Final-contract-to-sell-jz.docx

CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS: This CONTRACT TO SELL, made and executed by and between: JOHNNY P. ZARRAGA, of legal age, married to EVA P. ZARRAGA Filipino, and with residence and postal address at Summer View Subdivision, Guzman Street, Mandurriao, Iloilo City, hereinafter referred to as the "VENDOR"; -ANDJO-AN Z. CABALES, of legal age, married to JUNE H. CABALES, Filipino and with residence and postal address at Summer View Subdivision, Guzman Street, Mandurriao, Iloilo City, hereinafter referred to as the "VENDEE". WITNESSETH; WHEREAS, the VENDOR is the absolute and registered owner of the following real properties, TRANSFER CERTIFICATE OF TITLE NO. (T-72298) 095-2018004978 (T-71398). “A PARCEL OF LAND (Lot 28, Blk. 1 of the Subdivision Plan (LRC) PSD-179116, being a portion of Lot 2252, Iloilo Cadastre, LRC. CAD. REC. NO. 17), Situated in the District of Mandurriao, City of Iloilo, Island of Panay. Bounded on the NE., Points 1 to 2 by Lot 27, Block 1 of the Subdivision Plan; on the SE., Points 2 to 3 by Lot 2253, Iloilo CAD.; on the SW., Along Line 3 to 4 by Lot 29, Block 1; and on the NW., Points 4 to 1 by Road Lot 2; both of the Subdivision Plan. X x x x x containing an area of THREE HUNDRED AND SIX (306) SQUARE METERS, more or less.” “A Residential Building standing on Lot 28, Block 1, located at Summerview Subdivision Brgy. Guzman-Jesena Mandurriao, Iloilo City with an Area of 126.23 Square Meters with Market value of Php 368,430.00 and Assessed Value of Php 51,580.00, covered by Tax Declaration no. 15-05007-01551.” WHEREAS, the VENDEE has offered to buy, and the VENDOR has agreed to sell the above mentioned properties under the terms and conditions herein below set forth; NOW THEREFORE, for and in consideration of the total sum of TWO MILLION (Php 2,000,000.00) PESOS, and of the covenants herein after set forth the VENDOR agrees to sell and the VENDEE agrees to buy the aforesaid properties subject to the following terms and conditions:

1. The total consideration shall be TWO MILLION (Php 2,000,000.00) PESOS, Philippine Currency, payable as follows: a) The amount of THREE HUNDRED THOUSAND (Php 300,000.00) PESOS, representing as down payment shall be payable by the VENDEE to the VENDOR upon signing this Contract to Sell; b) The remaining balance in the amount of ONE MILLION SEVEN HUNDRED THOUSAND (Php 1,700,000.00) PESOS, shall be paid by the VENDEE in full amount upon the release of loan from Pag-ibig Fund (Home Development Mutual Fund).

2. Upon the approval of the said loan of the VENDEE from Pag-ibig Fund (Home Mutual Development Fund, the VENDOR shall sign and execute a DEED OF ABSOLUTE SALE in favor of the VENDEE. 3. Capital Gains Tax, Transfer Tax, and all other taxes incurred with the transfer of title shall be for the account of the VENDEE;

4. Documentary Stamps, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the VENDEE;

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this__________ of __________ 2019 at Iloilo City, Philippines.

JOHNNY P. ZARRAGA Vendor

JO-AN Z. CABALES Vendee

WITH MARITAL CONSENT:

EVA P. ZARRAGA Vendor's Spouse

JUNE H. CABALES Vendee's Spouse

SIGNED IN THE PRESENCE OF:

__________________________

____________________________

ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES) _____________________________) SS. BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following: Name Johnny P. Zarraga Jo-an Z. Cabales

ID Number 0028222 P8246532A

Date/Place Issued Sepetember 14, 2012/Iloilo CIty August 27, 2018/ PCG Agana

This instrument, consisting of two (2) pages, 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 20____.