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the BUYER/VENDEE. The BUYER/ VENDEE shall notify the SELLER/VENDOR in writing of any change in his/her/its mailing address within five (5) days from such change. Should the BUYER/VENDEE fail to do so, his/her/its address stated in this Contract shall be considered as his/her/its address for all purposes including but not limited to the transmission or service of all notices and court summons as required by law. SECTION 10. ENTIRE AGREEMENT This contract subject to the applicable provisions of Pres. Decree No. 957 otherwise known as the Subdivision and Condominium Buyer’s Protective Decree which are hereby made an integral part hereof, shall constitute the entire agreement between the parties and the SELLER/VENDOR is not and shall not be bound by any stipulation, representations, agreements, promises, oral or otherwise not contained in this contract or incorporated herein by reference. No part of this contract shall be terminated or modified except by a written instrument signed by the parties.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ______ day of __________________ at _________________________, Philippines.

_________________________________ (SELLER/VENDOR) Name

___________________________________ (BUYER/VENDEE) Name WITH MARITAL CONSENT: _________________________ Name of Buyer/Vendee's Spouse




ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES) _____________________________ ) SS. BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following: Name CTC/ Res. Cert./ Passport # Date/Place Issued

__________________________________________________________________________________________ __________________________________________________________________________________________ known to me and to me known to be the same persons who executed the foregoing Contract to Sell and they acknowledge to me that the same is their free and voluntary act and deed and the free and voluntary act and deed of the Corporation which he/they respectively represent. 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. IN WITNESS WHEREOF, I have hereunto set my hand the day, year and place above written.

Notary Public Doc. No. ........; Page No. .......; Book No. .......; Series of 2009

Description: The Koncord Residences Contract to Sell - contract for The Koncord Residences t buyers investors. The Koncord Residences is a 21 storey tower located in the heart of cosmopolitan Makati, Philippines. The Koncord Residences is a 21 storey tower located in the heart of cosmopolitan Makati, Philippines.