In the event of voluntary termination of the contract by the buyer, without reason on the part of the seller or if the buyer does not comply with its obligations, the seller has the right to terminate this contract, in which case earnest money (amount in terms) (P 000,000,000) for the benefit of the seller expires in lump sum damages. Glennis Nitafan, an experienced real estate agent and owner of Glennis Nitafan Investments, says: “Serious money is often needed to consolidate buyers` offers, as without it there is nothing to prevent them from submitting bids for multiple properties or simply moving away from a contract a few days or weeks after acceptance and the seller has withdrawn their property from the market. Sellers want and need to know that a buyer is serious about the offer on their property. “There is nothing to be afraid of with serious money. If you are serious about buying a home, you need to tell the seller that you are serious. That`s why a seller wants to see that you can get a loan, that you don`t “fish” with multiple offers, and that you won`t quit at the last minute. A reasonable serious deposit will help the seller ensure that you are serious about buying your home. “It is expressly agreed that this contract for the purchase of immovable property will cover the entire agreement between the buyer and the seller. This Agreement binds the heirs, personal representatives, successors and addressees of the assignment of the buyer and seller. Nitafan Action: “In general, 1 percent of the offer price is considered a reasonable amount.
But as with everything in Filipino real estate, there are no hard and fast rules. I have seen written offers with only 1,000 serious php money and up to 100% of the sale price. That Php1,000 was the client`s money in his wallet, because it took him time to withdraw from his bank, and there were two who wanted the same property at the same price and under the same conditions. The serious money deposit is similar to a down payment and is part of the total purchase price of the property. The serious money receipt form is useful for any title company, fiduciary agent, real estate agent or other professional who handles the details of the real estate contract. The form contains fields for important details about the buyer and seller and the amount of the purchase price and the serious silver check. Once the receipt is complete, it can be emailed to both parties for their registrations. Serious money is comparable to a booking fee, but the latter applies to the purchase of pre-sale projects, while the former usually applies to real estate on the secondary or resale market. As with the acomptt, the serious money is spread over the purchase price. According to Article 1482 of the Philippine Civil Code: whenever the money is given in a serious sales contract, it is considered part of the price and as proof of the perfection of the contract. The Earnest Money Receipt Agreement (Philippines) mobile app generates a legal document that confirms that a buyer has made a serious deposit of money into a particular account for a real estate sale. .