Deed of Conditional Sale

Hi,

Please see the following terms and condition stated on the DEED OF CONDITIONAL SALE.

Manner of Payment: That the herein VENDEES shall pay the above mentioned amount of ONE MILLION ONE HUNDRED THOUSAND PESOS in the manner of as follows a) 300,000.00 down payment: the amount of 100,000.00 to be paid on the signing of the contract, and the remaining Php 200,000.00 will be paid before November 30, 2013. b) the balance of 800,000.00 is usbject to 16% interest per annum. c) and it will be paid in the amount of Php 25,000.00 per month and 100,000.00 every 3 months until it has been fully paid.

Failure to pay three (3) consecutive installments shall be groun for the cancellation of this contract/agreement as if the same has never been executed and whatever amounts have been paid shall be considered as rentals for the house and lot, accordingly the herein-named SELLER shall not in any wat nor in any manner be obligated to return to the BUYER any and all amount paid.

Questions:

1.)Nakapagbigay na po ako ng downpayment na 200k, pero ang nakasaad po sa contract is 300k. mejo may financial changes ako ngayon so hindi ko na kayang bayaran yung balance na 100k. Gusto ko sana na gawin na lang 200k ang downpayment then mag start nako sa monthly amortization na 25k. pwede po bang mabalewala yung ibinayad kong 200k for downpayment kung hindi a-agree yung seller sa gusto ko sanang mangyari?

2.)Wala din po akong narereceive na resibo sa payments na binigay ko dahil ang sabi ng seller mahal daw ang vat 12%. kung ako daw ang magbabayad ng vat, willing ang seller na magprovide ng resibo. tama po bang information yan?

3)Sa contract na pinirmahan ko iba nag name ng vendor. yung talagang nagbenta ng house and lot samin ay nakapirma as "SIGNED IN THE PRESENCE OF:" I think witness po yan. ang explanation ng nagbenta samin ay hindi pa daw naililipat sa pangalan nya ang property kaya inilagay nya parin sa vendor ang name nung original owner.
tama lang po ba iyon?

Many thanks po, kailangan ko ng legal help tungkol dito.

Droidnic10 wrote:Hi,

Please see the following terms and condition stated on the DEED OF CONDITIONAL SALE.

Manner of Payment: That the herein VENDEES shall pay the above mentioned amount of ONE MILLION ONE HUNDRED THOUSAND PESOS in the manner of as follows a) 300,000.00 down payment: the amount of 100,000.00 to be paid on the signing of the contract, and the remaining Php 200,000.00 will be paid  before November 30, 2013. b) the balance of 800,000.00 is usbject to 16% interest per annum. c) and it will be paid in the amount of Php 25,000.00 per month and 100,000.00 every 3 months until it has been fully paid.

Failure to pay three (3) consecutive installments shall be groun for the cancellation of this contract/agreement as if the same has never been executed and whatever amounts have been paid shall be considered as rentals for the house and lot, accordingly the herein-named SELLER shall not in any wat nor in any manner be obligated to return to the BUYER any and all amount paid.

Questions:

1.)Nakapagbigay na po ako ng downpayment na 200k, pero ang nakasaad po sa contract is 300k. mejo may financial changes ako ngayon so hindi ko na kayang bayaran yung balance na 100k. Gusto ko sana na gawin na lang 200k ang downpayment then mag start nako sa monthly amortization na 25k. pwede po bang mabalewala yung ibinayad kong 200k for downpayment kung hindi a-agree yung seller sa gusto ko sanang mangyari?

2.)Wala din po akong narereceive na resibo sa payments na binigay ko dahil ang sabi ng seller mahal daw ang vat 12%. kung ako daw ang magbabayad ng vat, willing ang seller na magprovide ng resibo. tama po bang information yan?

3)Sa contract na pinirmahan ko iba nag name ng vendor. yung talagang nagbenta ng house and lot samin ay nakapirma as "SIGNED IN THE PRESENCE OF:" I think witness po yan. ang explanation ng nagbenta samin ay hindi pa daw naililipat sa pangalan nya ang property kaya inilagay nya parin sa vendor ang name nung original owner.
tama lang po ba iyon?

Many thanks po, kailangan ko ng legal help tungkol dito.

Look man, definitely you've been scammed! How in the world you gave a man P200K who is not even the vendor in the DOS and won't give you a receipt.

Regarding the VAT, just like when buy an item in the supermarket or department store you will pay VAT.

Here'e an information regarding VAT in real estate.

When is a sale of real property subject to VAT?
If the seller-taxpayer is a VAT-registered person, the sale of his ordinary asset shall be subject to VAT.

A person should register as a VAT entity if his gross annual sales and/or receipts exceed P1,919,500.00 in a year. If he is not originally registered as a VAT entity but he exceeded the threshold, he should submit BIR Form No. 1905 (Taxpayer Registration Update) to change to VAT.