Deed Of Sale By Co Owners Of Undivided Property Template for Philippines

The Deed of Sale by Co-Owners of Undivided Property is a crucial legal document used in the Philippines when multiple individuals who jointly own a property wish to sell their collective interest to a buyer. This document is particularly necessary in situations involving inherited properties, joint investments, or any circumstance where multiple parties have acquired shared ownership of real property. It must comply with Philippine property laws, including the Civil Code of the Philippines and the Property Registration Decree. The deed comprehensively details the rights being transferred, the respective shares of each co-owner, purchase price allocation, and includes necessary representations and warranties. It's essential for protecting all parties' interests and ensuring a legally valid transfer of property rights.

1. Parties: Identification of all co-owners as Vendors and the Purchaser(s), including their complete legal names, civil status, citizenship, and addresses

2. Background: Historical context of the co-ownership, including how the property came to be owned jointly and the current ownership shares of each co-owner

3. Definitions: Key terms used throughout the deed, including definition of the Property, Share/Portions, and other relevant terms

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

5. Ownership Declaration: Statement of current ownership shares and confirmation of co-owners' authority to sell

6. Consideration: Purchase price, payment terms, and allocation of proceeds among co-owners

7. Transfer of Rights: The actual conveyance of property rights from co-owners to purchaser

8. Representations and Warranties: Collective warranties by co-owners regarding property title, absence of liens, and authority to sell

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

10. Possession and Delivery: Terms for transferring physical possession of the property

11. Registration and Title Transfer: Process and responsibilities for transferring title to purchaser

12. Governing Law: Confirmation that the deed is governed by Philippine law

13. Execution: Formal signing requirements and notarization provisions