Contract For Selling Property Template for Philippines

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Key Requirements PROMPT example:

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."

Document background
The Contract For Selling Property is a fundamental legal document used in Philippine real estate transactions to formalize and execute the transfer of property ownership. This document is essential when any real property (land, buildings, or both) is being sold in the Philippines, whether for residential, commercial, or industrial purposes. It must comply with various Philippine laws including the Civil Code, Property Registration Decree, and local government regulations. The contract typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and conditions of sale. It serves multiple purposes: documenting the agreement between parties, ensuring legal compliance, facilitating property registration, and providing a basis for resolving any future disputes. The document is particularly important in the Philippine context due to specific local requirements for property transfer and registration.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Clauses
Relevant Industries

Real Estate

Legal Services

Banking and Finance

Construction

Property Development

Insurance

Public Sector

Hospitality

Retail

Commercial Property

Industrial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Finance

Property Management

Business Development

Corporate Secretariat

Risk Management

Asset Management

Operations

Relevant Roles

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

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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