The Real Estate Installment Contract (Real Estate) is a crucial document in Philippine property transactions where buyers acquire real estate through scheduled payments rather than a single lump sum. This contract type is particularly relevant in the Philippine market where property financing alternatives are sought by buyers who may not qualify for traditional bank mortgages or prefer a direct payment arrangement with the seller. The document must strictly comply with the Maceda Law (RA 6552), which provides specific protections for buyers in installment sales of real estate, including refund rights and payment terms. The contract is commonly used for both residential and commercial properties, requiring careful attention to Philippine property laws, tax regulations, and local government requirements. It includes comprehensive details about the property, payment structure, interest calculations, default provisions, and the process for eventual transfer of title.
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief property description and parties' intention to enter into an installment sale arrangement
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and title details
5. Purchase Price and Payment Terms: Total purchase price, down payment, monthly installment amounts, payment schedule, and interest rate
6. Mode of Payment: Acceptable payment methods, payment locations or accounts, and payment processing details
7. Title Retention: Provisions stating that property title remains with the seller until full payment, as per Philippine law
8. Buyer's Rights and Obligations: Rights and responsibilities of the buyer, including maintenance obligations and usage restrictions
9. Seller's Rights and Obligations: Rights and responsibilities of the seller, including property maintenance during the installment period
10. Default and Remedies: Consequences of payment default, grace periods, and remedies available to both parties
11. Transfer of Title: Process and conditions for transferring property title upon completion of payments
12. Taxes and Expenses: Allocation of tax responsibilities, registration fees, and other transaction-related expenses
13. Governing Law: Specification of Philippine law governance and relevant statutory references
14. Execution: Signature blocks, notarization requirements, and witness provisions
1. Property Insurance: Requirements for property insurance during the installment period, used when insurance is required by the seller or by law
2. Assignment and Subletting: Provisions regarding the buyer's right to assign or sublet the property, included when such activities need to be regulated
3. Improvements: Rules regarding property improvements during the installment period, included when improvements are likely or need to be restricted
4. Homeowners Association: Provisions relating to homeowners association membership and fees, included for properties within subdivisions or planned communities
5. Force Majeure: Provisions for unforeseen circumstances affecting contract performance, included in areas prone to natural disasters
6. Broker Involvement: Details of real estate broker involvement and commissions, included when a broker is part of the transaction
7. Co-Buyer Provisions: Additional terms for cases involving multiple buyers, included when there is more than one buyer
1. Schedule A - Property Details: Detailed technical description of the property, including lot plans, technical boundaries, and certificates of title
2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments, due dates, and interest calculations
3. Schedule C - Property Photographs: Recent photographs of the property showing its current condition
4. Schedule D - Deed of Restrictions: Copy of applicable deed restrictions or property covenants
5. Appendix 1 - Required Documents: List of documents required for title transfer and their status
6. Appendix 2 - Property Tax Certificates: Current tax declarations and certificates showing paid property taxes
7. Appendix 3 - Property Insurance Requirements: Detailed insurance requirements and specifications if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Housing and Urban Development
Insurance
Real Estate Investment
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Documentation
Contract Administration
Risk Management
Business Development
Property Acquisitions
Relevant Roles
Real Estate Lawyer
Property Developer
Real Estate Broker
Legal Counsel
Property Manager
Sales Director
Compliance Officer
Contract Administrator
Real Estate Agent
Title Officer
Property Acquisitions Manager
Real Estate Investment Manager
Documentation Specialist
Property Sales Manager
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