The Simple Property Sale Agreement is a fundamental legal document used in the Philippines for property transactions between parties. This agreement is essential when transferring ownership of real property, whether residential, commercial, or industrial. It must comply with the Civil Code of the Philippines, the Property Registration Decree (PD 1529), and other relevant local laws and regulations. The document is designed to protect both parties' interests by clearly stating the terms of sale, including property details, purchase price, payment terms, and conditions for transfer. It serves as the primary evidence of the transaction and is required for property registration with the Register of Deeds. The agreement can be used for both private individuals and corporate entities, and typically requires notarization to be legally binding in the Philippines.
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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: Brief context of the transaction and confirmation that the Seller owns the property and wishes to sell it to the Buyer
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including its location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and payment terms
6. Payment Terms: Details the method and schedule of payment, including any deposits or installments
7. Conditions of Sale: Sets out the basic conditions that must be met for the sale to proceed
8. Seller's Representations and Warranties: Statements by the Seller about the property's condition, ownership, and legal status
9. Closing and Transfer of Title: Specifies when and how the property title will be transferred to the Buyer
10. Taxes and Expenses: Allocates responsibility for various taxes and transaction costs
11. Default and Remedies: Describes what constitutes default and the available remedies
12. Execution: Formal signing section with spaces for signatures, witnesses, and notarization
1. Broker's Commission: Include when a real estate broker is involved in the transaction
2. Mortgage Contingency: Include when the purchase is contingent on the Buyer obtaining mortgage financing
3. Property Inspection: Include when there's a need for formal inspection procedures and contingencies
4. Occupancy and Possession: Include when there are specific arrangements regarding when and how the Buyer will take possession
5. Existing Tenancies: Include when the property has current tenants and their rights need to be addressed
6. Improvements and Repairs: Include when specific repairs or improvements are to be made before closing
1. Property Details Schedule: Detailed technical description of the property, including lot number, boundaries, and technical specifications
2. Title Documents: List of all relevant title documents and certificates
3. Payment Schedule: Detailed breakdown of payment terms if involving multiple payments or installments
4. Property Inventory: List of any fixtures, fittings, or contents included in the sale
5. Due Diligence Results: Summary of any property inspections, surveys, or assessments conducted
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Agriculture (for agricultural land)
Commercial Property
Residential Property
Industrial Property
Tourism and Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Finance
Risk Management
Operations
Documentation
Corporate Services
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Corporate Lawyer
Conveyancing Officer
Property Developer
Real Estate Broker
Title Officer
Compliance Officer
Business Development Manager
Land Registration Officer
Property Assessor
Bank Manager
Notary Public
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