We have a lot-for-sale in Bicutan. The prospective buyer would like to acquire it through Pag-IBIG. She was told that one of the requirement is a Contract To Sell.
Our proposed terms and conditions are:
1. 10% cash downpayment upon signing the contract.
2. Downpayment will be forfeited if not paid within 2 months.
3. We will return the full downpayment in case Pag-IBIG loan is disapproved within 2 months.
Can you give me some advice if the terms and conditions above are fair for both seller and buyer? If not, what should be added or removed?
Thank you in advanced!