The Contract to Sell (Real Estate) is a crucial document in Philippine property transactions, commonly used when the buyer will pay for the property in installments. Unlike a Deed of Absolute Sale, this contract does not immediately transfer property ownership but creates a binding commitment to sell upon full payment. It must comply with various Philippine laws including the Civil Code, PD 957 (The Subdivision and Condominium Buyers' Protective Decree), and RA 6552 (Maceda Law), which provide specific protections for buyers. The document is essential in both residential and commercial real estate transactions, particularly in pre-selling arrangements or when developer financing is involved. It includes detailed provisions on payment terms, property description, conditions for title transfer, and remedies in case of default, all structured to align with Philippine legal requirements.
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1. Parties: Identification of the Seller and Buyer with complete details including legal names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a contract to sell
3. Definitions: Definitions of key terms used throughout the contract, including Property, Purchase Price, Completion Date, etc.
4. Subject Matter: Detailed description of the property being sold, including exact location, boundaries, and certificate of title details
5. Purchase Price: Total consideration and detailed payment terms including downpayment, installment amounts, and due dates
6. Mode of Payment: Specific methods of payment accepted and payment procedures
7. Terms and Conditions of Sale: Core obligations of both parties, including conditions precedent to the execution of the Deed of Absolute Sale
8. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and authority to sell; Buyer's warranties regarding financial capacity
9. Rights and Obligations: Detailed rights and responsibilities of both parties during the contract period
10. Default and Remedies: Consequences of default by either party, including grace periods and remedies as required by the Maceda Law
11. Transfer of Title: Conditions and process for the execution of the Deed of Absolute Sale and transfer of title
12. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions
14. Miscellaneous Provisions: Standard provisions including notices, amendments, severability, and entire agreement clauses
1. Due Diligence: Optional section detailing the buyer's right to conduct property inspection and title verification, used when the buyer hasn't completed due diligence before signing
2. Broker's Commission: Section detailing broker's commission and terms, included when a licensed real estate broker is involved
3. Property Management: Terms regarding interim property management and maintenance, used for properties in developments or condominiums
4. Construction Warranties: For properties under construction or newly completed, detailing construction warranties and defect liability periods
5. Homeowners Association: Required when the property is part of a subdivision or condominium, detailing association fees and rules
6. Force Majeure: Extended force majeure provisions, particularly relevant in areas prone to natural disasters
7. Anti-Money Laundering Compliance: Additional compliance provisions when transaction value triggers AMLA requirements
1. Property Description Schedule: Detailed technical description of the property including lot area, boundaries, and technical specifications
2. Payment Schedule: Detailed breakdown of installment payments including dates, amounts, and payment methods
3. Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Deed of Restrictions: Copy of applicable deed restrictions if the property is in a subdivision or planned development
5. Construction Specifications: For properties under construction, detailed specifications and finishing schedule
6. Photos and Plans: Property photos, location plans, and architectural drawings as applicable
7. Form of Deed of Absolute Sale: Template of the Deed of Absolute Sale to be executed upon full payment
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