A Real Estate Sales Agreement Contract is a fundamental legal instrument used in the Philippines for property transactions. This document is essential when transferring ownership of real property, whether residential, commercial, or industrial. It must comply with Philippine legal requirements, including the Civil Code of the Philippines, Property Registration Decree, and relevant tax regulations. The agreement becomes particularly important in the Philippine context due to specific local requirements regarding property ownership, transfer procedures, and restrictions on foreign ownership. It typically includes comprehensive details about the property, parties involved, payment terms, warranties, and closing requirements, while also addressing unique aspects of Philippine real estate law such as notarization requirements and proper registration with the Register of Deeds. The document serves as the primary evidence of the transaction and basis for property transfer registration.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers
2. Background: Outlines 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 to ensure clear interpretation
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements
6. Payment Terms: Details the schedule of payments, method of payment, and consequences of default
7. Warranties and Representations: Seller's warranties regarding property ownership, absence of liens, and other material facts about the property
8. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final, including title clearance and payment requirements
9. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
10. Taxes and Expenses: Allocation of responsibility for transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law: Specifies Philippine law as governing law and jurisdiction for disputes
13. Execution: Formal closing of the agreement with signatures and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, used when a licensed broker is involved in the transaction
2. Mortgage Provisions: Terms related to mortgage financing, included when buyer is obtaining bank financing
3. Property Inspection: Terms regarding property inspection rights and procedures, used for pre-existing properties
4. Occupancy Provisions: Terms regarding current occupancy and vacancy requirements, used when property is occupied
5. Construction Completion: Terms regarding completion of construction and warranties, used for pre-selling arrangements or properties under construction
6. Homeowners Association: Terms relating to homeowners association membership and fees, used for properties within planned developments
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is foreign
1. Schedule A - Property Details: Detailed technical description of the property, including lot plan, technical boundaries, and certificate of title details
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including amounts and due dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Outstanding Requirements: List of documents and requirements to be completed by either party
5. Appendix 1 - Property Documents: Copies of relevant property documents including title, tax declarations, and surveys
6. Appendix 2 - Due Diligence Reports: Technical reports, property inspection results, and other due diligence findings
7. Appendix 3 - Required Permits: Copies of relevant permits, certificates, and governmental approvals
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Property Management
Real Estate Investment
Urban Development
Housing & Development
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Business Development
Operations
Finance
Risk Management
Corporate Affairs
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Real Estate Agent
Property Developer
Legal Counsel
Compliance Officer
Title Officer
Contract Administrator
Real Estate Investment Manager
Property Acquisition Manager
Real Estate Operations Manager
Business Development Manager
Corporate Lawyer
Conveyancing Lawyer
Real Estate Paralegal
Property Sales Manager
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