rent to own townhouse inquiry

hi,

i am planning to sell my new townhouse (1 unit of 4 units). The property is semi furnished (cabnets, lights and fans included). The plan is to ask for the potential buyer to pay 10% of the value of the property and the remaining to be paid in 10 years.

Can I put on the agreement the following:
1. the property is still under my name until the property is fully paid.
2. if the monthly rent was not paid for more than 2 months, the contract is void and the 10% that was paid cannot be refunded anymore and will have to vacate the property within 2 weeks.
3. payments to be done every end of the month by depositing the payment to my bank account.

please advice if I am not violating any laws here and if I can add some more in the aggreement that will be great.

thanks,

ung 10years walang interest ? Saan location nyan ?

Yes you can include it but the number 2 is i think you will violate R.A. 6552 Maceda Law , if the buyer are already in 2 years time of payment he / she is applicable for refund.

tapalord wrote:hi,

i am planning to sell my new townhouse (1 unit of 4 units). The property is semi furnished (cabnets, lights and fans included). The plan is to ask for the potential buyer to pay 10% of the value of the property and the remaining to be paid in 10 years.

Can I put on the agreement the following:
1. the property is still under my name until the property is fully paid.
2. if the monthly rent was not paid for more than 2 months, the contract is void and the 10% that was paid cannot be refunded anymore and will have to vacate the property within 2 weeks.
3. payments to be done every end of the month by depositing the payment to my bank account.

please advice if I am not violating any laws here and if I can add some more in the aggreement that will be great.

thanks,

gawa ka muna ng draft tapos ipabasa mo sa (mga) prospective renter (hingi ka rin ng suggestions nila). maganda kasi kung fair sa bawat isa ang nilalaman ng agreement
at pag acceptable sa inyong dalawa saka ka pagawa sa abogado (at para makapagbigay din ng legal advice) ng Memorandum of Agreement. Mas maganda din siguro kung hingi ka ng post dated checks for monthly payments.