The Home Selling Contract is a crucial legal instrument used in Philippine real estate transactions for the transfer of residential property ownership. It is designed to comply with Philippine property laws, including the Civil Code of the Philippines and Presidential Decree 957, while protecting the interests of both sellers and buyers. This document is essential when selling or purchasing residential properties in the Philippines, whether they are single-family homes, condominiums, or other residential units. The contract includes vital information such as property details, price, payment terms, warranties, and conditions for title transfer, while also addressing tax obligations and regulatory requirements specific to Philippine jurisdiction. It serves as the primary reference document for the transaction and may be required by banks, government agencies, and property registries.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, civil status, addresses, and tax identification numbers
2. Background: Brief context of the sale, including property ownership history and intent to sell/purchase
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, location, boundaries, area, and title certificate number
5. Purchase Price: Total purchase price and detailed payment terms including method and schedule of payments
6. Payment Terms and Conditions: Specific conditions for payment, including earnest money, down payment, and balance payment schedule
7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and authority to sell; Buyer's warranties regarding financial capacity
8. Taxes and Fees: Allocation of responsibility for various taxes and fees including capital gains tax, documentary stamp tax, and transfer fees
9. Transfer of Title: Process and timeline for the transfer of property title to the buyer
10. Possession: Terms and conditions for the transfer of property possession
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 amendment procedures
1. Mortgage Provisions: Required when the property is being purchased through mortgage financing, detailing the terms and conditions of the mortgage arrangement
2. Tenant Provisions: Required when the property is currently occupied by tenants, addressing lease agreements and vacancy requirements
3. Property Inspection: Detailed terms for property inspection when the buyer requires specific inspection conditions
4. Repairs and Improvements: Required when specific repairs or improvements are to be made before the sale is completed
5. Broker Provisions: Required when real estate brokers are involved in the transaction
6. Escrow Arrangements: Required when parties agree to use an escrow agent for the transaction
7. Condominium/HOA Provisions: Required for properties within condominiums or homeowners associations
8. Foreign Ownership Provisions: Required when the buyer is a foreign national, addressing relevant restrictions and requirements
1. Schedule A - Property Documents: List of all property documents including title, tax declarations, and building permits
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Schedule C - Property Inventory: Inventory of fixtures and fittings included in the sale
4. Schedule D - Property Plans: Technical drawings, lot plans, and building plans
5. Schedule E - Due Diligence Results: Results of title search, tax clearances, and other due diligence findings
6. Schedule F - Permits and Certificates: Copies of relevant permits, certificates, and clearances
7. Appendix 1 - Property Photos: Recent photographs of the property
8. Appendix 2 - Transfer Forms: Standard government forms required for property transfer
Relevant legal definitions
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Relevant Industries
Real Estate
Legal Services
Banking and Finance
Insurance
Construction and Development
Property Management
Public Sector
Notarial Services
Real Estate Brokerage
Property Appraisal
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Documentation
Finance
Risk Management
Customer Relations
Operations
Business Development
Administrative Support
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Real Estate Broker
Property Manager
Legal Counsel
Contract Administrator
Real Estate Manager
Property Developer
Title Officer
Mortgage Officer
Property Appraiser
Real Estate Consultant
Compliance Officer
Legal Administrator
Real Estate Transaction Coordinator
Housing Development Officer
Property Documentation Specialist
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