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Deed Of Conditional Sale

Deed Of Conditional Sale Template for Philippines

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Key Requirements PROMPT example:

Deed Of Conditional Sale

"I need a Deed of Conditional Sale for a residential property in Manila, where I'm selling my condominium unit to an individual buyer for PHP 5 million, with 20% down payment and monthly installments over 24 months starting March 2025."

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Document background
The Deed of Conditional Sale is a crucial legal instrument in Philippine property transactions, commonly used when the buyer cannot make full payment immediately but both parties wish to formalize their agreement. This document type is recognized under the Civil Code of the Philippines and is particularly relevant in real estate transactions where installment payments are involved. The deed serves as an interim agreement that protects both parties' interests: the seller retains ownership until full payment, while the buyer secures their right to eventually acquire the property. It must comply with Philippine property laws, including the Property Registration Decree and the Maceda Law for residential real estate. A properly executed Deed of Conditional Sale typically requires notarization and can be annotated on the property's title to provide public notice of the transaction.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete names, civil status, addresses, and tax identification numbers

2. Background: Context of the sale, including brief description of the property and seller's ownership

3. Definitions: Key terms used throughout the deed, including Property, Purchase Price, Closing Date, etc.

4. Property Description: Detailed description of the property including location, boundaries, area, and title details

5. Purchase Price: Total consideration and detailed payment terms including down payment and installment schedule

6. Conditions Precedent: Conditions that must be fulfilled before the final transfer of ownership

7. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and authority to sell

8. Rights and Obligations: Specific duties of both parties during the conditional sale period

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

10. Transfer of Title: Process and requirements for the eventual transfer of title upon fulfillment of conditions

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

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions

13. Execution: Formal signing section with notarial acknowledgment

Optional Sections

1. Property Inspection: Details of property inspection and acceptance of current condition - used when buyer has conducted specific inspections

2. Occupancy Rights: Terms regarding property possession during the payment period - relevant when immediate occupancy is granted

3. Insurance: Requirements for property insurance during the payment period - important for high-value properties

4. Assignment: Rights and restrictions regarding assignment of rights under the deed - used when assignability is a concern

5. Improvements: Provisions regarding modifications to the property during the payment period - relevant for long-term payment arrangements

6. Homeowners Association: Provisions regarding HOA membership and fees - used for properties in planned developments

7. Agricultural Land Reform: Special provisions for agricultural land subject to CARP - used only for agricultural properties

8. Force Majeure: Provisions for unforeseen circumstances affecting the agreement - particularly relevant in areas prone to natural disasters

Suggested Schedules

1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications

2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates, amounts, and running balances

3. Schedule C - Title Documents: Copy of the Transfer Certificate of Title and other relevant property documents

4. Schedule D - Tax Clearances: Current real property tax clearances and other tax certificates

5. Schedule E - Special Conditions: List of any special conditions or requirements agreed upon by the parties

6. Appendix 1 - Property Photos: Recent photographs of the property documenting its current condition

7. Appendix 2 - Required Permits: Copies of relevant permits, certificates, and governmental approvals

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
Purchase Price
Down Payment
Installment Payments
Closing Date
Conditions Precedent
Transfer Date
Title Documents
Certificate of Title
Deed of Absolute Sale
Effective Date
Encumbrances
Force Majeure
Interest Rate
Late Payment Charges
Material Adverse Change
Notice
Parties
Payment Schedule
Possession Date
Property Documents
Real Estate Taxes
Registration Fees
Seller's Warranties
Tax Clearance
Transfer Taxes
Default
Remedies
Business Day
Governing Law
Improvements
Occupancy Rights
Permitted Use
Security Interest
Term
Transaction Documents
Relevant Industries

Real Estate

Property Development

Construction

Agriculture

Commercial Property

Residential Property

Banking and Finance

Industrial Property

Retail

Hospitality

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Sales

Business Development

Contract Administration

Risk Management

Corporate Affairs

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Corporate Lawyer

Legal Counsel

Contracts Manager

Real Estate Developer

Property Development Manager

Land Registration Officer

Compliance Officer

Real Estate Broker

Business Development Manager

Sales Manager

Legal Administrator

Title Examiner

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, sales, and property transactions in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and Book V on Special Contracts including Sales.
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and transactions affecting registered land, including the requirements for recording conditional sales of real property.
National Internal Revenue Code: Contains provisions on documentary stamp tax, capital gains tax, and other tax obligations related to property sales and transfers.
Consumer Act of the Philippines (Republic Act No. 7394): Provides protection for consumers in sales transactions, including provisions on warranties and unfair sales practices, particularly relevant if the sale involves a consumer buyer.
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate, including rights of cancellation and refund.
Land Registration Authority (LRA) Regulations: Administrative rules and requirements for registering property transactions and maintaining proper documentation.
Republic Act No. 9160 (Anti-Money Laundering Act): Relevant for high-value property transactions, requiring proper documentation of the source of funds and identity verification.
Local Government Code (Republic Act No. 7160): Contains provisions on local taxation and requirements for property transfers within specific local government jurisdictions.
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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