The Contract to Sell Home is a fundamental document in Philippine real estate transactions, particularly used when the buyer will pay for the property in installments. This document type is specifically designed to protect the seller's interests by maintaining their ownership of the property until the buyer completes all payments, while simultaneously providing the buyer with legal rights over the future acquisition of the property. The contract must comply with various Philippine laws, including the Civil Code, the Maceda Law (RA 6552), and Presidential Decree No. 957, which collectively regulate real estate transactions and protect both parties' rights. It typically includes detailed provisions about the property, payment terms, default remedies, and conditions for the eventual execution of the Deed of Absolute Sale. This document is particularly relevant in pre-selling arrangements, installment sales, and developer-buyer transactions in the Philippine real estate market.
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1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and the seller's ownership rights
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, location, boundaries, and technical description as per title
5. Purchase Price: Total purchase price and detailed breakdown of payment terms
6. Payment Terms: Schedule of payments, including down payment and installment terms
7. Default and Remedies: Consequences of default and available remedies, including Maceda Law provisions
8. Conditions for Transfer of Title: Requirements and conditions that must be met before the final transfer of property ownership
9. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the contract and the property's condition
10. Rights and Obligations: Specific responsibilities of both parties during the contract period
11. Taxes and Expenses: Allocation of taxes, fees, and other expenses related to the sale
12. Possession of Property: Terms and conditions for the transfer of possession
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
14. Miscellaneous Provisions: Standard provisions including severability, entire agreement, and amendments
1. Broker's Commission: Details of real estate broker's commission if a broker is involved in the transaction
2. Construction Specifications: For properties under construction, detailed specifications of the building works to be completed
3. Homeowners Association: Details of homeowners association membership, dues, and regulations if property is in a subdivision
4. Financing Provisions: Special provisions if buyer is obtaining bank financing
5. Insurance Requirements: Specific insurance requirements during the contract period
6. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
7. Assignment Rights: Terms for allowing or prohibiting assignment of contract rights
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including due dates and amounts
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Deed of Restrictions: If applicable, restrictions imposed by subdivision or building management
5. Appendix 1 - Property Photos: Current photographs of the property
6. Appendix 2 - Floor Plans: Detailed floor plans and architectural drawings if applicable
7. Appendix 3 - List of Fixtures and Fittings: Detailed inventory of items included in the sale
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