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    Earnest Money Receipt Agreement

    Uploaded by

    Leticia R. Tuadles
    1) The document is an Earnest Money Receipt Agreement between six sellers and a buyer regarding the sale of a property located in Brgy. Linao, Inopacan, Leyte, Philippines. 2) The buyer paid PHP 50,000 as earnest money to be applied to the purchase price, with the balance to be paid within 30 days of settling the estate tax liability on the property. 3) The agreement gives the buyer exclusive right to purchase the property and prevents the sellers from offering it to others for 30 days. It also outlines responsibilities of both parties regarding taxes and fees upon completion of the sale.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Earnest Money Receipt Agreement

    Uploaded by

    Leticia R. Tuadles
    298 views5 pages
    1) The document is an Earnest Money Receipt Agreement between six sellers and a buyer regarding the sale of a property located in Brgy. Linao, Inopacan, Leyte, Philippines. 2) The buyer paid PHP 50,000 as earnest money to be applied to the purchase price, with the balance to be paid within 30 days of settling the estate tax liability on the property. 3) The agreement gives the buyer exclusive right to purchase the property and prevents the sellers from offering it to others for 30 days. It also outlines responsibilities of both parties regarding taxes and fees upon completion of the sale.

    Original Title

    EARNEST MONEY RECEIPT AGREEMENT

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    © © All Rights Reserved

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    1) The document is an Earnest Money Receipt Agreement between six sellers and a buyer regarding the sale of a property located in Brgy. Linao, Inopacan, Leyte, Philippines. 2) The buyer paid PHP 50,000 as earnest money to be applied to the purchase price, with the balance to be paid within 30 days of settling the estate tax liability on the property. 3) The agreement gives the buyer exclusive right to purchase the property and prevents the sellers from offering it to others for 30 days. It also outlines responsibilities of both parties regarding taxes and fees upon completion of the sale.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    298 views5 pages

    Earnest Money Receipt Agreement

    Uploaded by

    Leticia R. Tuadles
    1) The document is an Earnest Money Receipt Agreement between six sellers and a buyer regarding the sale of a property located in Brgy. Linao, Inopacan, Leyte, Philippines. 2) The buyer paid PHP 50,000 as earnest money to be applied to the purchase price, with the balance to be paid within 30 days of settling the estate tax liability on the property. 3) The agreement gives the buyer exclusive right to purchase the property and prevents the sellers from offering it to others for 30 days. It also outlines responsibilities of both parties regarding taxes and fees upon completion of the sale.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    EARNEST MONEY RECEIPT AGREEMENT

    This EARNEST MONEY RECEIPT AGREEMENT (“Agreement”) is made and entered


    into this _____ day of July 2020 at ______________, by and between:

    ALEJANDRO DELARMENTE LOPEZ, of legal age, Filipino, single, residing at


    Brgy. Taon-taon, Inopacan, Leyte;

    JOEL ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-taon,
    Inopacan, Leyte;

    MARITES LOPEZ SARVIDA, of legal age, Filipino, married, residing at Brgy.


    Taon-taon, Inopacan, Leyte;

    JAY ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-taon,
    Inopacan, Leyte;

    RENATO ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-
    taon, Inopacan, Leyte; and

    MELANIE ROSAS LOPEZ, of legal age, Filipino, single, residing at Brgy. Taon-
    taon, Inopacan, Leyte;

    hereinafter collectively referred to as “SELLERS”

    -and-

    MARICEL FELICILDA HANDLEMAN, of legal age, Filipino, married, residing at


    Block 12, Lot 01, Camella Homes, Brgy. Tambulilid, Ormoc City, Leyte, herein
    represented by GRECILDA FELICILDA MONTE, of legal age, Filipino, married,
    residing at Block 12, Lot 01, Camella Homes, Brgy. Tambulilid, Ormoc City, Leyte,
    hereinafter referred to as “BUYER”.

    WITNESSETH, that

    WHEREAS, we (“SELLERS”) are the sole heirs of the deceased SEVERINO


    DELARMENTE, ANACORITA DELARMENTE LOPEZ and FLORENCIO
    DELARMENTE LOPEZ (“the deceased”);
    WHEREAS, the deceased, died intestate, without Will or Testament;

    WHEREAS, we (“SELLERS”) have decided to offer for sale a property of the


    deceased described hereunder to the BUYER.

    1. The SELLERS acknowledge receipt from the BUYER the sum of FIFTY
    THOUSAND PESOS (Php 50,000.00) representing EARNEST MONEY for payment of a real
    property located at Brgy. Linao, Inopacan, Leyte, Philippines covered by O.C.T. No. P-
    79183 (“Subject Property”).

    2. This EARNEST MONEY forms part of the purchase price of the Subject
    Property balance and full payment shall be paid within thirty (30) days from the full
    settlement of the estate tax liabilities attached to the SUBJECT PROPERTY. Any time
    constraints brought about by any guidelines, rules and/or regulations issued by the
    national or local government pertaining to the present coronavirus pandemic or any other
    pandemic or calamity shall be excluded in the computation of the thirty-day period.

    3. The BUYER hereby reserves the exclusive right to purchase the Subject
    Property and the SELLERS cannot offer the Subject Property to any third party until the
    expiration of the period provided under No. 2 hereof.

    4. Upon full payment, the SELLERS 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.

    5. Upon execution of the DEED OF ABSOLUTE SALE, the SELLERS shall


    undertake the payment of the Capital Gains Tax and Documentary Stamps Tax. The BUYER
    shall shoulder the payment of the Transfer Tax, Registration Fee and all other expenses to
    transfer the title of the property under her name.

    6. 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 her obligations
    mentioned, then the SELLER shall have the right to terminate this agreement in which case
    the EARNEST MONEY in the amount of FIFTY THOUSAND PESOS (Php 50,000.00) shall be
    forfeited in favor of the SELLER as liquidated damages.

    7. In case of voluntary cancellation of this agreement by the SELLERS without


    any cause on the part of the BUYER or if the SELLERS fail to comply with their obligations
    mentioned, then the BUYER shall have the right to terminate this agreement in which case
    she is entitled to the return of the EARNEST MONEY in the amount of FIFTY THOUSAND
    PESOS (Php 50,000.00) and reimbursement for all expenses incurred in furtherance of the
    instant agreement as well as the sale of the Subject Property.

    SELLERS: BUYER:

    ALEJANDRO DELARMENTE MARICEL FELICILDA HANDLEMAN


    LOPEZ as represented herein by
    GRECILDA FELICILDA MONTE

    JOEL ROSAS LOPEZ

    MARITES LOPEZ SARVIDA

    JAY ROSAS LOPEZ

    RENATO ROSAS LOPEZ

    MELANIE ROSAS LOPEZ

    ACKNOWLEDGEMENT

    Republic of the Philippines}


    City of }

    BEFORE ME, a Notary Public, for and in the City of ____________ this _____ day of
    ______________ Personally appeared the following

    Name Gov’t Issued ID Date of Expiry; Place Issued


    Both known to me and to me known to have executed the foregoing Earnest Money
    Receipt Agreement consisting of Five (5) pages including the Acknowledgement and they
    acknowledged to me that the same is their free and voluntary act and deed.

    Doc No. _____;


    Page No. _____;
    Book No. _____;
    Series of 2020.

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