Guy I need a Feed Back from financial Expert or even Bankers Its a Condo Unit in Central Park Condominium 1 Pasay City very closed to Makati Area. Unit is ONE bedroom 31.5 sqm

Taken from Deed of sales..


1. That in the transfer of the aforesaid unit to the herein VENDEE it is understood that such transfer is and shall be subject to the conditions, restrictions and provisions of the following:

a) A sum of the equivalent in dollars of two hundred thousand pesos (PHP200,000.00) is paid to the VENDOR on September 2004.

b) 20 payments of the equivalent in dollars of fifty thousand pesos (PHP50,000.00), is paid to the VENDOR, commencing on the signing of this contract and equal amounts of fifty thousand pesos to be paid per month thereafter.

c) Exchange rate to be used will be based on the website http://www.oanda.com/convert/classic on the 30th of every month

d) Upon reception of the 20th payment and if all conditions stated under articles below have been properly fulfilled, the title of the unit will be transferred to the vendee

2. That the VENDEE will commence to utilize the unit on June 2004 and will give to the VENDOR the first payment of the equivalent in dollars of fifty thousand pesos (PHP50,000.00). If for some reason, the VENDEE wishes to terminate the contract or doesn’t wish to continue paying the agreed fifty thousand pesos per month thereafter, the first payment in June is considered as rental payment

3. That the VENDEE has agreed to issue a guarantee (we still have not discussed about the guarantee) to cover for damages, in case the unit or the furniture therein are not in the same condition as they were at the time the VENDEE has started to use the unit. This guarantee will be given back to the VENDEE as soon as the second payment of fifty thousand pesos is received a month after the first occupancy of the unit.

4. That the VENDEE hereby agrees and binds himself to pay for the following beside the purchase price as aforestated:

a) Real Estate Taxes for the year starting from the year 2005 during which the VENDEE has occupied, either constructively or actually or from the date of transfer of the unit.

b) Documentary stamp taxes, and notarial expenses, documentary stamp, registration, and transfer expenses, shall be for the account of the VENDEE, for the transfer and registration of the unit

c) VENDEE will be responsible in paying all charges and bills relating to the occupancy of the unit (i.e., electricity, water, cable, condominium dues) after the unit has been turned over to him

d) Any delayed settlement payment will bear a penalty interest of 3% per month of delay, such interest should be paid together with the delayed settlement. The delay of the payment of a given settlement does not in any case delay the payment schedule of the remaining settlements.

e) Nothing follows.


5. That the unit is sold furnished with the following fixtures :

a) Wood Parquet in the entire unit (except bathroom which is tiled)

b) Kitchen and Bedroom Cabinets affixed to the wall

c) Air conditioner

d) Dining and Living Room Sets, including paintings and accessories affixed to the wall

e) Computer Table and Chair

f) Appliances, as is condition :

i. Refrigerator
ii. Television Set
iii. VHS Player
iv. Audio Equipment
v. Equalizer and Speakers
vi. Electric Stove
vii. Washing Machine

g) Others

i. Kitchen - dishes, cups, pans and cutlery
ii. 2 Electric Fans
iii. Mirror Stand
iv. Single bed
v. Book Cabinet with glass windows

6. That the VENDEE agrees to comply strictly with all the provisions of the Master Deed with declaration of Restrictions, the existence of which hereby acknowledge and that, he has read the same and acknowledgeably understood its contents