The Land Sale Contract is a crucial legal document used in the Philippines for real property transactions. It is essential when transferring ownership of land from one party to another, whether for residential, commercial, or industrial purposes. The document must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and local government regulations. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, and conditions for closing. The contract should address specific Philippine requirements such as restrictions on foreign ownership, tax obligations, and mandatory government registrations. This document is particularly important as land ownership in the Philippines requires strict documentation and compliance with various regulatory requirements.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract
2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into the transaction
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the land being sold, including lot number, survey number, boundaries, and title details
5. Purchase Price: States the agreed purchase price and payment terms
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding
8. Seller's Representations and Warranties: Seller's declarations regarding ownership, authority to sell, and property condition
9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to purchase
10. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
12. Risk and Insurance: Transfer of risk and responsibility for insuring the property
13. Default and Remedies: Consequences of breach and available remedies
14. Governing Law: Confirms Philippine law as governing law and jurisdiction
15. Notices: Process for giving formal notices under the agreement
16. Execution: Signature blocks and notarization requirements
1. Financing Provisions: Include when buyer is obtaining bank financing or seller is providing installment terms
2. Broker's Commission: Include when a real estate broker is involved in the transaction
3. Due Diligence Period: Include when buyer requires time to conduct property investigation
4. Existing Tenancies: Include when property has existing tenants or occupants
5. Environmental Matters: Include for properties with potential environmental concerns
6. Development Restrictions: Include when property is subject to zoning or development restrictions
7. Force Majeure: Include when parties want specific provisions for extraordinary events
8. Assignment Rights: Include when either party may need to assign their rights
1. Property Details: Technical description, lot plan, and survey details
2. Title Documents: Copy of title and historical title information
3. Payment Schedule: Detailed breakdown of payment terms and dates
4. Property Tax Certificates: Current tax declarations and clearances
5. Permits and Licenses: Relevant permits affecting the property
6. Property Inspection Report: Results of any property inspections or surveys
7. Existing Encumbrances: List of any liens, encumbrances, or restrictions
8. Form of Deed of Absolute Sale: Template for the final deed of sale to be executed at closing
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Agriculture
Industrial
Commercial Property
Residential Property
Tourism and Hospitality
Mining and Natural Resources
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Corporate Services
Finance
Risk Management
Operations
Acquisitions
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Broker
Land Developer
Corporate Counsel
Real Estate Investment Manager
Property Acquisitions Manager
Legal Counsel
Compliance Officer
Real Estate Transaction Coordinator
Title Examiner
Land Surveyor
Real Estate Portfolio Manager
Business Development Manager
Chief Legal Officer
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