Earnest money in tagalog
Tagalog Dictionary - Meaning of "paunang bayad"
Where the thing has been delivered to and appropriated by the buyer — the buyer must pay a reasonable price therefore Note: The fixing of the price cannot be left to the discretion of one of the parties.
However, if the price fixed by one of the parties is accepted by the other, the sale is perfected. The distinct consideration in case of an option contract.
It does not form part of the purchase price hence, it cannot be recovered if the buyer did not continue with the sale. Payment is considered option money when it is given as a separate and distinct consideration from the purchase price. Consideration in an option contract may be anything or undertaking of value. This is the money given to the seller by the prospective buyer to show that the latter is truly interested in buying the property, and its aim is to bind the bargain.
It forms part of the purchase price which may be deducted from the total price. It also serves as a proof of the perfection of the contract of sale. The rule is no more than a disputable presumption and prevails only in the absence of contrary or rebuttable evidence. PNB v CA, SCRA , When the payment constitutes as part of the purchase price.
Hence, in case when the sale did not happen, it must be returned to the prospective buyer. Visit the site's Law Firm by clicking the above image to avail of Free Legal Advice or for us to assist you in your legal needs. Political and International Law Labor and Social Legislation Civil Law Taxation Law Commercial Law Criminal Law Remedial Law Legal Ethics Terms Privacy Notes Vault BATASnatin Law MCQuizzer Audio Codals Sitemap.
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Earnest money legal definition of earnest money
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