Common Contracts
1 similar Conditional Sale Agreement contracts
Conditional sale agreement sample philippinesConditional Sale Agreement • June 20th, 2021
Ben was the registered owner of a parcel of land in Batangas. A domestic corporation, PATAF, claimed adverse ownership over the same land on the basis of another transfer certificate title. Meanwhile, Ben and Olive Realty Corp. (ORC) entered into a contract of conditional sale over the property. The Deed of Conditional contained, among others, the following provisions: The total purchase price is P19 million. The down payment of P5 million is to be paid in five monthly installments. As to the remaining balance, ORC agreed to pay in 30 equal monthly installments every eighth day of the month beginning in the month that the parties would receive a decision voiding PATAF’s title to the property. ORC assumes responsibility of filing the necessary legal action to have the PATF’s claim/title nullified and voided, with the full assistance of Ben. Should the action against the PATAF be denied, Ben agreed to reimburse all the amounts paid by ORC. In the event that the court denies the petition
