Agreement To Sell Contract Template for Philippines

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Key Requirements PROMPT example:

Agreement To Sell Contract

"I need an Agreement to Sell Contract for a commercial property in Makati City, Philippines, with a total purchase price of 25 million pesos to be paid in installments over 24 months, with the first payment due March 1, 2025."

Document background
The Agreement to Sell Contract is a crucial legal instrument in Philippine property transactions, serving as a preliminary contract that precedes the final Deed of Absolute Sale. This document is commonly used when immediate transfer of property ownership is not feasible or desired, such as in installment sales, pending mortgage approval, or when certain conditions must be fulfilled before final sale. The agreement provides a legally binding framework that protects both parties' interests during the interim period between initial agreement and final sale. It must comply with Philippine civil law requirements and typically includes comprehensive details about the property, payment terms, conditions precedent, and the parties' respective obligations. The document is particularly relevant in real estate transactions where staged completions or conditional sales are necessary.
Suggested Sections

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers

2. Background: Explains the context of the agreement, including the Seller's ownership of the property and the Buyer's intention to purchase

3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation

4. Property Description: Detailed description of the property being sold, including its location, boundaries, and title details

5. Purchase Price: States the total purchase price and terms of payment, including any deposits or installment arrangements

6. Payment Terms: Specifies the payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Lists conditions that must be met before the sale can be completed

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and understanding of the purchase terms

10. Closing and Transfer of Title: Details the process and requirements for completing the sale and transferring property ownership

11. Taxes and Expenses: Allocates responsibility for various taxes and transaction costs

12. Default and Remedies: Specifies what constitutes default and the available remedies for both parties

13. Governing Law: Confirms that Philippine law governs the agreement

14. Miscellaneous Provisions: Standard contract provisions including notices, amendments, and severability

Optional Sections

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 financing

3. Property Inspection: Include when the buyer requires a property inspection period

4. Occupancy and Possession: Include when there are specific arrangements regarding when and how the buyer will take possession

5. Improvements and Repairs: Include when specific improvements or repairs must be completed before closing

6. Homeowners Association: Include when the property is part of a homeowners association or condominium

7. Environmental Matters: Include when environmental assessments or concerns need to be addressed

8. Force Majeure: Include when specific provisions for unforeseen circumstances are needed

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of the property, including lot area, boundaries, and technical specifications

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Schedule C - Property Documents: List of all property-related documents provided by the seller

4. Schedule D - Permitted Encumbrances: List of any allowed liens, encumbrances, or restrictions on the property

5. Schedule E - Due Diligence Checklist: List of required documents and verifications for due diligence

6. Appendix 1 - Property Photos and Plans: Visual documentation of the property

7. Appendix 2 - Tax Clearance Certificates: Copies of relevant tax clearances and certificates

8. Appendix 3 - Power of Attorney: If applicable, power of attorney documents for either party

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Insurance

Agriculture (for land sales)

Commercial Property

Residential Property

Industrial Property

Relevant Teams

Legal

Real Estate

Sales

Business Development

Finance

Compliance

Property Management

Contract Administration

Risk Management

Operations

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Developer

Property Developer

Sales Manager

Contract Administrator

Business Development Manager

Finance Manager

Compliance Officer

Real Estate Broker

Property Assessor

Title Officer

Transaction Coordinator

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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