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Contract For The Sale And Purchase Of Land

Contract For The Sale And Purchase Of Land Template for Philippines

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Key Requirements PROMPT example:

Contract For The Sale And Purchase Of Land

"I need a Contract for the Sale and Purchase of Land for a commercial property in Manila, with payment to be made in three installments between January and June 2025, including specific conditions about obtaining zoning permits for retail use."

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Document background
The Contract For The Sale And Purchase Of Land is a crucial legal document used in Philippine real estate transactions to formalize and execute the transfer of land ownership. This document is essential when any individual, corporation, or entity wishes to purchase or sell land in the Philippines, whether for residential, commercial, or industrial purposes. It must comply with specific requirements under Philippine law, including the Civil Code, Property Registration Decree, and local government regulations. The agreement covers all aspects of the transaction, from property description and purchase price to tax obligations and transfer procedures. Special consideration is given to Philippine-specific requirements such as citizenship restrictions on land ownership, zoning regulations, and local government permits. The document is particularly important as land ownership in the Philippines is strictly regulated, with constitutional restrictions on foreign ownership and specific requirements for title transfer and registration.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete details including citizenship (relevant for Philippine land ownership restrictions)

2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into the sale

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the land including lot number, survey details, boundaries, and title certificate number

5. Purchase Price: Agreed purchase price and payment terms including method and schedule of payments

6. Payment Terms: Detailed breakdown of payment structure, including deposits, installments if any, and final payment

7. Conditions Precedent: Conditions that must be satisfied before completion of the sale

8. Seller's Representations and Warranties: Seller's declarations regarding ownership, absence of encumbrances, and authority to sell

9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity to purchase and compliance with nationality restrictions

10. Completion: Process and requirements for closing the transaction

11. Title Transfer: Procedures and responsibilities for transferring the title to the buyer

12. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

13. Default and Remedies: Consequences of default by either party and available remedies

14. Governing Law: Specification of Philippine law as governing law

15. Dispute Resolution: Mechanism for resolving disputes between parties

Optional Sections

1. Broker's Commission: Include when a broker is involved in the transaction, specifying commission details and payment responsibilities

2. Existing Tenancies: Include when the property has existing tenants, addressing their rights and transition

3. Environmental Matters: Include when there are environmental concerns or requirements relating to the property

4. Development Restrictions: Include when the property is subject to specific zoning or development restrictions

5. Installment Terms: Include when payment is to be made in installments, incorporating Maceda Law provisions

6. Mortgage Provisions: Include when the purchase is subject to mortgage financing

7. Agricultural Land Reform Provisions: Include when the property is or was subject to agricultural land reform

8. Indigenous Peoples' Rights: Include when the property is within or adjacent to ancestral domains

Suggested Schedules

1. Property Details: Technical description of the property, including certified survey plan

2. Title Documents: Copy of the Transfer Certificate of Title and tax declaration

3. Payment Schedule: Detailed breakdown of payment terms and dates if installment basis

4. Encumbrances: List of existing encumbrances, liens, or restrictions on the property

5. Due Diligence Results: Summary of technical, legal, and environmental due diligence findings

6. Tax Certificates: Current real property tax clearances and tax declarations

7. Required Permits: Copies of relevant permits and certificates required for transfer

8. Power of Attorney: If applicable, power of attorney documents for representatives

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Transfer Certificate of Title
Tax Declaration
Purchase Price
Completion Date
Completion
Deposit
Business Day
Encumbrances
Local Government Unit
Registry of Deeds
Title Documents
Due Diligence Period
Closing Date
Permitted Encumbrances
Real Estate Taxes
Documentary Stamp Tax
Capital Gains Tax
Transfer Tax
Certificate of No Improvement
Transfer Certificate
Zoning Certificate
Survey Plan
Technical Description
Deed of Absolute Sale
Force Majeure Event
Material Adverse Change
Representations and Warranties
Working Day
Notice
Signing Date
Effective Date
Relevant Authority
Environmental Laws
Land Registration Authority
Tax Clearance Certificate
Real Property Tax
Default Event
Governing Law
Broker
Commission
Bank
Mortgage
Title Insurance
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Tax Obligations
Registration and Transfer
Default
Remedies
Force Majeure
Assignment
Notices
Entire Agreement
Amendments
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Environmental Compliance
Property Access
Risk and Insurance
Land Use
Zoning Compliance
Title Insurance
Broker Provisions
Indemnification
Termination
Survival
Further Assurance
Time of Essence
Registration Requirements
Local Government Compliance
Encumbrances
Property Handover
Inspection Rights
Warranties of Title
Authority to Sell
Relevant Industries

Real Estate

Property Development

Agriculture

Industrial Manufacturing

Hospitality and Tourism

Retail

Commercial Property

Residential Development

Infrastructure

Mining and Resources

Education (for institutional properties)

Healthcare (for medical facilities)

Relevant Teams

Legal

Real Estate

Property Development

Business Development

Compliance

Corporate Affairs

Finance

Investment

Risk Management

Operations

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Broker

Legal Counsel

Corporate Lawyer

Land Developer

Property Development Manager

Business Development Manager

Compliance Officer

Real Estate Investment Manager

Land Acquisition Specialist

Chief Legal Officer

Real Estate Portfolio Manager

Property Rights Specialist

Title Examiner

Conveyancing Lawyer

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts and property rights, including provisions on sales (Articles 1458-1637), and specific provisions on sale of immovable property
Property Registration Decree (Presidential Decree No. 1529): Governs the registration and transfer of land titles, including procedures for registration of land transactions and issuance of transfer certificates of title
Constitution of the Philippines (1987): Contains provisions on land ownership, particularly restrictions on foreign ownership of land (Article XII, Section 7)
National Internal Revenue Code: Covers tax obligations related to land transfers, including capital gains tax, documentary stamp tax, and transfer tax requirements
Local Government Code (Republic Act No. 7160): Provides for local government requirements and fees in land transactions, including real property taxes and transfer taxes
Land Registration Authority (LRA) Regulations: Administrative rules and regulations governing land registration procedures and requirements
Republic Act No. 6552 (Maceda Law): Provides protection to buyers in installment sales of real estate, including rights of cancellation and refund
Presidential Decree No. 957: Regulates the sale of subdivision lots and condominiums, including requirements for developers and protection of buyers
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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