well in my opinion (hindi po ako lawyer), kung ako ang BUYER i would like to request for a Contract To Sell kung nakapagbayad nako ng reservation or Full Downpayment. In this case po kasi, atleast meron na akong pinanghahawakan na ako lang ang pinagbinentahan lang ng property. Meron na rin kasi akong nilabas na pera so much better kung may document akong hawak. I prefer rin po na meron lawyers involve para mas magiging malinaw ang content ng CTS. this is my opinion po.
As for the Bank Guarantee, as i've mentioned before and Banks kasi they request the Seller to transfer the title under Buyer's Name (borrower ng Bank), as well as the tax dec., deed of sale, etc... Take note, kahit good as cash yon and the Bank guarantees the seller the release of the money, please make sure to check the authenticity of the bank guarantee (duly signed ba yon and kung meron contact number sa bank) for the Seller's protection. Kasi pati rin ang Seller kailangan magconforme sa Bank Guarantee. (3 signatures needed doon -- Bank, Buyer/Borrower, Seller) So i advice the sellers to read the Bank Guarantee carefully.
Honestly speaking, wala po kasing "kaliwaan" pagdating sa Bank eh kasi ang requirement nila is submission of all documents mentioned in the Bank guarantee at ma-annotate nila mortgage nila sa title. Kapag accomplish na lahat yon, for release na ang Loan (payable sa Seller) Ito po kasi ang Standard Operating Procedure ng Banks dito sa Pilipinas.