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which is better? confused..

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1 which is better? confused.. on Mon Apr 11, 2016 4:53 pm

ador


Prision Mayor
I am contemplating on what protects me, the seller, better between the two. deed of conditional sale or contract to sell.
1. Is it correct that in the deed of conditional sale, the buyer has all the legal rights to the property (house) upon complete payment of initial amount? and a deed of absolute sale is no longer required? what if the buyer defaults on the payment, like after the stipulated time the payment has not been made fully and I demand for the return of the property so i can at least lease/sell it to another do i return all the money or can I charge for loss of opportunity?
Because part of the condition is upon payment of initial or down payment the property is turned over to the supposed buyer.
2. The case being, if the amount to be refunded is not stipulated in the contract, what does the law say about it?

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2 Re: which is better? confused.. on Sat Apr 23, 2016 2:53 pm

tsi ming choi


Reclusion Perpetua
as a seller, it is favorable for you to execute a contract to sell- ownership/title will pass only to the buyer after FULL payment of contract price. Now, as to the first querry, the stipulation is correct and valid since that is not contrary to law,however the resulting effect creates a problem just like what youve posted above in case the buyer defaulted. likewise you can also stipulate for payment of additional charges in case of "loss of oppurtunity" since the law recognized the freedom of the parties to stipulate the terms and condition of the contract.
2.if the amount to be refunded is not stipulated then it shall be based on the actual amount given as evidenced by the receipt.

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3 Re: which is better? confused.. on Sat Apr 23, 2016 5:36 pm

ador


Prision Mayor
thanks a lot. appreciate it.

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