The balance of TEN MILLION SEVEN HUNDRED THOUSAND (P10,700,000.00) is payable on or before July 15, 1989. Capital gains tax on behalf of the seller. If the balance is not paid on or before July 15, 1989, the money is lost. This is provided that all documents are in the right order.  chan robles virtual law library According to Robert Sarmiento, licensed broker and owner of Robert G. Sarmiento Properties: « As soon as a seller and a buyer sign a serious money contract with the sale, they are legally required to sell and purchase the property in question in accordance with the terms set out in the agreement. Earnest Money Agreement terms include the property in question, the type of deed, price and terms of payment, and also designate a serious money deposit amount paid by the buyer to secure the sale. As a general rule, the presentation of the following securities by an individual seller to the purchaser of the following securities, in the absence of a contrary agreement, would conclude a sale of real estate: (1) the owner`s double copy of Torrens` title;  (2) signing the absolute sale; (3) tax return; and (3) the last real tax document. The buyer can withhold the capital gains tax and pay it after the seller`s permission, or the seller can pay the tax according to the agreement of the parties. chan robles virtual law library There is a variance in the interpretation on the phrase « all documents are in the right order » as written in the receipt.
However, it is indisputable that, as long as the papers are « in the right order », Valdes-Choy has the right to lose serious money if Chua does not pay the balance before the deadline. if the buyer cannot proceed with the purchase of the aforementioned property without reason on the part of the seller, the seller is entitled to terminate that contract, in which case EARNEST MONEY falls into question for the benefit of the seller as a damage of liquidation rights. However, if the buyer cannot continue to purchase this property, EARNEST MONEY goes into liquidation for the benefit of the seller. There is no doubt that Valdes-Choy is the absolute owner of the property registered in its name under the number TCT 162955, free of any right of bet and any charge. It was ready to be able and willing to provide Chua with the double copy of the TST, signed sales returns, tax returns and the latest realty tax receipt. It is also indisputable that on July 13, 1989, Valdes-Choy received PBCom Check nr on July 13, 1989. 206011 for P100,000.00 as Chua`s serious money. Similarly, it is not disputed that the receipt of the P100,000.00 seriously embodied the terms of the binding contract between Valdes-Choy and Chua. chan robles virtual law library « Article 1482. Whenever a sales contract awards serious money, it is considered part of the price and as proof of the perfection of the contract. Chua has consistently characterized its agreement with Valdez-Choy as a sales contract and not a sales contract, as demonstrated by the Receipt. It was Khoua`s bitter argument in his arguments before the trial and the Court of Appeal.
Chan robles virtual legal library An Earnest Money Accord is a real estate transaction that creates a process to close a sale. Once a seller and a buyer sign a serious money contract of the contract, they are legally required to sell and purchase the property in question in accordance with the terms of the agreement. It is expressly agreed that this contract to purchase property includes the entire contract of the buyer and seller. This agreement binds the heirs, personal representatives, successors and beneficiaries of the transfer, both the buyer and the seller.