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Problem 2

The contract establishes the terms for Joseph Neil M. Seno to sell a 2022 Sport Max 111 vehicle to John Kheiner and Margareth Abendan for 1 million Philippine pesos, with the buyers paying a 500,000 peso down payment and the remaining balance in 5 monthly installments of 100,000 pesos each. Upon full payment, Seno will sign a deed of absolute sale transferring ownership of the vehicle to the buyers.

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Mikee Rizon
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104 views3 pages

Problem 2

The contract establishes the terms for Joseph Neil M. Seno to sell a 2022 Sport Max 111 vehicle to John Kheiner and Margareth Abendan for 1 million Philippine pesos, with the buyers paying a 500,000 peso down payment and the remaining balance in 5 monthly installments of 100,000 pesos each. Upon full payment, Seno will sign a deed of absolute sale transferring ownership of the vehicle to the buyers.

Uploaded by

Mikee Rizon
Copyright
© © All Rights Reserved
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
Download as rtf, pdf, or txt
Download as rtf, pdf, or txt
You are on page 1/ 3

CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:


This CONTRACT TO SELL is made and executed this 17th day of September 2023 by
and between:

SENO AUTOMOBILE BY JOSEPH NEIL M. SENO, of legal age, single, Filipino, and with
residence and postal address of 6014 at H. Abellana Street, Barangay Canduman, Mandaue
City, Cebu, Philippines, hereinafter referred to as SELLER.

-AND-

JOHN KHEINER & MARGARETH ABENDAN, HUSBAND & WIFE, Filipinos and with
residence and postal address of 6000 at Magallanes Street, Cebu City, Philippines,
hereinafter referred to as BUYERS.

WITNESSETH

WHEREAS the SELLER or VENDOR (SENO AUTOMOBILE) is the absolute and registered
owner of the following sports utility vehicle, more particularly described as follows:

MODEL MAKE: SPORT MAX 111


COLOR: BODY: WHITE WITH A MIXTURE OF BLACK ON SIDES
YEAR MODEL: 2022
MOTOR NO.: 5000
SERIAL / CHASSIS NO.: 2134567
PLATE NO.: USJ-R 075
FILE NO.: 7765-234
C.R. NO.: 000-12345

NOW THEREFORE, for and in consideration of the total sum of One Million Pesos only
( Php 1, 000, 000 ) Philippine currency, and of the covenants hereinafter set forth, the
SELLER / VENDOR agrees to sell and the BUYER / VENDEE agrees to buy the aforesaid
sports utility vehicle subject to the following terms and conditions:

1. The BUYER / VENDEE shall pay a downpayment of Five Hundred Thousand Pesos or
one-half of the total amount (Php 500, 000) Philippine currency, upon execution of this
Contract to Sell;
2. Possession to the aforesaid sports utility vehicle shall be delivered by the SELLER /
VENDOR to the BUYER / VENDEE upon the downpayment referred to herein;
3. The balance of Five Hundred Thousand Pesos (Php 500,000) Philippine currency, shall be
paid by the BUYER / VENDEE to the SELLER / VENDOR in 5 months consecutive equal
installments at One Hundred Thousand Pesos per month (Php 100, 000) Philippine currency,
per installment on every 30th of the month. Otherwise, the BUYER / VENDEE, if unable to pay
two consecutive equal installments, shall immediately turnover possession of the subject sports
utility vehicle to the SELLER / VENDOR immediately and all the installments already made shall
be considered as mere rentals for the use of the subject sports utility vehicle;
4. Upon full payment of the aforesaid purchase price, the SELLER / VENDOR shall sign and
execute a DEED OF ABSOLUTE SALE in favor of the BUYER / VENDEE for the aforesaid
sports utility vehicle, free from all liens and encumbrances whatsoever;
5. All expenses arising out of or incidental to the execution of the corresponding Deed of
Absolute Sale, as well as registration fees required to transfer ownership to the BUYER /
VENDEE's name shall be for the exclusive account of the BUYER / VENDEE;
6. All fuel expenses as well as expenses for the maintenance, repairs, future insurance and
registration fees of the subject motor vehicle shall, starting from the date of delivery thereof to
the BUYER / VENDEE, shall be borne by the BUYER / VENDEE.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this 17th day of
September 2023 at Barangay Canduman, Mandaue City, Cebu, Philippines.

JOSEPH NEIL M. SENO________ JOHN KHEINER ABENDAN


Seller / Vendor, CEO of SENO AUTOMOBILE Buyer, Husband

MARGARETH ABENDAN
Buyer, Wife

SIGNED IN PRESENCE OF
ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES

BEFORE ME, a Notary Public, this 17th day of September 2023, personally appeared the
following:
Name CTC Number Date and Place Issued

Mikee A. Rizon 200000000 Brgy. Canduman, Mandaue City, Cebu, Philippines

Josh Abendan 200000000 Brgy. Canduman, Mandaue City, Cebu, Philippines

This instrument, consisting of three (3) 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

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