Deed Of Purchase And Sale Template for Philippines

A Deed of Purchase and Sale is a crucial legal instrument in Philippine property law used to document and execute the transfer of property ownership. This document type is essential when conducting any property sale transaction in the Philippines, whether for residential, commercial, or industrial properties. The deed must comply with specific requirements under Philippine law, including the Civil Code, Property Registration Decree, and local government regulations. It contains detailed information about the property being sold, parties involved, purchase price, payment terms, warranties, and tax obligations. The document must be notarized and registered with appropriate government authorities to perfect the transfer of ownership. A properly executed Deed of Purchase and Sale provides legal protection for both parties and serves as evidence of the transaction for various purposes, including tax and property registration.

1. Parties: Identifies and provides complete details of the Vendor/Seller and Purchaser/Buyer, including their full legal names, civil status, citizenship, and addresses as required by Philippine law

2. Background: Recitals establishing the ownership of the property by the Vendor, the intention to sell, and the Purchaser's desire to buy

3. Definitions: Defines key terms used throughout the deed, including 'Property', 'Purchase Price', 'Completion Date', and other relevant terms

4. Property Description: Detailed description of the property being sold, including lot number, survey number, title details, boundaries, and technical description as appearing in the title

5. Purchase Price: States the agreed purchase price and currency (Philippine Peso)

6. Payment Terms: Details the method, timing, and conditions of payment, including any deposits or installment arrangements

7. Completion Requirements: Specifies the conditions and requirements for completing the sale, including document submissions and registrations

8. Vendor's Warranties: Warranties regarding ownership, authority to sell, absence of encumbrances, and other property-related assurances

9. Tax Provisions: Specifies responsibilities for various taxes including capital gains tax, documentary stamp tax, and transfer tax

10. Risk and Insurance: Addresses when risk passes to the Purchaser and insurance requirements

11. Execution: Formal execution block including spaces for signatures, witnesses, and notary public as required under Philippine law