I would need your help pertaining to a Deed of Conditional Sales that we have executed with the Buyer of our Land.
Apparently, we agreed to have a "RENT TO OWN" Scheme for 18 Months, and this was evidently placed in the terms and conditions found in the document
Implication are as follows:
1. Vendee is requiring us already to give the LAND TITLE to them since according to them, we can still go after them since they have issued Post Dated Checks.
2. Would it be legal to indicate the following provision:
"Obligation of the VENDEE to transfer the ownership of the ORIGINAL LAND TITLE to his name, and will shoulder any other fees not limited to: Real Estate Tax, Capital Gains Tax, Documentary Stamp, Registration Fee, Transfer Tax Land Tax and Notary Fee"
"In the event the VENDEE causes non continuous or update its payment every XXth of the Month, the following provision shall be observed:
a. Cancellation of the contract as forfeited in favor of the VENDOR.
b. VENDEE will pay or reimbursed corresponding damages done to the property as well as penalty charges of 30% of the balance amount.
c. VENDEE would need to vacate the property 15 days after the VENDOR has given the notice.
d. All improvement expenses on the property made by the VENDEE will not be reimbursed by the VENDOR.
e. Should there be damages to the property, VENDEE would have an obligation to shoulder all expenses related to the repair of the property.