The Real Estate Contract For Sale By Owner is a crucial legal instrument in the Philippines real estate market, specifically designed for property owners who choose to sell their real estate directly to buyers without the intervention of real estate agents. This document type is particularly relevant in situations where parties wish to reduce transaction costs while maintaining full legal compliance with Philippine property laws and regulations. It incorporates all essential elements required by the Philippine Civil Code, Property Registration Decree, and related real estate laws, including detailed property descriptions, payment terms, warranties of ownership, tax obligations, and transfer procedures. The contract serves as both a legal record of the transaction and a protective mechanism for both parties, ensuring clear documentation of rights, responsibilities, and obligations in the property transfer process.
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1. Parties: Identification and details of the Seller and Buyer, including their complete legal names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and the parties' intention to enter into a sale transaction
3. Definitions: Definitions of key terms used throughout the contract to ensure clarity and prevent misinterpretation
4. Property Description: Detailed description of the real property including lot number, location, boundaries, area, and title certificate number
5. Purchase Price: The agreed purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specific details on how payments will be made, including any installment arrangements
7. Warranties of Title and Ownership: Seller's warranties regarding clear title, absence of liens and encumbrances, and right to sell
8. Conditions of Sale: Essential conditions that must be met for the sale to proceed
9. Taxes and Expenses: Allocation of responsibility for transfer taxes, registration fees, and other transaction costs
10. Delivery of Possession: Terms and timing for the transfer of property possession
11. Registration and Transfer of Title: Process and responsibilities for transferring the property title to the Buyer
12. Default and Remedies: Consequences and available remedies in case either party defaults on their obligations
13. Governing Law: Specification that the contract is governed by Philippine law
14. Execution: Signature blocks for parties and witnesses, with notarization provisions
1. Broker Involvement: Include when a licensed real estate broker is involved in the transaction, specifying their role and commission
2. Mortgage Provisions: Include when the purchase involves mortgage financing, detailing the terms and conditions
3. Tenant Rights: Include when the property is currently leased, addressing existing tenant rights and obligations
4. Property Inspection: Include when specific inspection conditions or findings need to be documented
5. Improvements and Repairs: Include when there are agreements about property improvements or repairs before closing
6. Homeowners Association: Include when the property is part of a subdivision or condominium with association rules
7. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
8. Alternative Dispute Resolution: Include when parties agree to specific dispute resolution mechanisms before court litigation
1. Schedule A - Property Details: Complete technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Documentation: List of all property-related documents to be transferred to the Buyer
4. Schedule D - Existing Encumbrances: If any, detailed list of existing liens, encumbrances, or restrictions on the property
5. Schedule E - Property Inventory: List of fixtures, fittings, and other items included or excluded from the sale
6. Appendix 1 - Property Title: Copy of the current property title or Transfer Certificate of Title (TCT)
7. Appendix 2 - Tax Declarations: Copies of current real property tax declarations and receipts
8. Appendix 3 - Property Photos: Recent photographs of the property documenting its current condition
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Property Investment
Residential Housing
Relevant Teams
Legal
Finance
Compliance
Risk Management
Real Estate Operations
Property Management
Document Control
Tax
Corporate Affairs
Asset Management
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Corporate Counsel
Property Manager
Finance Director
Tax Consultant
Compliance Officer
Real Estate Investor
Business Owner
Chief Financial Officer
Risk Manager
Title Examiner
Property Assessor
Document Controller
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