The Agreement To Sell Property is a crucial legal instrument in Philippine real estate transactions, serving as a preliminary contract that precedes the final Deed of Sale. This document is typically used when parties have agreed on the essential terms of a property sale but need to establish certain conditions or payment terms before the final transfer. It must comply with the Philippine Civil Code, Property Registration Decree (PD 1529), and various local property laws. The agreement includes detailed provisions on property description, purchase price, payment terms, warranties, and conditions precedent to the sale. It's particularly important in cases involving installment payments or when certain conditions need to be met before the final transfer of property ownership. The document provides legal protection for both parties and establishes their respective rights and obligations throughout the transaction process.
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1. Parties: Identification and details of the Seller and Buyer, including their complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, including brief description of the property and the parties' intention to enter into a sale transaction
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Completion Date, etc.
4. Property Details: Comprehensive description of the property including location, boundaries, area, and title details
5. Purchase Price: Agreed purchase price and payment terms, including deposit requirements and installment schedule if applicable
6. Payment Terms: Detailed payment structure, including method of payment, due dates, and consequences of default
7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes binding
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with citizenship requirements if applicable
10. Completion Requirements: Steps to be taken to complete the sale, including documentation and registration requirements
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and designation of competent courts
13. Execution: Signature blocks and notarization requirements
1. Foreign Ownership Compliance: Required when the buyer is a foreign national or entity, detailing compliance with Philippine foreign ownership restrictions
2. Broker's Commission: Include when a real estate broker is involved in the transaction
3. Due Diligence Period: Optional provision allowing buyer to conduct property investigation before finalizing the sale
4. Environmental Compliance: Required for properties subject to environmental regulations or when environmental issues are present
5. Existing Tenancies: Include when the property has existing tenants and addressing their rights
6. Development Requirements: Include for undeveloped land or properties requiring specific development commitments
7. Subdivision Regulations: Required when the property is part of a subdivision
8. Condominium provisions: Required when the property is a condominium unit
1. Schedule 1 - Property Description: Detailed technical description of the property, including boundaries, technical description, and TCT/CCT number
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, including amounts and due dates
3. Schedule 3 - Property Documents: List of all property-related documents to be transferred to the buyer
4. Schedule 4 - Permitted Encumbrances: List of any allowed encumbrances or restrictions on the property
5. Appendix A - Property Photos and Plans: Visual documentation of the property including photos, floor plans, and location maps
6. Appendix B - Tax Certificates: Copies of relevant tax clearances and certificates
7. Appendix C - Power of Attorney: If applicable, authorization documents for representatives of either party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Agriculture (for agricultural land)
Retail
Hospitality
Industrial
Commercial Property
Residential Property
Government and Public Sector
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Business Development
Operations
Corporate Affairs
Asset Management
Investment
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Developer
Business Development Manager
Investment Manager
Asset Manager
Facilities Manager
Contract Administrator
Risk Manager
Compliance Officer
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