The Apartment Sales Contract is a fundamental legal document used in Philippine real estate transactions for the transfer of apartment ownership. This contract type is essential for both residential and commercial property transactions in the Philippines, ensuring compliance with local property laws including the Civil Code, Condominium Act, and Maceda Law. It serves as the primary agreement documenting the terms and conditions of the sale, including property specifications, payment arrangements, and party obligations. The document is particularly important in the Philippine context due to specific legal requirements regarding property ownership, transfer taxes, and foreign ownership restrictions. It should be used whenever an apartment unit is being sold, whether in a condominium complex or other multi-unit building, and requires proper notarization under Philippine law.
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1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the sale
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the apartment including unit number, floor area, boundaries, and parking (if any)
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Details of payment method, installment terms if applicable, and compliance with Maceda Law requirements
7. Warranties and Representations: Seller's warranties regarding ownership, absence of liens, and property condition
8. Rights and Obligations: Specific rights and obligations of both parties during the sale process
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Delivery and Possession: Timeline and conditions for turnover of the property
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. Miscellaneous Provisions: Standard provisions including severability, entire agreement, and amendments
1. Mortgage Provisions: Include when buyer is obtaining mortgage financing, detailing conditions and requirements
2. Foreign Ownership Compliance: Include when buyer is a foreign national, addressing ownership restrictions under Philippine law
3. Condominium Association: Include details about association membership, dues, and rules when property is part of a condominium
4. Construction Completion: Include for pre-selling units, detailing completion timeline and specifications
5. Property Management: Include when there are specific management arrangements or services
6. Broker Provisions: Include when real estate brokers are involved in the transaction
7. Force Majeure: Include specific provisions for unforeseen circumstances affecting the sale
8. Inspection and Acceptance: Include detailed inspection procedures and acceptance criteria if required
1. Schedule A - Property Details: Detailed technical description of the property, including floor plans and specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Unit Fixtures and Fittings: Inventory of included fixtures, fittings, and appliances
4. Schedule D - Common Areas: Description of common areas and facilities included in the sale
5. Schedule E - Property Documents: List of all relevant property documents, certificates, and permits
6. Schedule F - Defect List: List of known defects or repairs needed, if any
7. Appendix 1 - CCT/TCT Copy: Copy of Condominium Certificate of Title or Transfer Certificate of Title
8. Appendix 2 - Tax Declarations: Copies of relevant tax declarations and clearances
9. Appendix 3 - Building Permits: Copies of building permits and certificates of occupancy
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Construction
Property Development
Legal Services
Financial Services
Property Management
Insurance
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Documentation
Finance
Corporate Affairs
Risk Management
Customer Relations
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Property Manager
Legal Counsel
Compliance Officer
Real Estate Broker
Sales Director
Property Consultant
Mortgage Officer
Title Officer
Documents Specialist
Contract Administrator
Real Estate Paralegal
Transaction Coordinator
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