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Article 1482

Article 1482 of the Civil Code of the Philippines governs contracts of sale and ensures both parties' rights are protected regarding the sale and acquisition of property. Earnest money given by the buyer to the seller forms part of the purchase price and proves the perfection of the contract. The earnest money only becomes part of the consideration if the sale is fully consummated. Article 1482 supports using partial payments, advances, and earnest money as proof of a corrected purchasing price and proof of a valid sales contract. Under Article 1482, if the buyer backs out after paying earnest money, the seller's right to retain the money depends on the circumstances, such as if the contract specifies the money is non-refundable or if the

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609 views1 page

Article 1482

Article 1482 of the Civil Code of the Philippines governs contracts of sale and ensures both parties' rights are protected regarding the sale and acquisition of property. Earnest money given by the buyer to the seller forms part of the purchase price and proves the perfection of the contract. The earnest money only becomes part of the consideration if the sale is fully consummated. Article 1482 supports using partial payments, advances, and earnest money as proof of a corrected purchasing price and proof of a valid sales contract. Under Article 1482, if the buyer backs out after paying earnest money, the seller's right to retain the money depends on the circumstances, such as if the contract specifies the money is non-refundable or if the

Uploaded by

JAYBIE ENDAYA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

ARTICLE 1482

As Article 1482 of the Civil Code of the Philippines applies in the context of a contract of sale.
This article ensures that involved in a contract of sale, both parties regarding the sale and
acquisition of properties. as contracts sale occurring be considered as part of the price as
proof of the perfection of the contract which means of earnest money to bind bargains in
which money is given by the buyer to the seller which speaks considered also as part of the
price and as proof of the perfection of the contract. In this case, the earnest money was
given in a contract to sell. The earnest money forms part of the consideration only if the sale
is consummated upon full payment of the purchase price. Now, since the earnest money
was given in a contract to sell, it certainly as earnest money constitutes grand an advance
payment, However it be deducted from the total price itself; I consider Article 1482 supports
as proof of correction in a way of purchasing price on particular payments, partials, advance
as well as sign of proof contract on its sales.

As follows, Article 1482 whenever earnest money of an institutes as having contracts, in


Philippines as the buyer decides to back out of a sale after providing earnest money of it the
seller’s right remains to retain that depends on the circumstances. I learned that this
agreement it testifies if there was an explicit agreement that the earnest money is non-
refundable the seller may be entitled to keep it, For instance, if the contract specifies that
the earnest money acts as a security deposit It won’t be refunded and also talking in bad
faith a seller acted in bad faith intentionally preventing the sale from proceedings it may
have the grounds to demand the return of the earnest money if the seller fails to fulfill itself
with their obligations it seeks a refund. As its, it may have a greater impact to the institutes
as a seller option which it majorities the decision of the choice it distinct the contribution to
the buyer contracts.

In addition, It reflects as money given a proof of distinction given promptly applies


specifically to a promise to buy or sell it concerns with regards (Art. 1479) which states to
scope determinate of a certain binding upon may accepted bilateral as promise to buy or to
sell with the promises to supported by contributions for the form of price. I’ve always
thought a earnest money may also be given in a contract to sell where generally intended to
compensate the seller for the opportunity cost of not looking for any other buyers. It is a
show of commitment on the part of the party who intimates his or her willingness to go
through with the sale after a specified period or upon compliance with the conditions stated
in the contract to sell. given in a contract to sell as consideration for sellers promise to
reserve the subject property for the buyer. Confidentially its part of the purchase price
while at the same time proof of commitment by the potential buyer. Therefore, no unjust
enrichment on the part of the seller should the initial payment be deemed forfeited. After
all, the owner could have found other offers or a better deal.

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