[Answer/discuss the question below, or see 2017 bar exam Legal and Judicial Ethics Instructions; 2017 Legal and Judicial Ethics questions: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 16; See also 2017 Bar Exam: Information, Discussions, Tips, Questions and Results]
Believing that an onerous transfer would result in lesser taxes than a gratuitous transfer, Nenita Villo, a widow, decided to sell her lone asset worth P3,000,000.00 to her daughters, Andrea, Carina and Carissa, all of legal age, gainfully employed and still unmarried. The asset consisted of the house and the lot registered under Transfer Certificate of Title No. 67890 of the Register of Deeds of Paranaque City and situated at No. 3156 Bayswater Street, Metro Ville Subdivision, Paranaque City where Nenita and her daughters presently resided.
Nenita required her daughters to make a down payment of P1,000,000.00, and the balance to be paid once the title to the property was transferred to her daughters’ names. All the taxes, fees, and costs related to the sale would be for the account of Nenita, while those related to the transfer of title would be paid by Andrea, Carina and Carissa.
Draft the contract to be executed by Nenita and her daughters in connection with the transfer of the house and lot. Omit details other than those stated in the question. (10%)