The Contract For Selling A House is a crucial legal document used in Philippine real estate transactions to formalize and document the transfer of residential property ownership. This contract type is essential for ensuring compliance with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant local government regulations. It is typically used when a property owner wishes to sell their house to another party, whether for residential or investment purposes. The document includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and conditions for transfer. It must be properly executed and notarized to be legally binding under Philippine law, and often serves as the basis for the subsequent Deed of Absolute Sale when the transaction is completed.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, street address, boundaries, and title details
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Details of how and when payments will be made, including any deposit requirements
7. Conditions of Sale: Essential conditions that must be met for the sale to proceed
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
9. Closing and Transfer of Title: Process and timeline for completing the sale and transferring property ownership
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Mortgage Provisions: Include when the purchase involves bank financing or mortgage arrangements
2. Tenant Provisions: Include when the property is currently leased to tenants
3. Property Inspection: Include when specific inspection conditions or findings need to be documented
4. Fixtures and Fittings: Include when specific items are included or excluded from the sale
5. Construction Warranty: Include for newly constructed houses still under warranty
6. Broker Provisions: Include when real estate brokers are involved in the transaction
7. Environmental Provisions: Include when there are environmental concerns or requirements
8. Homeowners Association: Include when the property is part of a subdivision or planned development
1. Schedule A - Property Details: Technical description of the property, including lot plan and boundaries
2. Schedule B - Title Documents: Copy of the Transfer Certificate of Title and tax declarations
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and due dates
4. Schedule D - Inventory of Fixtures: List of fixtures and fittings included in the sale
5. Schedule E - Property Photographs: Recent photographs of the property's exterior and interior
6. Schedule F - Required Permits: Copies of relevant permits and certificates
7. Schedule G - Property Tax Receipts: Proof of payment of property taxes and other assessments
8. Schedule H - Deed of Absolute Sale: Draft deed of absolute sale to be executed upon completion
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