KNOW ALL MEN BY THESE PRESENTS:
This ESCROW AGREEMENT, made and entered into in the ____________, Philippines, by and between _________________, single/married to ____________, of legal age, _________ citizen, and with residence and postal address at ____________, hereinafter called the VENDOR,
– and –
______________________, single/married to __________________, of legal age and postal address at _______________, hereinafter called the ESCROW AGENT.
WHEREAS, under date of _____________, 20___, the VENDOR executed in favor of the VENDEE for the price of ______________PESOS(P_________), Philippine currency, a deed of sale conveying to the latter certain real property situated in _______ and covered by Original/Transfer Certificate of Title No. ____________, which deed of sale, accompanied with the corresponding owner’s duplicate certificate of title and another pertinent papers, has been delivered in escrow to the ESCROW AGENT, the receipt whereof is hereby acknowledged by the latter;
WHEREAS, under date of ____________, 20_____, in fully payment of the agreed purchase price set forth in said deed of sale, the VENDEE has deposited in escrow to the ESCROW AGENT the sum of ____________PESOS (P_________), Philippine currency, the receipt whereof is likewise acknowledged by the latter; and
WHEREAS, for the final consummation of the above transaction the parties hereto have obligated themselves individually to comply with certain conditions more particularly stipulated hereunder;
NOW, THEREFORE, for and in consideration of the premises, and more specifically the mutual commitments herein set forth, the parties hereto have voluntarily agreed and covenanted as follows:
- THAT the VENDOR or his duly authorized representative shall take charge of the filing and registration of the aforementioned deed of sale in the proper office of the Register of Deeds after the same shall have been examined by the VENDEE, and, once registration thereof has been accomplished, said VENDOR shall deliver to the ESCROW AGENT a copy of the documents as registered, together with the corresponding certificate of title duly issued in the name of the VENDEE;
- THAT, upon receipt of the aforementioned title and other papers by the ESCROW AGENT, the latter shall pay to the VENDOR or his duly authorized representative the full amount deposited in escrow, representing the agreed purchase price, and the certificate of title and other pertinent papers turned over to the VENDEE;
- THAT, if for any reason there should be any legal impediment to bar the registration of the aforementioned deed of sale, it shall be obligation of the ESCROW AGENT to deliver the VENDOR and to the VENDEE all the papers and cash deposit respectively belonging to them held in escrow;
- (Other conditions and stipulations, if any.)
- THAT the ESCROW AGENT, cognizant of the foregoing terms and conditions above stipulated, does hereby agree to acts as depository for the VENDOR and the VENDEE, and to discharge the duties and perform the undertaking in accordance therewith; and
- THAT, the service fee to be due and payable to the ESCROW AGENT in any events shall be for account of the VENDOR.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at the place first above written on this __________day of ________________, 20 _____
SIGNED IN THE PRESENCE OF:
Republic of the Philippines ]
Province of _____________________________ |SS.
City/ Municipality of ____________________)
BEFORE ME, a Notary Public in and for _____________ City, Philippines, this _____ day of _________________, 20____ personally appeared:
Name Res. Cert. Date/Place Issued
_________________ ____________ ________________
________________ ____________ ________________
all known to me and to me known to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed.
IN TESTIMONY WHEREOF, I hereunto set my hand and affix my notarial seal on the date and at the place first above written.
Doc No. _______
Book No. ______
Series of _______