Received from (Name of Buyer) with postal address at (Address), the sum of (Amount in Words) (P 000,000.00) covered by ABC Bank, check # 00000000 dated January 1, 20__ representing EARNEST MONEY for payment of a Three-Story house and lot located at (Address of Property) covered by T.C.T. No. T-00000.
This EARNEST MONEY forms part of the purchase price of (Amount in words) (P 0,000,000.00). The balance and full payment shall be paid on or before __________________.
The BUYER hereby reserves the exclusive right to purchase the aforementioned property and the SELLER cannot offer the aforementioned property to any third party until _____________________.
Upon full payment, the SELLER shall execute a DEED OF ABSOLUTE SALE in favor of the BUYER, conveying the subject property with full warranty of a legal and valid title as provided by law, free and clear from any liens and encumbrances.
Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of the Capital Gains Tax. The BUYER shall shoulder the payment of the Documentary Stamps Tax, Transfer Tax, Registration Fee and all other expenses to transfer the title of the property under his name.
In case of voluntary cancellation of this agreement by the BUYER without any cause on the part of the SELLER or if the BUYER fails to comply with his obligations mentioned, then the SELLER shall have the right to terminate this agreement in which case the EARNEST MONEY in the amount of (Amount in words) (P 000,000.00) shall be forfeited in favor of the SELLER as liquidated damages.
January 1, 20_____
(SELLER)(BUYER)
Signature over Printed Name Signature over Printed Name
No budget? No credit card? Are you a little short for your budol? Shopee has an answer for you.
Shopeeis the largest online marketplace in the Philippines is now offering SPayLater so you can enjoy their buy now, pay later in your Shopee purchase. You can check out the product and pay it next month to make it flexible in your budget.
What is SPaylater?
SPaylater is a feature of Shopee that offers “buy now, pay later” or installment loan for qualified users in purchasing products using Shopee.
Who are eligible for SPayLater?
SPayLater is currently only available to select Shopee users who are at least 21 years old and have valid IDs.
Valid IDs that are accepted by SPayLater are:
Unified Multi-Purpose ID (UMID)
Driver’s License
Passport
Postal ID
PRC ID
National ID
SPaylater Processing Fee, Interest, Late Payment Fee
Processing Fee
Interest
Late Payment Fee
0-2% of the total amount
1 – 5% per month of the total order amount
2.5 – 5% per month of the outstanding balance
The interest rate is based on your personal credit profile.
What’s my credit limit?
The available credit limit granted is subject to the discretion of Shopee and is based on your spending history. Shopee may also review your SPayLater account from time to time and adjust (increase or decrease) your credit limit periodically.
How to Activate SPayLater in Shopee
1. On the home screen select Metab, select SPayLater and Activate Now
2. Enter the One-Time Password sent to your registered mobile number
3. Start the activation process by uploading your valid government-issued ID, filling out SPayLater and other required information, and lastly facial verification.
4. You will receive a prompt message that you have successfully activated your SpayLater showing your credit limit and you can select your due date.
To know more about SPayLater, you can log in to your Shopee account or you may also call the customer service hotline (02) 8880-5200.
When working remotely for a client or sending money to your family back home, you have probably tried to set up a Paypal account.
Usually transacting in Paypal they ask for bank codes when you are adding your bank account, receiving money, and withdrawing funds from your PayPal account to your local bank account.
WHAT IS A BANK CODE?
A bank code or Bank Routing Symbol Transit Number (BRSTN) is a nine-digit code assigned to a bank used for identifying its name, city, and country. It’s a mix of numbers designated to each bank for identification in the financial transaction.
WHAT IS THE PURPOSE BANK CODE?
It is used as the standard for banks as an identifier for sending and receiving money in the Philippines.
Whenever you are sending and receiving money from overseas from family, friends, and clients, transacting with money remittance and wire transfer; you will need to know your bank’s SWIFT code.
WHAT IS SWIFT CODE?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is an international code used by financial institutions worldwide.
WHAT IS THE PURPOSE OF SWIFT CODE?
It is to confirm that the transaction between banks is safe and secure.
Also known as BIC (Business Identifier Code), BIC code, SWIFT-BIC, or SWIFT ID.
SWIFT Code contains eight to 11 characters format:
Don’t worry we’re not here to sell you something but we want to guide you in looking for an income source that could work for you.
Millennials to Gen Z have been exposed to the hustle culture of today and it seems it’s the new norm for some to have a full-time job in the morning (at the same time trading stocks) or some work part-time in the evening. While others are doing online selling as a side hustle to earn extra.
We now live in an age where one income cannot suffice our needs alone and if you have a family that relies on you for their survival more likely you need to have a higher income. We compiled 5 common income streams in the Philippines.
1. Earned Income
Usually the main source of income for most people in the country. This is what you earn from working a job whether it is a full-time or part-time job.
2. Profit Income
If you engage in buying and selling products you get what is called profit income. The best example of this is online selling on platforms like Facebook, Instagram, Shopee, and Lazada.
3. Interest Income
This income comes from lending out your money at interest. It could be placing your money in bonds for years or if you like to take risks and you have trusty friends you can lend your money to them at an interest rate.
4. Capital Gains Income
If you have bought land 5 years ago, chances are the land value has increased by now and it is what is called capital gains income. It could also be in stocks but it is more volatile depending on the turns of the market.
5. Dividend Income
In the stock market, if you have a stock of Company A, they give annual dividends to their shareholders but it will be based depending on the number of shares you own and this income is called dividend income.
