KNOW ALL MEN BY THESE PRESENTS:

This Escrow Agreement made this ______ day of ____, 20 ______ at ______, Philippines, by and among:

______________, Filipino, of legal age, with residence and postal addressat _________________, hereinafter referred to as the SELLER;_____________, Filipino, of legal age, with residence and postal address at__________________, hereinafter referred to as the BUYER; AND_________________, a corporation, duly organized and existing under the laws of the Philippines, with principal office at _____________________ represented in this act bv ___________________ and _____________________, hereinafter called the ESCROW AGENT.

 

W  I  T  N  E  S  S  E  T  H  :  That

WHEREAS, the SELLER is an individual owner of certain parcels of land together with the house and other improvements thereon, situated at ______________ and more particularly described as follows:

 

Technical Description

 

WHEREAS, the SELLER has agreed to sell and the BUYER has agreed to buy the above property.

WHEREAS, in connection with the sale of the property, the BUYER shall deposit the amount of ___________ (Php___________) with the ESCROW AGENT upon signing of this Escrow Agreement;

WHEREAS, the SELLER and the BUYER have agreed to appoint ______________ as the ESCROW AGENT.

NOW THEREFORE, premises considered, the SELLER and the BUYER, hereby name, appoint and constitute the ESCROW AGENT as such under the following terms and conditions:

1. The BUYER shall deposit in escrow with the ESCROW AGENT the sum of ____________ (Php____________) upon the execution of this Agreement.
2. The SELLER shall take immediate steps to have some of the above-described Transfer Certificates of Title released from the custody of the ________________and turn over all the said certificates of title, including those which arc presently in the possession of the SELLER, to the BUYER to enable the latter to register the sale and transfer the titles to his name.
3. Upon presentation of tlie Owner’s duplicate copies of the above-mentioned transfer certificates of title and the delivery of a clean Deed of Absolute Sale conveying the above properties, free from all liens and encumbrances, to the BUYER by the SELLER, the ESCROW AGENT shall forthwith pay to the SELLER the aforesaid amount deposited in Escrow minus the interest or yield from the investment or re-investment thereof which shall acrrue to the BUYER. The SELLER shall also execute and/or furnish the BUYER the following documents necessary to effectively transfer the above-mentioned certificates of title in the BUYER’S name:
   - Real Estate Tax Clearance:
   - Certified true copies of Tax Declaration of Land and Improvements; and
   - Association Dues Clearance; and
4. The ESCROW Agent is hereby authorized to invest and re-invest the escrow fund in accordance with its internal investment guidelines and practices.
5. The ESCROW AGENT shall be entitled to receive a fee of ____________(php ________ ) per month, a fraction of a monthbeing considered one month. The ESCROW AGENT’S fee shall be shouldered by the SELLER. However, the ESCROW AGENT is hereby duly authorized to deduct or offset such fee from or against the fund deposited.
6. The ESCROW AGENT shall not be bound in any way by any contract between the other parties hereto, whether or not it has knowledge thereof or of its terms and conditions. Its only obligation shall be those expressly stated in this Agreement. The ESCROW AGENT has no responsibilities whatsoever as to the due compliance of the obligations of the BUYER or SELLER set forth in this Agreement and to ascertain the genuineness and sufficiency of the documents and Certificates of Title delivered to it and shall have no liability acting upon the instructions of the SELLER or BUYER , as the case may be, as provided in this Agreement.
7. This ESCROW Agreement shall take effect upon the signing of this agreement and shall automatically terminate upon the delivery of the escrow fund to the SELLER.

 

IN WITNESS WHEREOF, the donor and donee have hereunto set their hands this _________ day of ___________________, 20_____, ___________, Philippines.

 

____________________ _____________________

(SELLER) (BUYER)

 

_______________________________
(ESCROW AGENT )

By:

_______________________________                          _____________________________
(Name of Officer )                                                   (Position)

 

 

SIGNED IN THE PRESENCE OF :

 

____________________ ____________________

 

 

(NOTARIAL ACKNOWLEDGEMENT)

 

 

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Posted June 16, 2008 at 11:07 am
Labels: Real Estate Forms