CONTRACT TO SELL

BUILDING:
BUYERS NAME:
UNIT NO:

CONTRACT NO:
PARKING:

KNOWN ALL MEN BY THESE PRESENTS:

This Contract made and entered into this ______ day of __________________ at ______________,
Philippines, by and between:
NEST BUILDERS & DEVELOPMENT CORPORATION (NBDC), a corporation duly organized
and existing under and by virtue of the laws of the Philippines, with principal address at No. 8 Dinar
Street Jem 9 Subdivision Tandang Sora, Quezon City, represented in this act by its President, Mr.
Nestor S. Leal, hereinafter referred to as SELLER;
-and___________________________________________________________________, of legal age, both
_________________________
citizen
with
residence
and
postal
address
at
_____________________________________________________________________________,
hereinafter referred to as BUYERS;

WITNESSET: that

WHEREAS, the SELLER is setting up a condominium project in accordance with Republic

Act. No. 4726, otherwise known as the Condominium Act, denominated as
__________________________________________________
(hereinafter
referred
to
as
(PROJECT), at No. _______ Road 13 Pag-asa, Quezon City.

WHEREAS, to carry out this intent to set up a condominium, on the above described parcel of
land, a MASTER DEED with Declaration of Restrictions (hereinafter referred to as Master
Deed) will be executed by the SELLER and will be registered in the Registry of Deeds of Quezon
City, Philippines;

WHEREAS, pursuant to the said Master Deed, SELLER shall recognize a condominium
corporation to handle and to hold title to all common areas, including the lands of the project:

WHEREAS, the BUYERS has read the Master Deed and has examined the plans and
specifications of the project set forth in said Master Deed and is desirous of purchasing from the
SELLER unit of the project hereinafter designated;

NOW THEREFORE, in consideration of the premises, and the payment of the purchase price
herein below specified the SELLER hereby agree to sell unto the BUYER and the BUYERS hereby
agrees to purchase from the SELLER the condominium unit herein after described the terms and
conditions hereinafter set forth, to wit:

1. THE UNIT PURCHASED

A. The unit subject of this CONTRACT is more particularly described as follows:
BUILDING
UNIT NO
FLOOR AREA(S)
PARKING NO (If applicable)

:
:
:
:

_____________________
_____________________
_____________________
_____________________

B. The unit sold herein is being sold at the lump sum price hereunder
stipulated
and any discrepancy within ten percent (10%) on the area in the CONTRACT or in the
brochures and/or price list for the project as against the area of the unit upon approval of
the plans and specifications by HLURB or when completed shall not serve to increase
or decrease the lump sum price herein stipulated.
C. The unit herein purchased shall be used exclusively for residential and cannot be
converted to any other purpose without amending the Master Deed and the Declaration
of Restrictions for the condominium project.
D. The unit shall be turned over finished but unfurnished. Any furniture, equipment or
accessories appearing on the plans are for illustrations purposes only and are not
included in the sale. In the event that the BUYERS effects changes on the standard
finishing of the said unit, a cash bond of 30% of the total renovated cost will be required
to ensure the strict compliance of the BUYERS with the SELLERS Rules and
Regulations. The said bond will be returned to the BUYERS upon completion of
furnishing works minus any penalties or charges that may have accrued against the
BUYERS.
E. The BUYERS has examined the unit thereon including the plans and specifications for
the condominium project prepared by the SELLER to their satisfactions and the
complete plan of which is available at the Municipal Engineers, Housing and Land Use
Regulatory Board (HLURB) and Developers Offices and are made integral parts hereof.
The BUYERS should report within ten (10) days from turn-over of said unit any defects
for proper remedy, repair or assistance from the SELLER otherwise, failure to do so
shall be deemed as unqualified and unconditional acceptance of the unit and shall
constitute a bar for future complaint or action.

F. At the request of the BUYERS, the SELLER may, but is not obliged, to make such
modification on the plans and specifications of the unit herein purchase, provided such
modification will not violate any of the proposed restrictions under the MASTER
DEED, will not alter the general concept and scheme of the PROJECT and will not
substantially interfere with or diminish the practical enjoyment and use by other unit
owner/s or purchaser/s of their own units or the common areas. The BUYERS shall pay
only for any additional costs incurred by the SELLER. Furthermore, the period for
completion and delivery of the unit herein purchased shall be extended by additional
period necessary to carry out such modifications.
G. The BUYERS hereby consents to any modification/s on any common area or on other
unit/s of the PROJECTS which the SELLER may agree to with any other buyer/s of
unit/s in the PROJECTS or may otherwise approve or authorize upon BUYERS
request, provided such modifications comply with the conditions stated in the
immediately preceding paragraph.

2. PURCHASE PRICE AND TERMS OF PAYMENT

A. The lump sum purchase price of the unit subject to the CONTRACT is
_________________________________________________________________(____
_____________________________) ___________Currency exclusive of interest and
shall be paid as follows:
i.
ii

For CASH BUYERS shall as per attached Intent to BUY and

made an integral part of this CONTRACT.
For DEFERRED CASH BUYERS shall As per attached Intent to Buy, duly
signed by both parties, and made an integral part of this CONTRACT.

iii

SELLER shall at its options, require during the life of this Contract, that the
aforesaid obligation, or options thereof, be evidenced by post dated checks to be
issued by the BUYERS to the SELLER.

iv

All payment shall be made on or before their respective due dates without the
necessity of any demand therefore, and failure to make any such payments on
time shall entitle the SELLER to charge the proper interest based on the
purchased price thereon at two (2) percent per month without prejudice to other
remedies available to SELLER.

3. TITLE AND OWNERSHIP OF THE UNIT

A. The SELLER shall execute a DEED OF ABSOLUTE SALE conveying to the
BUYERS the absolute ownership, title, right and interest to the subject unit upon
fulfillment of the following obligations:

i. Payment of the balance of the purchase price and all interest and penalties that may
have accrued thereto.
ii All other obligations such as three (3) months condominium dues, electric and water
deposits, documentations fees etc. should be paid by the BUYERS to the SELLER
as miscellaneous expenses on first year or prior to move-in whichever come first.
iii. The BUYERS shall have the right to occupy the unit herein purchased upon
payment to ONE HUNDRED PERCENT (100%) of the purchase price and / or the
issuance of the corresponding post dated checks covering the remainder of the
Contract price.
B. The title, right and interest so conveyed shall be subject to the provisions of the
Condominium Act, the Master Deed the Articles of Incorporation and By-Laws of the
Condominium Corporation, zoning regulations or such other restrictions on the use of
the property as may be imposed by government and other authorities having jurisdiction
thereon and such other restriction and easement of record and the BUYERS hereby
agrees to be bound thereby.
C. The documentary stamp, registration fee, tax on real property transfer, and other
necessary expenses connected with the execution and the registration of Deed of
Absolute Sale as well as the transfer and issuance of the corresponding Condominium
Certificate of title, if any, shall be for the account of the BUYERS. Capital Gains Tax
will be shoulder by the SELLER.
4. Construction Schedule - The units herein purchased shall be completed on or about ________.
Should the SELLER be delayed in the construction or completion of unit(s) herein purchased,
the SELLER shall be allowed additional time within which to finish the construction required.
In the event of delays, due to fire earthquake, storms, floods and any other element, acts of
GOD, war, civil disturbances, government insurrections, coup d etat, riots strikes, and
economic controls among others making it impossible or difficult to obtain the necessary
materials, and other causes and conditions beyond the control of the SELLER, which render
the completion of the PROJECT within the stipulated period impossible, then the SELLER
may consider itself relieved from any obligations under the Contract, provided that should any
such amount received by the SELLER have been released to the BUYERS, lending bank or
financial institution mentioned in paragraph 2.A.iii. above, such corresponding amount shall be
refunded by the SELLER to the BUYERS, bank or financial institution concerned.

5. DELIVERY ---- Upon completion of the Unit(s), the SELLER shall so notify the BUYER in
writing. The delivery of such notice shall mean acceptance of the unit. Immediately thereafter,
the risk of loss or damage shall be for the account of the BUYERS.

6. ASSESSMENTS AND EXPENSES

A. Real estate taxes for the year during which the unit is delivered to the BUYERS shall be
pro-rated between the SELLER and the BUYERS such that the latter will be liable
only for his pro-date share of the taxes corresponding to the period from date of
delivery to the end of the year. Real estate tax and assessment not remitted or paid on
due date shall bear a penalty of 2% per month or a fraction of a month.
B. The SELLER is hereby authorized to procure insurance on the condominium projects
as it may deem necessary for the building. The premium for such insurance coverage
shall be assessed against all unit purchasers in accordance with the By-Laws of the
Condominium Corporation to be organized, the Master Deed and/or rules and
regulations that may be adopted by the SELLER.
C. Association dues which shall include expenses for maintenance of generators,
pump/tanks, elevator, transformers and other similar items, electrical and water
consumption, security, condominium administration, messengerial and janitorial and
collection/ legal/ accounting services/insurance and the like shall be due and payable
every 5th day of the month without need of any notice of demand. Association dues not
remitted or paid on due dates shall bear a penalty of 2% per month or a fraction
therefore. Association dues begin to be paid by the BUYERS upon possession of the
unit(s) or upon turnover of the Unit to the BUYERS. If the BUYERS or his authorized
representative unreasonably refuses to accept the turnover, then the association dues
start to accrue upon notice of the turnover.

7. DEFAULT
A. All payment shall be made on or before their respective due dates without the prior necessity of
any demand, therefore, and failure to make any such payment on time shall entitle the
SELLER to charge penalty plus interest of 2% per month with a fraction counted as one
month, without prejudice to other remedies available to SELLER.

B. If the BUYERS fails to pay the installments due, together with the penalty, interest and taxes
and assessments, thereon, if any, as provided for in this Contract then without need to resort to
judicial action this Contract shall automatically be considered Null and Void (30) days after
service by the SELLER to the BUYERS of the notarized NOTICE OF CANCELLATION.

In which event, any and all of the sums of money paid under this Contract together with all the
right sand interest to all the improvements made on the premises shall be considered as
liquidated damages, and forfeited for the account of the SELLER.
The BUYERS may however, remove at his own expense all furniture and appliances place or
introduced by him (but not fixtures where removal will cause damage to the Unit) in the
purchased; otherwise the same shall form part of and be considered attached to the unit and

shall become property of the SELLER without any obligation on the part of the latter to
indemnify the BUYERS for the cost or value thereof. The sending of such notarized NOTICE
OF CANCELLATION by registered mail to the BUYERS above address shall be deemed
sufficient service thereof for the purpose irrespective of whether or not it was received by the
BUYERS.
C. In case of cancellation of this Contract for non-payment in accordance with section 7.B hereof,
the SELLER is entitled to make immediate possession of the unit together with the
improvements thereon and should the BUYERS be in possession thereof, the BUYERS shall
become a mere intrude or unlawful detainer of the same, without any further right, title or
interest, claims or any kind and character to said unit improvements thereon to any other person
in the same manner as if this Contract had never executed or entered into.
D. Should the BUYERS default in the performance of any terms and conditions of the
CONTRACT, the SELLER shall be entitled to any of the following alternatives: (i) consider
the Contract as null and void and without effect, (ii) retain reasonable amount to defray cost of
expenses from the advances made, (iii) fulfillment of the Contract.
E. Should the SELLER be forced to resort to the courts to protect its right and to seek readiness
for its grievances under this CONTRACT the BUYERS shall pay the SELLER by way of
attorneys fees a sum equivalent to Twenty Five (25%) percent of the amount involved but in
no case less than FIVE THOUSAND (5,000.00) PESOS if with Regional Trial Courts, or
THIRTY THOUSAND (P30,000.00) PESOS if either with the Court of Appeals or the
Supreme Court, and in addition, the costs and expenses of litigation and the damages, actual or
consequential to which the SELLER may be entitled by law. The attorneys fees herein
provided should be independent of the liquidated damages herein above provided in this
Contract. Furthermore, nothing in this paragraph shall be construed as in any way amending the
automatic cancellation herein above provided.

8. ASSIGNMENT
A. By mere notice to the BUYERS and without necessity of BUYERS consent , the SELLER
has the right to sell, assign, or transfer to one or more purchasers, assignees, or transferees,
absolutely or conditionally, its rights and interest under the CONTRACT, the promissory notes
to be issued pursuant hereto, and/or the unit provided, that such purchase, assignee or transferee
expressly binds himself to honor the terms and conditions of the CONTRACT with respect to
the BUYERS herein.

B. The BUYERS cannot sell, cede, encumber, transfer assign, or in any other
manner
dispose of his/her/its rights and obligations under this CONTRACT without the prior
written consent of the SELLER or its assign hereto, except;
C. When the Contract price has been fully paid and provided that if there are taxes due as a
result of the transfer such taxes shall be for the account of the BUYERS; or

D. When during the grace period provided for Section 7.A, the BUYERS sells or assigns his
her rights & interest over the subject unit to another person or entity before actual
cancellation of the CONTRACT.

9. EFFECTIVITY
This CONTRACT TO SELL shall take effect six (6) months from its due execution
thereof.

IN WITNESS WHEREOF, the PARTIES hereto have signed this CONTRACT TO SELL
on the date place first above-written.
NEST BUILDERS & DEVELOPMENT CORPORATION
(SELLER)
By:
________________________
NESTOR S. LEAL

________________________
BUYER

________________________

Signed In the Presence of:

__________________________

________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILLIPNES )

_________________________________)S.S.
BEFORE ME, a Notary Public, for and in __________________________ personally
appeared:

NAME

COMM. TAX CERT. NO. DATE/PLACE ISSUED

_________________________ _____________________
_________________________ _____________________
_________________________ _____________________

_____________________
_____________________
_____________________

Known to me and to me known to be same persons who executed the foregoing instrument and
they acknowledge to me that the same is their free and voluntary act and deed in the capacity in which
they appeared.
This document refers to the CONTRACT TO SELL of a condominium unit consisting of (6)
six pages including this page were the acknowledgement is written and signed by the parties and their
instrumental witness on all the copies of each and every page sealed with my notarial seal.
WITNESS MY HAND AND SEAL on the date and at the place, hereinafter mentioned.

NOTARY PUBLIC

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