The House Selling Contract is a fundamental legal instrument in Philippine real estate transactions, essential for documenting and executing the transfer of residential property ownership. This document is required whenever a residential property is sold in the Philippines, whether it's a standalone house, townhouse, or similar residential structure. It must comply with the Civil Code of the Philippines, the Real Estate Service Act of 2009, and various other local property laws and regulations. The contract typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and conditions for title transfer. It serves as the primary evidence of the transaction and must be notarized to be fully effective under Philippine law. This document is particularly important given the Philippines' strict requirements regarding property ownership, especially concerning foreign buyers and the need for proper documentation for tax and registration purposes.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, confirming the Seller's ownership and authority to sell the property
3. Definitions: Defines key terms used throughout the contract for clarity and legal certainty
4. Property Description: Detailed description of the property including exact location, boundaries, lot area, and technical description as per title
5. Purchase Price: States the total purchase price and detailed payment terms including method and schedule of payments
6. Terms of Payment: Specifies the payment structure, including down payment, balance payment schedule, and any financing arrangements
7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other material facts about the property
8. Conditions Precedent: Lists conditions that must be met before the sale can be completed
9. Closing and Transfer of Title: Details the process and requirements for transferring the property title to the Buyer
10. Taxes and Expenses: Specifies which party is responsible for various taxes and fees related to the sale
11. Risk and Insurance: Addresses when risk transfers to the Buyer and insurance requirements
12. Default and Remedies: Outlines what constitutes default and the remedies available to either party
13. Governing Law: Confirms that the contract is governed by Philippine law and specifies jurisdiction for disputes
14. Signatures: Space for parties' signatures, witnesses, and notarization
1. Broker Involvement: Include when a licensed real estate broker is involved in the transaction, specifying their details and commission
2. Mortgage Provisions: Required when the property has an existing mortgage or if the purchase is subject to mortgage financing
3. Foreign Ownership Compliance: Include when the Buyer is a foreign national or entity, addressing ownership restrictions under Philippine law
4. Tenant Provisions: Include when the property is currently leased or occupied by tenants
5. Construction Warranties: Include for newly constructed properties to address construction defects and warranties
6. Homeowners Association: Include when the property is part of a subdivision or condominium with an existing homeowners association
7. Force Majeure: Optional clause addressing unforeseen circumstances that might affect the transaction
1. Schedule A - Property Documents: List of all property documents including title, tax declarations, and surveys
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items 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. Schedule F - Property Photos: Recent photographs of the property documenting its current condition
7. Appendix 1 - Property Title: Copy of the current property title
8. Appendix 2 - Technical Description: Detailed technical description of the property boundaries and specifications
9. Appendix 3 - Tax Clearances: Current tax clearances and receipts
Relevant legal definitions
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Relevant Industries
Real Estate
Legal Services
Banking and Finance
Insurance
Construction and Development
Property Management
Public Sector
Residential Housing
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Sales
Documentation
Finance
Operations
Customer Relations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Agent
Property Developer
Title Officer
Mortgage Officer
Real Estate Consultant
Risk Manager
Contract Administrator
Real Estate Paralegal
Property Assessor
Documentation Specialist
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