Home
I have been drafting a document for a certain company. They wanted to change the document they are using as it seem in effective and takes too much time to print and execute.
The document they wanted me to change is their Reservation Agreement. They want it to be short, one page, direct and easy to understand.
I have created such draft but i am worried it doesn't qualify as a legal document.
I have already asked an attorney about it and he told me to treat the document i created as Application not Agreement.
I am not a legal student nor professional.
Here please take a look:
Reservation Application
Reservation Date: __August 8, 2018___
The undersigned ____Marlon Visitacio Octaviano married to, Kareen Nilpaco Octaviano __ Filipino/s, of legal age/s, with residence and postal address at ____Brgy. Gaya-gaya, City of San Jose del Monte, Bulacan _____ here offers to buy the subject property herein below described and for this reservation fee.
DESCRIPTION OF PROPERTY
Block No.: ___10___ Lot No.: ___26___ Subdivision: ___Springtown Villas __Phase No.______ Lot Area: __96 sqm_
Floor Area: ___46.60___ Unit Type: ____Townhouse____ Unit Description: ___C-10___
Location: ________________Brgy. Gaya-gaya, City of San Jose del Monte, Bulacan__________________
PAYMENT INFORMATION
Computation Data Gross Equity Breakdown Balance
Contract Price P 1,440,592.00 Gross Equity P 290, 592.00 Pag-ibig loan Value/In-house Loan Value P1,200,000.00
Miscellaneous P 50000.00+ Reservation Fee P 5000.00 - Interest Rate*
Total Contract Price P 1,490,592.00 - Discount 0 - Terms 25 yrs. to pay x
Months to Pay 15
Loan Value / In-House Balance 1,200,000.00 Monthly Equity P 19,039.46 Monthly Amortization P 8102.48
Gross Equity P 290, 592.00 Start of Equity Start of Amortization
* For Pag-ibig financing apply interest rate at the time of Loan.
TERMS AND CONDITION
Positive tone
Reservation
1. Reservation Fee is non-refundable and non-transferable.
2. Buyer must give the correct and updated copy of documents and contact information (address, email address, cell phone and/or landline number). It is …..
Payment and Penalty
1. Buyers can pay cash over the counter of BDC for the first two 2 months. Succeeding payments must be covered by Post Dated Cheques to be issued only by Principal Buyer or Attorney-in-Fact.
2. In case of delay in payment, for each delay of payment Php50.00 surcharge and 0.01% penalty per day of delay will be charged to buyer.
3. Any change on financing, ownership and house description has a corresponding fee and are subject for approval by the management.
Forfeiture and Cancellation
1. Automatic cancellation without notice if buyer did not pay for 2 consecutive months after reservation.
2. Non-submission of Post Dated Cheques within 90 days from reservation.
3. Non-submission of complete requirement within 90 days from reservation. (30)
4. Misrepresentation and/or falsification of documents.
5. Upon default /cancellation, all payments made excluding penalty shall be subject to deduction or forfeiture based on the number of days counted from the date of reservation:
No. Of Days After Reservation Amount To Be Forfeited/Deducted
1 - 30 days Full Reservation fee
31 – 300 days or =10months P5,000.00 per month or Fifty percent (50%) of the total amount paid whichever is higher
Beyond 301 days or >10months P55,000.00 or Fifty (50%) percent of the total amount paid whichever is higher
Occupancy
1. Buyer will receive occupancy notice once the unit is ready on or before __________________________.
Provisions
Small penalties
The BUYER/S hereby represents that this entire application has been read and understood. BUYER/S agrees and accepts all the detail written Under within Description of Property, Payment Information and Terms and Condition to be truthful and accurate.
IN WITNESS WHEREOF, we have hereunto set our hands this _____ day of ______ 20___ at ________________.
Agreed by: Assisted by:
___________Juanito De La Cruz ___________ _________ _Mary Rose Ballecer___________
Principal Buyer’s Signature over Printed Name BDC Reservation-in-Charge
Endorsed by: Checked by:
_____________________________________ _____________________________________
Sales Agent Accounting Head
Approved by:
_______________________________________
Officer Manager
SUBSCRIBE AND SWORN to before me this (date) affiance exhibiting the community Tax Reciept No. ____________issued at on ___________________.
Doc. No. _____
Page No. _____
Book No. ______
Series of _____
The document they wanted me to change is their Reservation Agreement. They want it to be short, one page, direct and easy to understand.
I have created such draft but i am worried it doesn't qualify as a legal document.
I have already asked an attorney about it and he told me to treat the document i created as Application not Agreement.
I am not a legal student nor professional.
Here please take a look:
Reservation Application
Reservation Date: __August 8, 2018___
The undersigned ____Marlon Visitacio Octaviano married to, Kareen Nilpaco Octaviano __ Filipino/s, of legal age/s, with residence and postal address at ____Brgy. Gaya-gaya, City of San Jose del Monte, Bulacan _____ here offers to buy the subject property herein below described and for this reservation fee.
DESCRIPTION OF PROPERTY
Block No.: ___10___ Lot No.: ___26___ Subdivision: ___Springtown Villas __Phase No.______ Lot Area: __96 sqm_
Floor Area: ___46.60___ Unit Type: ____Townhouse____ Unit Description: ___C-10___
Location: ________________Brgy. Gaya-gaya, City of San Jose del Monte, Bulacan__________________
PAYMENT INFORMATION
Computation Data Gross Equity Breakdown Balance
Contract Price P 1,440,592.00 Gross Equity P 290, 592.00 Pag-ibig loan Value/In-house Loan Value P1,200,000.00
Miscellaneous P 50000.00+ Reservation Fee P 5000.00 - Interest Rate*
Total Contract Price P 1,490,592.00 - Discount 0 - Terms 25 yrs. to pay x
Months to Pay 15
Loan Value / In-House Balance 1,200,000.00 Monthly Equity P 19,039.46 Monthly Amortization P 8102.48
Gross Equity P 290, 592.00 Start of Equity Start of Amortization
* For Pag-ibig financing apply interest rate at the time of Loan.
TERMS AND CONDITION
Positive tone
Reservation
1. Reservation Fee is non-refundable and non-transferable.
2. Buyer must give the correct and updated copy of documents and contact information (address, email address, cell phone and/or landline number). It is …..
Payment and Penalty
1. Buyers can pay cash over the counter of BDC for the first two 2 months. Succeeding payments must be covered by Post Dated Cheques to be issued only by Principal Buyer or Attorney-in-Fact.
2. In case of delay in payment, for each delay of payment Php50.00 surcharge and 0.01% penalty per day of delay will be charged to buyer.
3. Any change on financing, ownership and house description has a corresponding fee and are subject for approval by the management.
Forfeiture and Cancellation
1. Automatic cancellation without notice if buyer did not pay for 2 consecutive months after reservation.
2. Non-submission of Post Dated Cheques within 90 days from reservation.
3. Non-submission of complete requirement within 90 days from reservation. (30)
4. Misrepresentation and/or falsification of documents.
5. Upon default /cancellation, all payments made excluding penalty shall be subject to deduction or forfeiture based on the number of days counted from the date of reservation:
No. Of Days After Reservation Amount To Be Forfeited/Deducted
1 - 30 days Full Reservation fee
31 – 300 days or =10months P5,000.00 per month or Fifty percent (50%) of the total amount paid whichever is higher
Beyond 301 days or >10months P55,000.00 or Fifty (50%) percent of the total amount paid whichever is higher
Occupancy
1. Buyer will receive occupancy notice once the unit is ready on or before __________________________.
Provisions
Small penalties
The BUYER/S hereby represents that this entire application has been read and understood. BUYER/S agrees and accepts all the detail written Under within Description of Property, Payment Information and Terms and Condition to be truthful and accurate.
IN WITNESS WHEREOF, we have hereunto set our hands this _____ day of ______ 20___ at ________________.
Agreed by: Assisted by:
___________Juanito De La Cruz ___________ _________ _Mary Rose Ballecer___________
Principal Buyer’s Signature over Printed Name BDC Reservation-in-Charge
Endorsed by: Checked by:
_____________________________________ _____________________________________
Sales Agent Accounting Head
Approved by:
_______________________________________
Officer Manager
SUBSCRIBE AND SWORN to before me this (date) affiance exhibiting the community Tax Reciept No. ____________issued at on ___________________.
Doc. No. _____
Page No. _____
Book No. ______
Series of _____
