The Mortgage Sales Contract is a crucial legal instrument in Philippine real estate transactions that combines the elements of both a property sale and a mortgage agreement. This document is primarily used when a property purchase requires financing, with the purchased property serving as collateral for the loan. It must comply with various Philippine laws including the Civil Code, Property Registration Decree, and banking regulations. The contract typically includes detailed provisions about the property, purchase price, payment terms, mortgage conditions, interest rates, security arrangements, and default remedies. It's particularly important in both residential and commercial real estate transactions where financing is required, and must be properly executed and notarized according to Philippine legal requirements. The document provides protection for all parties involved - the seller, buyer, and any financing institution - while ensuring compliance with local property laws and banking regulations.
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1. Parties: Identification of the Seller, Buyer, and Mortgagee (if different from Seller)
2. Background: Context of the transaction, including property overview and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the contract
4. Property Details: Comprehensive description of the property being sold and mortgaged
5. Purchase Price: Total purchase price and payment structure
6. Mortgage Terms: Terms of the mortgage including interest rate, payment schedule, and loan duration
7. Representations and Warranties: Declarations by all parties regarding their capacity, authority, and property condition
8. Covenants: Ongoing obligations of the parties, including property maintenance and insurance requirements
9. Security Provisions: Details of the mortgage security and registration requirements
10. Default and Remedies: Consequences of default and available remedies for all parties
11. Insurance Requirements: Required insurance coverage for the property
12. Transfer of Title: Process and conditions for transferring property title
13. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
14. Governing Law: Specification of Philippine law as governing law
15. Dispute Resolution: Process for resolving disputes between parties
16. Notices: Method and addresses for official communications
17. General Provisions: Standard contract clauses including severability, entire agreement, and amendments
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Co-Borrower Terms: Include when there are co-borrowers in the mortgage
3. Construction Requirements: Include for properties under construction or requiring specific developments
4. Property Management: Include when specific property management requirements are needed during the mortgage term
5. Guarantor Provisions: Include when there are third-party guarantors for the mortgage
6. Prepayment Terms: Include when early payment options are available
7. Environmental Provisions: Include for properties with environmental concerns or requirements
8. Condominium Provisions: Include when the property is part of a condominium development
1. Schedule A - Property Description: Detailed legal description of the property, including boundaries and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, including amortization table
3. Schedule C - Property Documents: List of property documents including titles, tax declarations, and permits
4. Schedule D - Permitted Encumbrances: List of accepted liens or encumbrances on the property
5. Schedule E - Property Inspection Report: Results of property inspection and condition assessment
6. Schedule F - Insurance Requirements: Detailed insurance requirements and specifications
7. Appendix 1 - Property Photos: Recent photographs of the property
8. Appendix 2 - Required Permits: Copies of all required permits and certificates
9. Appendix 3 - Tax Certificates: Current tax clearances and certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Financial Services
Construction
Property Development
Insurance
Legal Services
Property Management
Mortgage Lending
Housing Development
Real Estate Investment
Relevant Teams
Legal
Real Estate
Property Management
Mortgage Operations
Credit Risk
Compliance
Documentation
Sales
Business Development
Contract Administration
Risk Management
Property Services
Relevant Roles
Real Estate Lawyer
Property Manager
Mortgage Broker
Real Estate Agent
Bank Manager
Loan Officer
Legal Counsel
Property Developer
Real Estate Investment Manager
Compliance Officer
Risk Manager
Credit Analyst
Property Appraiser
Title Officer
Contract Administrator
Real Estate Paralegal
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