Contract Of Sale Of Immovable Property Template for Philippines

The Contract of Sale of Immovable Property is a crucial legal instrument used in the Philippines for transferring ownership of real property. This document is essential when any immovable property (such as land, buildings, or other real estate) is being sold and transferred from one party to another. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and various local government regulations. The contract includes detailed property descriptions, price and payment terms, warranties, and specific obligations of both parties. It requires notarization and proper registration with relevant government authorities, making it a formal and binding agreement under Philippine law. This document type is particularly important as it serves as the basis for the eventual transfer of property title and ensures that all legal requirements for property transfer are met.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract

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 agreement for clarity and consistency

4. Property Description: Detailed description of the immovable property, including exact location, boundaries, and certificate of title number

5. Purchase Price: States the agreed purchase price and terms of payment, including any deposits or installment arrangements

6. Mode of Payment: Specifies how and when payments will be made, including banking details if applicable

7. Conditions of Sale: Sets out the basic terms and conditions of the sale, including property delivery and transfer of ownership

8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

9. Rights and Obligations: Details the specific rights and obligations of both parties before, during, and after the sale

10. Taxes and Expenses: Specifies responsibility for various taxes and fees associated with the transfer

11. Title Transfer: Process and requirements for transferring the property title to the buyer

12. Default and Remedies: Consequences of breach and available remedies to either party

13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

14. Execution: Formal closing section with signature blocks and notarization requirements