Legal Question in Real Estate Law in Philippines
contract to sell
1. Is it okey if the contract to sell has no specified date regrading the ernest money & full payment when it comes to banking purposes?
2. Does it have an effect?
3. Can I sell the house to other buyers?
Asked on 1/01/08, 7:50 pm
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
Re: contract to sell
Contract to sell is a consensual contract, a contract that is eprfected by mere consent. However, ownership of the subejct property will only be transferred upon full payment. the earnest money is part of the purchase price. It does not have any effect if it is even not dated.
Answered on 1/01/08, 10:19 pm
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