The Agreement of Sale of Immovable Property is a crucial legal document used in the Philippines when transferring ownership of real property, whether land, buildings, or other immovable assets. This agreement must comply with the Civil Code of the Philippines, the Property Registration Decree, and other relevant laws governing real estate transactions. It is required for any sale of real property and serves as the basis for the eventual transfer of title through the Register of Deeds. The document includes comprehensive details about the property, parties involved, purchase price, payment terms, and various warranties and representations required under Philippine law. It must be notarized to be valid and is typically preceded by a reservation agreement or letter of intent in commercial transactions.
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1. Parties: Identification of the Seller and Buyer with complete names, civil status, citizenship, and addresses as required by Philippine law
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, survey number, title details, boundaries, and technical description as appearing in the title
5. Purchase Price: Statement of the total purchase price and terms of payment
6. Mode of Payment: Details of how and when payments will be made, including installment terms if applicable
7. Representations and Warranties of the Seller: Seller's declarations regarding ownership, absence of liens, and authority to sell
8. Representations and Warranties of the Buyer: Buyer's declarations regarding financial capacity and authority to purchase
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 physical possession of the property
11. Title Transfer: Process and timing for the transfer of legal title
12. Default and Remedies: Consequences of default by either party and available remedies
13. Governing Law: Specification of Philippine law as governing law
14. Execution Requirements: Requirements for valid execution including notarization
1. Broker Involvement: Details of any real estate broker involvement and commission arrangements, required if a licensed broker is involved
2. Mortgage Provisions: Required if the property is subject to an existing mortgage or if the purchase is to be financed through a mortgage
3. Tenant Provisions: Required if the property is currently leased or occupied by tenants
4. Construction Warranties: Required for newly constructed properties, including developer warranties
5. Condominium Provisions: Required if the property is a condominium unit, including references to master deed and association rules
6. Foreign Ownership Compliance: Required if the buyer is a foreign national or entity, addressing Constitutional restrictions
7. Environmental Warranties: Required for industrial or commercial properties, addressing environmental compliance
8. Subdivision Restrictions: Required if the property is part of a subdivision, incorporating subdivision restrictions
1. Property Title: Copy of the Transfer Certificate of Title or Original Certificate of Title
2. Technical Description: Detailed technical description of the property boundaries and measurements
3. Payment Schedule: Detailed schedule of payments if sold on installment
4. Tax Clearances: Real property tax clearances and tax declarations
5. Property Survey: Recent survey plan approved by the Bureau of Lands
6. Photos and Location Plan: Recent photographs of the property and vicinity map
7. Permits and Certificates: Relevant building permits, occupancy permits, and certificates
8. Power of Attorney: If any party is acting through an attorney-in-fact
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