Contract To Sell

Question 1

First party name, represented by:

Answer 1

A.H. AND K LAND DEVELOPMENT INC.

Represented by: President, ROUIE A. KASUGAI

Question 2

Office address of the first party

Answer 2

Room #3A, JSP Commercial Building, Mango Plaza, Corner General Maxilom and Echavez St., Cebu City

Question 3

Second party name

Answer 3

Gresila B. Alburo and Genelito C. Alburo

Question 4

Address of Second Party

Answer 4

B3L2 Villa Divina Subd., Sitio Sambag, San Vicente, Liloan, Cebu

Question 5

Name of the parcel of land of the registered developer, the first party

Answer 5

BLK 11 LOT 2 OF “CORVEN HEIGHTS”, Barangay Binaliw, Cebu City

Question 6

First party signed joint venture agreement date

Answer 6

January 8, 2018

Question 7

What is the area of BLK 12 LOT 2

Answer 7

90 sqm

Question 8

How much is the sum for the second party

Answer 8

P 472, 500

Question 9

How much is the reservation fee?

Answer 9

P 5,000 non-refundable and thirty days thereafter

Question 10

P 467, 500 shall be paid within

Answer 10

6 years or 72 months, with zero interest

Question 11

When will it commence

Answer 11

May 03, 2019 and every third day of each succeeding month until the remaining balance is fully paid

Question 12

What should the first party do to cancel the agreement if in case the second party fails to pay

Answer 12

Giving a written notice of cancellation

Question 13

R.A. 6552

Answer 13

Realty Installment Buyer Act of the Philippines

Question 14

What is the second party planning to construct

Answer 14

Residential house

Question 15

What should the first party execute once the total contract price has been paid by the second party

Answer 15

Deed of absolute sale

Question 16

What should be on the property

Answer 16

Enclosed with perimeter fence, with the fence’s height not more than 5 feet above the finished grade of the lot fronting the street

Question 17

What is the second party required to construct

Answer 17

Separate septic vault for toilet and bathroom, area of 1m x 2m x 3m cubic meter-deep

Question 18

What materials to be used in the construction

Answer 18

Concrete and galvanized roofing

Question 19

When would the first party’s responsibility of maintenance and upkeep cease?

Answer 19

After 5 years

Question 20

How much would the second party in case of legal charges

Answer 20

Municipal court - P 10,000 (attorney’s fees)

Regional Trial Court - (P 10,000)

Supreme Court or Court of Appeals - (P 20,000)

Question 21

How many percent should the second party pay in order for their legal heirs to immediately own the property

Answer 21

15%