Deed Of Sale Partial Payment Template for Philippines

The Deed of Sale with Partial Payment is a crucial legal instrument in Philippine property transactions where full payment cannot be made upfront. This document type is commonly used in both residential and commercial property sales, providing a structured framework for installment-based property purchases. It must comply with Philippine Civil Code requirements, the Maceda Law (RA 6552), and other relevant property laws. The deed includes essential elements such as property description, payment terms, default provisions, and transfer conditions. It's particularly important for protecting both seller and buyer interests in long-term payment arrangements, ensuring clear documentation of obligations and rights throughout the payment period.

1. Parties: Identifies and provides complete details of the Vendor/Seller and the Purchaser/Buyer

2. Background: Establishes the context of the sale, including the Seller's ownership and authority to sell

3. Definitions: Defines key terms used throughout the deed

4. Property Description: Detailed description of the property being sold, including boundaries, title details, and improvements

5. Purchase Price: States the total purchase price and breakdown of payment terms

6. Payment Terms: Details of the partial payment arrangement, including downpayment, installment amounts, due dates, and payment method

7. Delivery and Transfer of Ownership: Specifies when and how possession and ownership will be transferred

8. Representations and Warranties: Seller's warranties regarding property ownership, encumbrances, and condition

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

10. Registration and Expenses: Responsibilities for registration, taxes, and other transaction costs

11. Governing Law: Confirms Philippine law governs the deed

12. Execution: Formal signing section with notarization requirements