Practical Exercises Note: The final three (3) problems labelled B.15. to B.17. all pertain to the same set of parties and facts.
Mr. B, a resident of Quezon City, engaged you as counsel to assist him in acquiring the house and lot being sold by Ms. S, also a resident of Quezon City, which lot is covered by Transfer Certificate of Title No. 54321, with an area of 500 square meters, located at Barangay 123, Quezon City, Philippines (subject property). At the meeting where Mr. B, Ms. S, and you were present, the following terms and conditions were agreed upon:
1. the purchase price for the subject property is ₱50,000,000.00;
2. Ms. S will pay the capital gains tax and documentary stamp tax arising from the sale, as well as the real estate taxes up to the date of the sale, within thirty (30) days from execution of the deed of sale, while the rest of the expenses to effect the transfer of title will be shouldered by Mr. B; and
3. Ms. S gave the assurance that the subject property would be free from any occupant/s within the same thirty-(30) day period.
The Deed of Absolute Sale was scheduled to be signed by the parties on November 24, 2018 in Quezon City.
(Question B.15, Legal and Judicial Ethics, 2019 Bar Exam)
Draft a Deed of Absolute Sale including the required notarial certificate reflecting the foregoing. (15%)
Lawyer, Author, Mentor