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Contract Of Deed Of Sale

Contract Of Deed Of Sale Template for Philippines

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Key Requirements PROMPT example:

Contract Of Deed Of Sale

"I need a Contract of Deed of Sale for a commercial property in Manila's business district, with specific provisions for existing tenant rights and a phased payment schedule completing by March 2025."

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Document background
The Contract of Deed of Sale is a crucial legal instrument in Philippine property law that formalizes the transfer of ownership rights from one party to another. This document is essential for any property transaction in the Philippines, whether involving real estate, vehicles, or other significant assets. It must comply with the requirements set forth in the Civil Code of the Philippines and related property laws, including proper notarization and registration with relevant government authorities. The document is used when there is a definitive agreement to transfer property ownership, requiring detailed information about the parties involved, comprehensive property description, purchase price, payment terms, and specific conditions of the sale. It serves as evidence of the transaction and is required for official property registration and tax purposes.
Suggested Sections

1. Parties: Identifies and provides complete details of the Vendor/Seller and Purchaser/Buyer, including their legal names, addresses, and civil status

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

3. Definitions: Defines key terms used throughout the deed of sale

4. Property Description: Detailed description of the property being sold, including technical description, boundaries, and certificate of title number

5. Purchase Price: States the agreed purchase price and payment terms

6. Mode of Payment: Specifies how and when payments will be made

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

8. Rights and Obligations: Lists the specific rights and obligations of both parties

9. Transfer of Title: Details the process and timing of transferring legal ownership

10. Taxes and Expenses: Specifies responsibility for transfer taxes, registration fees, and other related expenses

11. Execution: Formal closing section with signatures, witnesses, and notary requirements

Optional Sections

1. Condition of Property: Used when there are specific issues or conditions about the property that need to be disclosed

2. Broker's Commission: Include when a broker is involved in the transaction

3. Due Diligence Period: When buyer requires time to conduct property inspection or title verification

4. Existing Tenancies: Include if the property has current tenants and their rights need to be addressed

5. Mortgage Details: Required if the property is subject to an existing mortgage or if the sale involves mortgage financing

6. Force Majeure: Include when parties want to address potential extraordinary circumstances

7. Dispute Resolution: Optional section specifying mediation or arbitration procedures

8. Survivorship: Include when the property is conjugal or co-owned

Suggested Schedules

1. Property Documents: Copies of title, tax declarations, and technical description of the property

2. Payment Schedule: Detailed breakdown of payment terms if involving installments

3. Property Inventory: List of fixtures and fittings included in the sale

4. Tax Certificates: Current real property tax certificates and tax clearances

5. Property Pictures: Photographs of the property documenting its condition at time of sale

6. Power of Attorney: If any party is represented by an attorney-in-fact

7. Corporate Documents: If any party is a corporation, relevant board resolutions and authorizations

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
Clauses
Identification of Parties
Recitals
Property Description
Consideration
Payment Terms
Transfer of Title
Warranties and Representations
Possession
Taxes and Fees
Registration and Documentation
Compliance with Laws
Risk and Insurance
Default and Remedies
Notice
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Property Inspection
Due Diligence
Broker Commission
Encumbrances
Title Insurance
Closing Conditions
Survival
Dispute Resolution
Further Assurance
Counterparts
Relevant Industries

Real Estate

Banking and Finance

Construction

Property Development

Agriculture

Industrial Manufacturing

Retail

Hospitality

Commercial Services

Legal Services

Relevant Teams

Legal

Real Estate

Compliance

Finance

Risk Management

Property Management

Business Development

Corporate Secretariat

Documentation

Asset Management

Relevant Roles

Real Estate Manager

Property Lawyer

Compliance Officer

Legal Counsel

Property Developer

Real Estate Agent

Corporate Secretary

Finance Director

Asset Manager

Property Manager

Business Development Manager

Risk Manager

Transaction Manager

Documentation Specialist

Title Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts and sales in the Philippines, specifically Book IV on Obligations and Contracts, and Book V on Sales
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and provides the system of registration of titles and transactions
National Internal Revenue Code: Covers tax obligations related to property transfers, including capital gains tax and documentary stamp tax
Local Government Code (Republic Act No. 7160): Provides regulations on local taxes and fees applicable to property transfers, including transfer tax
Consumer Act of the Philippines (Republic Act No. 7394): Applies when the sale involves consumer goods and provides protection for consumer rights in sales transactions
Anti-Money Laundering Act (Republic Act No. 9160): Relevant for high-value property transactions to ensure compliance with anti-money laundering regulations
Electronic Commerce Act (Republic Act No. 8792): Applicable if the deed of sale involves electronic documentation or signatures
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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