The Real Estate Sale Contract By Owner is a crucial legal instrument used in the Philippines for direct property transactions where the owner chooses to sell their property without a broker's involvement. This document is essential when property owners want to maintain direct control over the sale process while ensuring legal compliance. It incorporates requirements from the Civil Code of the Philippines, Property Registration Decree, and local government regulations. The contract is designed to protect both seller and buyer interests by clearly stating all terms of sale, payment conditions, and transfer procedures. It's particularly relevant in the Philippine context where property transactions must comply with specific local requirements, including proper notarization, witness attestation, and registration with appropriate government authorities. The document must address unique aspects of Philippine property law, including restrictions on foreign ownership and local tax obligations.
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1. Parties: Full legal names and details of the seller and buyer, including their civil status as required under Philippine law
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed legal description of the property including lot number, survey number, TCT/CCT number, and exact location
5. Purchase Price: Agreed purchase price and detailed payment terms
6. Payment Terms: Schedule of payments, method of payment, and consequences of default
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
8. Conditions Precedent: Conditions that must be met before the sale can be completed
9. Closing and Transfer of Title: Process and timeline for executing the deed of sale and transferring the title
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Risk and Insurance: Transfer of risk and responsibility for insuring the property
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. Notices: Process for sending formal notices between parties
15. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of any real estate broker involvement, to be included if a licensed broker is part of the transaction
2. Financing Contingency: Terms related to buyer's financing requirements, included if purchase depends on securing a mortgage
3. Property Inspection: Terms for property inspection rights and procedures, included if inspection is part of the agreement
4. Tenant Rights: Provisions regarding existing tenants, included if property is currently leased
5. Homeowners Association: Terms related to homeowners association membership and fees, if applicable
6. Construction Completion: Terms for completion of ongoing construction or repairs, if property is under development
7. Foreign Ownership Compliance: Special provisions for foreign buyers, if applicable under Philippine law
1. Schedule A - Property Details: Detailed technical description of the property, including boundaries and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installment schedule if applicable
3. Schedule C - Property Inventory: List of fixtures and fittings included in the sale
4. Schedule D - Outstanding Taxes: Details of any outstanding property taxes or assessments
5. Schedule E - Permits and Certificates: Copies of relevant permits, certificates, and clearances
6. Appendix 1 - Property Title: Copy of the current Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
7. Appendix 2 - Tax Declarations: Copies of current tax declarations and receipts
8. Appendix 3 - Property Photos: Recent photographs of the property and its major features
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Financial Services
Legal Services
Property Management
Urban Planning
Banking
Insurance
Property Investment
Relevant Teams
Legal
Compliance
Real Estate
Property Management
Risk Management
Finance
Tax
Documentation
Investment Analysis
Asset Management
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Compliance Officer
Property Manager
Real Estate Investor
Financial Advisor
Tax Consultant
Property Developer
Title Examiner
Conveyancing Lawyer
Legal Documentation Specialist
Risk Assessment Officer
Real Estate Analyst
Property Investment Advisor
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