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OPTION CONTRACT-editable

This 3 sentence summary provides the key details from the option contract document: The document is an option contract dated June 19, 2020 between Spouses John and Jane Doe and Peter Doe as the sellers, and Vestahomes Commercial Inc as the buyer, granting the buyer the exclusive right and option to purchase a specific real property located in Cebu City for 10 million pesos within 90 days of signing, in exchange for an option money of 175,000 pesos paid solely for this purpose. The contract outlines the process for the buyer to exercise their option to purchase the property within the 90 day period through written notice, and responsibilities of both parties for taxes and fees if the purchase is completed.

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cliford caballero
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792 views

OPTION CONTRACT-editable

This 3 sentence summary provides the key details from the option contract document: The document is an option contract dated June 19, 2020 between Spouses John and Jane Doe and Peter Doe as the sellers, and Vestahomes Commercial Inc as the buyer, granting the buyer the exclusive right and option to purchase a specific real property located in Cebu City for 10 million pesos within 90 days of signing, in exchange for an option money of 175,000 pesos paid solely for this purpose. The contract outlines the process for the buyer to exercise their option to purchase the property within the 90 day period through written notice, and responsibilities of both parties for taxes and fees if the purchase is completed.

Uploaded by

cliford caballero
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
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OPTION CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This Option Contract (hereinafter “Contract”) made and entered into this June 19, 2020 in Cebu

City, Philippines, by and between:


SPOUSES JOHN C. DOE and JANE C DOE, FILIPINO, both of legal age,

with address at CEBU CITY, represented herein by their attorney-in-fact,

ROBERT C DOE, FILIPINO, of legal age, with address at CEBU CITY, whose

Special Power of Attorney is attached hereto; PETER C DOE, FILIPINO

, of legal age, with address at CEBU CITY, represented herein by their

attorney-in-fact, ROBERT C DOE, FILIPINO, of legal age, with address at

CEBU CITY, whose Special Power of Attorney is attached hereto, hereinafter

referred to as the "SELLERS";

- and -

VESTAHOMES COMMERCIAL INC, a corporation duly organized and

existing under and by virtue of the laws of the Republic of the Philippines, with

principal business address at 2ND FLR. LBR BLDG. V. RAMA AVE. CEBU

CITY, and represented herein by its Operations Manager, JOSEPHINE C

LAWSON, via authorization by the Board of Directors as evinced by the

Secretary's Certificate attached hereto, hereinafter referred to as the "BUYER"

WITNESSETH: That1. For and in consideration of the Option Money amounting to ONE HUNDRED
SEVENTY-FIVE

THOUSAND PESOS (P175,000) Philippine Currency, the SELLERS hereby grant the BUYER the

exclusive right and option to purchase the real property covered by TCT NO. 123456 (hereinafter

"Subject Real Property"), located at Cebu City, and amounting to TEN MILLION PESOS (P10,000,000)

Philippine Currency, within within ninety (90) days from the execution of this Contract. The Option

Money is paid solely for this purpose and shall not form part of the purchase price.

2. The SELLERS guarantee that under this Contract, they will not offer the Subject Real

Property for sale to any third party during the aforesaid 90-day period.
3. During the aforesaid period, the BUYER may exercise his right and option to purchase the

Subject Real Property via a written notice to the SELLERS. In this regard, a Contract to Sell or Deed of

Absolute Sale shall be executed within seven days from the lapse of the 90-day period. Should the

BUYER fail to serve any written notice to the SELLERS within the 90-day period, the same shall be

treated as a waiver of his right to purchase the Subject Real Property. This waiver shall likewise hold

true should the BUYER fail to execute a Contract to Sell or Deed of Absolute Sale within the period

provided, without any fault on the part of the SELLERS.

4. It is likewise understood that should the BUYER opt to proceed with the purchase, it shall

obligate himself to pay for the documentary stamp tax, transfer tax, registration fee, notarial fee,
broker's

commission, and other necessary expenses connected to the issuance of the corresponding title for the

Subject Real Property in their name. On the other hand, the capital gains tax, creditable withholding tax,

value added tax, whichever is applicable, shall be for the account of the SELLERS.

IN WITNESS WHEREOF, the parties have executed this Option Contract this

_______________ in _______________.

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