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LEGAL FORMS

2 Semester, AY 2018-2019
nd

Lyceum of the Philippines University-College of Law

HOMEWORK #1

Annie Batungbakal (“Annie”) is a Filipino, of legal age, married to Bobot Batungbakal,


and residing at 117 M. Ruby St., Marikit Homes Subdivision, Concepcion, Marikina City. Annie
is the registered owner of a parcel of land situated at Ideal St. corner East St., Barangay
Addition Hills, Mandaluyong City (the “Land”), covered by Transfer Certificate of Title (TCT)
No. 2832, consisting of 442 square meters, and more particularly described as follows:

A parcel of land ( Lot 7-B of the subd. plan (LRC) Psd-185962, being a portion of
Lot 7, Block 265, PCS -112, L. R.C. Rec No. 699, 875 & 917), situated in the Bo. of (San
Felipe Neri) Mandaluyong, Province of Rizal, Island of Luzon. Bounded on the NE.,
points 1 to 3 by Road Lot 14,Pcs-112; on the SE., points 3 to 4 by Ideal Street; on the SW,
points 4 to 5 by Lot 7-A, of the subd. plan; & on the NW. 5 to 1 by Lot 6, Block 265, Pcs -
112. Beginning at a point, marked “1” on plan, being N. 75 deg. 01’E., 2038.73 m. from
B.L.L.M. No 1, Mp. Of San Felipe Neri; thence S. 67 deg. 37’E., 26.44 m. to point 2; thence
S. 18 deg. 01’E., 3.97 m. to point 3; thence S. 30 deg. 08’W., 13.06 m. to point 4: thence N.
67 deg. 18’W., 26.85 m. to point 5; thence N. 20 deg. 53.’E., 15.82 m. to the point of
beginning: containing an area of FOUR HUNDRED AND FORTY TWO (442) SQUARE
METERS more or less. All points referred to are indicated on the plan and are marked on
the ground as follows; Points 1 to 3 by old PLS & the rest by P.S. Cyl. Conc. Mons. 15x60
cm; bearings true; dec. 0 deg. 50’E., & that of the subd. survey, executed by Santiago
Espanol, Geodetic Engr., on July 24-28, 1973. xxx

Meanwhile, Paraluman Hidalgo (“Hidalgo”) is a Filipino, of legal age, single, and


residing at #47 Kalachuchi St., Evergreen Subdivision, Brgy. San Antonio, Makati City.

The parties agreed that Annie would sell the Land to Hidalgo for the purchase price of
P4,500,000.00, subject to the following conditions:

1. Hidalgo shall pay for all taxes and other expenses that may be incurred by the Spouses
Batungbakal in causing the transfer of ownership of the Land in her favor;

2. Upon the execution of the corresponding contract, Hidalgo shall pay Annie the sum of
P900,000.00, representing 20% of the total consideration as downpayment;

3. The remaining balance of P3,600,000.00, representing 80% of the consideration, shall be


paid within a period of three years, payable in 36 equal monthly installments amounting
to P100,000.00 per month. Said installments shall be paid on or before the fifth day of
such months;
4. Annie shall remain the owner of the Land until full payment of the purchase price by
Hidalgo. In this regard, upon full payment of the remaining balance, Annie shall execute
and deliver to Hidalgo the deed and any and all necessary documents conveying the
Land in favor of Hidalgo, free and clear of all liens and encumbrances, except such as
may be subsisting by operation of law;

5. Annie shall be liable for real property tax due on the Land, until such time that the full
amount of total consideration shall have been fully paid by Hidalgo;

6. Hidalgo shall be liable for the expenses relative to the execution of the deed of absolute
sale and the payment of taxes, fees, and other expenses that may be incurred in
transferring the Land in her name, including but not limited to, capital gains tax,
documentary stamp tax, transfer tax, registration fees, and broker’s commission;

7. Annie reserves the right to extrajudicially rescind her contract with Hidalgo in case of
the latter’s failure to fully pay the purchase price; and

8. Annie warrants valid title to, and peaceful possession of the Land, and that the same is
free and clear of all liens and encumbrances of any kind whatsoever.

Draft the corresponding contract between Annie and Hidalgo. 