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Contract For Selling Property
"I need a Contract For Selling Property for my three-bedroom house in Makati City, Philippines, with a purchase price of 12 million pesos to be paid in three installments, with the final payment due March 15, 2025."
1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes 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 contract to ensure clear interpretation
4. Property Description: Detailed description of the property including lot number, location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and terms of payment, including any deposits or installment arrangements
6. Payment Terms: Specifies the method, schedule, and conditions of payment
7. Warranties of Title and Ownership: Seller's warranties regarding clean title, absence of liens, and right to sell
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
9. Conditions of Sale: Essential conditions that must be met for the sale to proceed
10. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
11. Risk and Insurance: Allocation of risk and responsibility for insurance during the transfer period
12. Default and Remedies: Consequences and available remedies in case of breach by either party
13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
14. Execution: Formal closing provisions including date and signature blocks
1. Broker Involvement: Details of any real estate broker involvement and commission arrangements, used when a broker facilitated the sale
2. Mortgage or Financing: Terms related to buyer's financing arrangements, used when purchase involves bank financing
3. Occupancy and Possession: Specific terms about when and how possession will be transferred, used when immediate transfer isn't concurrent with signing
4. Property Inspection: Terms regarding property inspection rights and conditions, used for sales requiring due diligence period
5. Existing Tenancies: Details of any existing lease agreements, used when property is currently tenanted
6. Construction Warranties: Transfer of builder's warranties, used for newly constructed properties
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is non-Filipino
1. Property Details Schedule: Comprehensive technical description of the property, including lot plan, technical description, and boundaries
2. Title Documents: Copy of the Transfer Certificate of Title or other ownership documents
3. Payment Schedule: Detailed breakdown of payment terms if involving installments
4. Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Tax Clearance Certificates: Copies of relevant tax clearances and certificates
6. Property Pictures: Photographic documentation of the property condition at time of sale
7. Power of Attorney: If applicable, documents authorizing representatives to act on behalf of either party
Authors
Broker
Business Day
Closing
Closing Date
Completion
Contract
Deed of Absolute Sale
Deposit
Effective Date
Encumbrances
Fixtures and Fittings
Improvements
Land
Local Government Unit
Notary Public
Notice
Parties
Property
Purchase Price
Real Estate Tax
Register of Deeds
Registration Fees
Seller's Warranties
Tax Clearance Certificate
Title
Transfer Certificate of Title
Transfer Date
Transfer Taxes
Zoning Laws
Purchase Price
Payment Terms
Title Transfer
Warranties and Representations
Due Diligence
Property Inspection
Taxes and Fees
Risk and Insurance
Default and Remedies
Force Majeure
Representations and Warranties
Conditions Precedent
Assignment
Property Possession
Registration and Transfer
Broker Commission
Governing Law
Dispute Resolution
Notices
Entire Agreement
Severability
Amendment
Waiver
Indemnification
Compliance with Laws
Authority to Sell
Title Warranties
Environmental Compliance
Closing Conditions
Real Estate
Legal Services
Banking and Finance
Construction
Property Development
Insurance
Public Sector
Hospitality
Retail
Commercial Property
Industrial Property
Residential Property
Legal
Real Estate
Compliance
Finance
Property Management
Business Development
Corporate Secretariat
Risk Management
Asset Management
Operations
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Developer
Compliance Officer
Corporate Secretary
Business Development Manager
Asset Manager
Financial Controller
Real Estate Investment Manager
Title Officer
Property Assessor
Notary Public
Real Estate Broker
Contract Administrator
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