The Property Sale Contract is a fundamental legal instrument used in Philippine real estate transactions to document and formalize the transfer of property ownership. It is essential for both residential and commercial property transactions, providing a legally binding framework that protects the interests of both buyers and sellers. This document is required for registration with the Registry of Deeds and must comply with various Philippine laws, including the Civil Code, Property Registration Decree, and tax regulations. The contract typically includes comprehensive details about the property, parties involved, payment terms, warranties, and obligations, while also addressing specific requirements for different types of properties (residential, commercial, or agricultural) and parties (individual or corporate). It serves as the primary evidence of the transaction and is crucial for subsequent property registration and tax compliance.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, and addresses as required by Philippine law
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, location, boundaries, and Technical Description as per title
5. Purchase Price: Total purchase price and detailed payment terms
6. Mode of Payment: Specific payment schedule, method of payment, and bank details if applicable
7. Warranties of the Seller: Seller's representations regarding ownership, absence of liens, and authority to sell
8. Obligations of the Parties: Specific responsibilities of both buyer and seller during the transaction process
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Transfer of Title: Process and timeline for the transfer of title to the buyer
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks with requirements for notarization
1. Broker's Commission: Details of real estate broker's commission when a broker is involved in the transaction
2. Condition of Property: Specific details about property condition when selling as-is or with particular issues
3. Tenant Rights: Provisions regarding existing tenants when property is currently leased
4. Mortgage Provisions: Specific provisions when property is being sold with existing mortgage or buyer is obtaining mortgage financing
5. Construction Warranties: For newly constructed properties, includes developer's warranties and guarantees
6. Subdivision Restrictions: When property is part of a subdivision, includes relevant restrictions and homeowners' association rules
7. Foreign Ownership Compliance: Special provisions when buyer is foreign, ensuring compliance with Philippine foreign ownership restrictions
1. Schedule A - Property Documents: Copy of title, tax declarations, and technical description of the property
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and dates
3. Schedule C - Property Inventory: List of fixtures and fittings included in the sale
4. Schedule D - Outstanding Taxes: Details of any outstanding property taxes or assessments
5. Schedule E - Permits and Certificates: Copies of relevant permits, certificates, and clearances
6. Appendix 1 - Property Photos: Recent photographs of the property
7. Appendix 2 - Property Plans: Floor plans, lot plans, and other relevant drawings
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Investment & Asset Management
Hospitality
Retail
Industrial & Manufacturing
Agriculture (for agricultural land)
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Asset Management
Corporate Secretariat
Tax
Finance
Risk Management
Operations
Business Development
Acquisitions
Documentation
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Compliance Officer
Tax Consultant
Real Estate Developer
Investment Manager
Asset Manager
Corporate Secretary
Title Officer
Contract Administrator
Real Estate Paralegal
Property Assessor
Chief Legal Officer
Real Estate Director
Property Acquisition Manager
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