The Property Sales Contract Between Seller And Buyer is a fundamental legal document used in Philippine real estate transactions to formalize and execute the transfer of property ownership. This contract type is essential for any real estate sale in the Philippines, whether residential, commercial, or agricultural property. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and various local government regulations. The document is designed to protect both parties' interests by clearly stating the terms of sale, property details, payment conditions, and legal obligations. It serves as the primary reference for the transaction and is required for property registration, tax purposes, and legal documentation. The contract's format and content are influenced by Philippine property laws, including restrictions on foreign ownership and specific requirements for property transfer.
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1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, location, boundaries, and title details
5. Purchase Price: Agreed purchase price and detailed breakdown of any adjustments or inclusions
6. Payment Terms: Structure and schedule of payments, including deposit, down payment, and balance payment details
7. Conditions Precedent: Conditions that must be satisfied before the sale can proceed
8. Representations and Warranties: Statements of fact and guarantees by both parties, especially regarding property ownership and condition
9. Closing Requirements: Documentation and actions required to complete the transfer of ownership
10. Taxes and Expenses: Allocation of transaction costs, taxes, and fees between parties
11. Risk and Insurance: Transfer of risk and insurance requirements during the transaction period
12. Default and Remedies: Consequences of breach and available remedies for both parties
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing their roles and commissions
2. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining mortgage financing
3. Property Management: Include when the property is currently tenanted or requires interim management
4. Foreign Ownership Compliance: Include when either party is a foreign national, addressing ownership restrictions
5. Condominium Provisions: Include for condominium units, addressing association rules and common areas
6. Construction Completion: Include for properties under construction or requiring completion works
7. Environmental Provisions: Include when environmental issues or assessments are relevant to the property
8. Agricultural Land Provisions: Include when the property is agricultural land subject to special regulations
1. Property Details: Technical description, lot plan, and boundaries of the property
2. Title Documents: Copy of title, tax declarations, and historical title documents
3. Payment Schedule: Detailed breakdown of payment terms and installment schedule
4. Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Due Diligence Results: Summary of property inspection, title search, and other due diligence findings
6. Tax Certificates: Current real property tax certificates and clearances
7. Permits and Licenses: Relevant permits, licenses, and zoning certificates
8. Photos and Plans: Property photographs and architectural/development plans
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Real Estate Investment
Urban Development
Agriculture (for agricultural land)
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Documentation
Finance
Risk Management
Asset Management
Business Development
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Officer
Property Developer
Real Estate Manager
Legal Counsel
Property Assessor
Title Examiner
Real Estate Broker
Property Investment Manager
Compliance Officer
Real Estate Documentation Specialist
Property Acquisition Manager
Real Estate Transaction Coordinator
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