The For Sale By Owner Purchase Contract is specifically designed for use in the Philippines when property owners wish to sell their real estate directly to buyers without engaging a real estate broker. This document is essential in both residential and commercial property transactions where direct negotiation is preferred. It encompasses all necessary legal requirements under Philippine law, including provisions from the Civil Code of the Philippines, Property Registration Decree, and relevant tax regulations. The contract serves as a comprehensive agreement that protects both parties' interests, ensures legal compliance, and facilitates proper property transfer registration. It's particularly useful for property owners who have experience in real estate transactions and prefer to manage the sale process independently while ensuring all legal and regulatory requirements are met.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the sale and property ownership
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the real property including lot number, location, boundaries, and title details
5. Purchase Price: Total purchase price and payment terms including deposit and balance payment schedule
6. Payment Terms: Detailed breakdown of payment structure, methods, and timeline
7. Conditions of Sale: Essential conditions that must be met for the sale to proceed
8. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
9. Closing and Transfer of Title: Process and timeline for completing the sale and transferring property ownership
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences and remedies for breach of contract terms
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing
2. Property Inspection: Include when buyer requires property inspection before finalizing the sale
3. Occupancy and Possession: Include when there are specific arrangements for property handover or current tenants
4. Fixtures and Fittings: Include when specific items are included or excluded from the sale
5. Title Insurance: Include when buyer requires title insurance
6. Homeowners Association: Include for properties within subdivisions or condominiums with association requirements
7. Mediation and Arbitration: Include when parties agree to alternative dispute resolution
8. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
1. Property Details Schedule: Detailed technical description of the property, including lot plan and boundaries
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Inventory of Included Items: List of fixtures, fittings, and other items included in the sale
4. Property Certificates: Copies of tax declarations, title, and other relevant certificates
5. Due Diligence Checklist: List of required documents and verifications
6. Transfer Costs Breakdown: Detailed list of taxes, fees, and other costs related to the transfer
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Banking and Finance
Legal Services
Property Development
Construction
Urban Planning
Property Management
Relevant Teams
Legal
Finance
Compliance
Real Estate
Property Management
Tax
Corporate Affairs
Risk Management
Operations
Business Development
Relevant Roles
Property Owner
Real Estate Investor
Legal Counsel
Property Manager
Financial Controller
Tax Consultant
Compliance Officer
Business Owner
Chief Financial Officer
Real Estate Developer
Asset Manager
Corporate Secretary
General Counsel
Finance Director
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