EARNEST MONEY RECEIPT AGREEMENT
Date : _______________________
Received from _______________________________, single, of legal age, Filipino, and presently residing at __________________________, the sum of ________________________ (Php ________________ ), representing reservation payment of a Two-Storey house and lot with an area of _____________________ ( ________ ) SQUARE METERS MORE OR LESS located at _________________________________________________, covered by TCT# ________________, which is currently being subdivided into two (2) equal parts at the Register Deeds of Paranaque City.
This EARNEST MONEY forms part of the purchase price of ____________________________________ (Php________________ ). The balance and full payment of the buyer’s equity shall be paid on or before ________________ or upon approval of the buyer’s real estate loan application and upon completion by the SELLER of the required documents.
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 ________________. Should the BUYER request an extension of the deadline on or before ________________, the BUYER should show cause for the grant of an extension on the deadline of this earnest money agreement. Any extension for any cause whatsoever should not exceed thirty (30) days, should be in writing and signed by the SELLER.
Upon full payment or upon receipt of the letter of guarantee from the bank, 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.
Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of the arrears in real estate taxes and the capital gains tax while the BUYER shall shoulder the payment of current real estate tax, documentary stamp tax, transfer tax, registration fees, Meralco deposit, water connection deposit and expenses as may be levied upon for new members by the homeowners association.
In case of voluntary cancellation of this agreement by the BUYER without any cause or fault 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 ________________________ (Php ________________ ) shall be forfeited in favor of the SELLER as liquidated damages. In the event that the BUYER failed to pass the credit investigation of the bank, the SELLER shall return the whole amount of the earnest money without need of demand to the BUYER.
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