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Earnest Money Agreement - Sample

This document is an earnest money receipt agreement for the sale of a 220 square meter parcel of land. It details that Juan dela Cruz paid PHP200,000 as earnest money towards the total purchase price. It also outlines obligations of both the buyer and seller such as bearing expenses, right to purchase, and consequences of cancellation.

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Atty. Jefferson B. Yap
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16K views2 pages

Earnest Money Agreement - Sample

This document is an earnest money receipt agreement for the sale of a 220 square meter parcel of land. It details that Juan dela Cruz paid PHP200,000 as earnest money towards the total purchase price. It also outlines obligations of both the buyer and seller such as bearing expenses, right to purchase, and consequences of cancellation.

Uploaded by

Atty. Jefferson B. Yap
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

EARNEST MONEY RECEIPT AGREEMENT

Received from JUAN DELA CRUZ, of legal age, Filipino, married to JANE DELA
CRUZ, and residents of Quezon City, Philippines, the sum of TWO HUNDRED
THOUSAND PESOS (PHP200,000.00), representing EARNEST MONEY for payment of
the parcel of land consisting of Two Hundred Twenty (220) square meters, more or less,
situated at ______________________ and covered by Transfer Certificate of Title No.
_______________________, hereinafter referred to as the SUBJECT PROPERTY.

This EARNEST MONEY shall form part of the total purchase price in the amount
of _______________________ PESOS (Php_________.00), and shall be non-refundable
unless the cause for the cancellation of this agreement is on the account of the SELLER
with no justifiable ground.

The remaining balance of the purchase price shall be covered by a Bank Financing.
If the approved loan of the said bank financing is insufficient to cover the remaining
balance, the BUYER shall pay the SELLER the difference thereof.

The BUYER shall bear the payment of the Documentary Stamps Tax, Transfer Tax,
Registration Fee and all other expenses as a consequence of the transfer of title to the
property under BUYER’s name.

The BUYER hereby reserves the exclusive right to purchase the aforementioned
property and the SELLER cannot offer the aforementioned property to any third party
during the validity of this agreement.

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 his obligations
mentioned, then the SELLER shall have the right to terminate this agreement in which
case the EARNEST MONEY shall be forfeited in favor of the SELLER as liquidated
damages.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this
___ day of ___________________ 2019 at Davao City, Philippines.

PEDRO SANTOS JUAN DELA CRUZ


Seller Buyer

Marital Consent:

JANE DELA CRUZ


AFP ID No. A15-O-07726

Earnest Money Receipt Agreement


1|Page
Republic of the Philippines )
_________________ ) s.s.
X------------------------------------------/

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in the City of ________, Philippines, this
___day of ________________ 2019, personally appeared the following parties with their
corresponding competent evidence of identity

Parties Competent Evidence of Identities


Juan dela Cruz
Jane dela Cruz
Pedro Santos

known to me to be the same persons who executed the foregoing instrument and they
acknowledged to me that the same is their free act and voluntary deed.

The foregoing instrument consists of two (2) pages, including this page whereon
this acknowledgement is written, has been signed by the above-named persons and
witnesses on each and every page hereof, sealed with my notarial seal, and relates to the
said parcel of land covered by Transfer Certificate of Title No. ____________.

WITNESS MY HAND AND SEAL at the place and date first above- written.

Doc No.: _____;


Page No.: _____;
Book No.: _____;
Series of 2019.

Earnest Money Receipt Agreement


2|Page

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