EXCLUSIVE OPTION TO PURCHASE
KNOW ALL MEN BY THESE PRESENTS:
That _______________, of legal age, single/married to ______________, and resident of ______________________ hereinafter called the GRANTOR, for good and valuable consideration the receipt whereof is hereby acknowledged from _________________, likewise of legal age, single/married to _______________, Filipino citizen, and resident of ____________________, hereinafter called the GRANTEE, does hereby grant unto said GRANTEE the EXCLUSIVE OPTION to buy that certain real property covered by Original/Transfer Certificate of Title No. _________ and more particularly identified as follows:
(STATE LOCATION AND DESCRIPTION)
That the purchase price of the above-described property is hereby agreed at _________________ PESOS (P________) Philippine currency, payable within the period of this option, which shall expire on ____________, 20 ____, at 12:00 noon (or midnight);
That the GRANTEE, upon deciding definitely to exercise the right under this option, shall serve written notice to the GRANTOR at least five days in advance of the date to be fixed for the execution of the deed of Absolute Sale, with warranty of title, and such other legal papers as may be necessary, and simultaneously for the delivery of the agreed purchase price;
That it is further agreed that if the GRANTEE shall fail to exercise the right under this option within the period above stipulated, or default to pay the agreed purchase price on the date set for the execution of the necessary instruments, then this option shall be deemed automatically cancelled and rendered of no further force and effect, and the consideration paid thereof forfeited in favor of the GRANTOR: Provided, however, that if the sale be consummated, the consideration of this option received by the GRANTOR shall be applied as part of the agreed purchase price; and
That all incidental expenses including attorney’s fees and documentary stamps and capital gains tax shall be for the account of the GRANTOR or seller, and the registration fees and transfer tax for the transfer of title to the GRANTEE or buyers shall be for the account of the latter.
IN WITNESS WHEREOF, the GRANTOR has hereunto set/her hand at ________, Philippines, 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 the City/Municipality of ____________________, 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 19_____