Contract to Sell

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Description

A contract to sell is a conditional sale wherein the seller promises to sell a specific property to the buyer who promised to buy the said property upon such terms and conditions as they may agree upon. The seller holds on to the title of the property while awaiting the fulfillment of certain terms and conditions by the buyer the most common of which is the payment of the selling price, although possession is sometimes transferred to the buyer. This kind of contract is common when buying a residential property from the developer on installment.

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