The Home For Sale By Owner Contract is designed for use in the Philippines when property owners wish to sell their residential property directly to buyers without engaging a real estate broker. This approach, while requiring more direct involvement from the parties, can result in cost savings and more direct communication between seller and buyer. The contract must comply with various Philippine laws including the Civil Code, Property Registration Decree, and relevant tax regulations. It includes comprehensive sections covering property description, payment terms, warranties, and closing requirements. The document is structured to protect both parties' interests while ensuring all legal requirements for property transfer in the Philippines are met, including proper documentation for the Registry of Deeds, tax authorities, and local government units. This type of contract is particularly relevant in situations where the property owner has sufficient knowledge of real estate transactions or has access to legal counsel for guidance.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, confirming the Seller's ownership and authority to sell the property
3. Definitions: Defines key terms used throughout the contract for clarity and legal certainty
4. Property Description: Detailed description of the real property being sold, including lot number, location, boundaries, and certificate of title details
5. Purchase Price: States the total purchase price and terms of payment, including any deposits or earnest money
6. Payment Terms: Specifies the payment schedule, method of payment, and consequences of default
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts about the property
8. Conditions Precedent: Lists conditions that must be met before the sale can be completed
9. Closing Requirements: Details the documents and actions required from both parties to complete the transaction
10. Tax Obligations: Specifies responsibilities for various taxes including capital gains tax, documentary stamp tax, and transfer tax
11. Risk and Insurance: Addresses property risk transfer and insurance requirements during the sale process
12. Default and Remedies: Outlines what constitutes default and the available remedies for both parties
13. Governing Law: Confirms Philippine law as governing law and specifies jurisdiction for disputes
14. Notices: Specifies how and where official communications between parties should be sent
15. Execution: Formal closing section for signatures and notarization requirements
1. Financing Contingency: Used when the buyer's purchase is contingent on obtaining financing, specifying terms and deadlines
2. Property Inspection: Details the buyer's right to inspect the property and the procedure for addressing any issues found
3. Occupancy and Possession: Used when there are specific arrangements regarding when and how the buyer will take possession
4. Homeowners Association: Required when the property is part of a homeowners association, detailing relevant fees and regulations
5. Broker Participation: Included if any real estate brokers are involved in the transaction
6. Personal Property Inclusion: Used when specific fixtures or personal property are included in the sale
7. Construction Warranty: Required for newly constructed homes or recent renovations
8. Tenant Rights: Necessary if the property is currently leased or occupied by tenants
1. Schedule A - Property Details: Comprehensive technical description of the property, including lot area, boundaries, and technical descriptions from the title
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and any personal property included in the sale
4. Schedule D - Outstanding Obligations: List of any existing liens, encumbrances, or obligations affecting the property
5. Schedule E - Required Repairs: List of any repairs or improvements agreed to be completed before closing
6. Appendix 1 - Property Documents: Copies of relevant property documents including title, tax declarations, and surveys
7. Appendix 2 - Permits and Certificates: Copies of relevant permits, certificates, and clearances
8. Appendix 3 - Property Photos: Recent photographs of the property documenting its current condition
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Local Government
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Tax
Risk Management
Documents and Records
Customer Relations
Relevant Roles
Property Owner
Home Buyer
Real Estate Lawyer
Property Manager
Legal Counsel
Compliance Officer
Tax Consultant
Financial Advisor
Bank Manager
Property Assessor
Title Examiner
Notary Public
Local Government Officer
Registry of Deeds Official
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