The For Sale By Owner Contract is utilized in the Philippines when property owners decide to conduct real estate transactions directly with buyers, bypassing traditional real estate agent services. This approach, while potentially cost-saving, requires a comprehensive legal document that ensures compliance with Philippine property law, including the Civil Code, Property Registration Decree, and local government regulations. The contract must include all essential elements of a valid property sale, from precise property descriptions to payment terms and closing requirements. It's particularly important in the Philippine context where property transactions must address specific local requirements such as tax clearances, proper notarization, and registration with appropriate government authorities. This document serves as both a sales agreement and a protective instrument for all parties involved, incorporating necessary safeguards while facilitating a direct property transfer.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the sale and confirmation of Seller's ownership rights
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including lot number, location, boundaries, and title details
5. Purchase Price: Total purchase price and payment terms including deposit requirements
6. Payment Terms: Schedule of payments, method of payment, and consequences of default
7. Title and Ownership: Warranties of title, process of title transfer, and any encumbrances
8. Conditions of Sale: Property condition, as-is provisions, and seller's representations
9. Closing Requirements: Documents required, closing date, and process for transfer
10. Taxes and Fees: Allocation of transfer taxes, registration fees, and other costs
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law: Confirmation of Philippine law application and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Used when buyer's purchase is contingent on obtaining financing
2. Property Inspection: When buyer requires inspection period and related conditions
3. Tenant Rights: Required if property is currently occupied by tenants
4. Seller Financing: Terms and conditions if seller is providing financing
5. Included/Excluded Items: Detailed list of items included/excluded from sale if needed
6. Construction Warranty: For newly constructed properties only
7. Homeowners Association: Required if property is part of an HOA
8. Agricultural Land Provisions: Special provisions if property is agricultural land
1. Schedule A - Property Details: Comprehensive property description, including lot plan and technical description
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and dates
3. Schedule C - Property Inventory: List of fixtures and fittings included in the sale
4. Schedule D - Outstanding Encumbrances: List of any existing liens, mortgages, or encumbrances
5. Schedule E - Required Repairs: List of repairs agreed to be completed before closing
6. Appendix 1 - Property Title: Copy of current property title
7. Appendix 2 - Tax Declarations: Current tax declarations and receipts
8. Appendix 3 - Property Photos: Recent photographs of the property
Relevant legal definitions
Agreement
Property
Purchase Price
Closing Date
Closing
Deed of Absolute Sale
Deposit
Title
Transfer Certificate of Title
Tax Declaration
Encumbrances
Force Majeure
Improvements
Notice
Business Day
Transfer Taxes
Registration Fees
Documentary Stamp Tax
Capital Gains Tax
Real Property Tax
Certificate of No Improvement
Tax Clearance
Zonal Value
Due Diligence Period
Earnest Money
Property Documents
Notarial Fees
Default
Remedies
Material Defect
Fixtures and Fittings
Registry of Deeds
Bureau of Internal Revenue
Local Government Unit
Barangay Clearance
Property
Purchase Price
Closing Date
Closing
Deed of Absolute Sale
Deposit
Title
Transfer Certificate of Title
Tax Declaration
Encumbrances
Force Majeure
Improvements
Notice
Business Day
Transfer Taxes
Registration Fees
Documentary Stamp Tax
Capital Gains Tax
Real Property Tax
Certificate of No Improvement
Tax Clearance
Zonal Value
Due Diligence Period
Earnest Money
Property Documents
Notarial Fees
Default
Remedies
Material Defect
Fixtures and Fittings
Registry of Deeds
Bureau of Internal Revenue
Local Government Unit
Barangay Clearance
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Property Condition
Due Diligence
Closing Conditions
Tax Obligations
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Registration and Compliance
Property Inspection
Encumbrances
Possession and Delivery
Local Government Requirements
Environmental Compliance
Utilities Transfer
Property Tax Proration
Documentary Requirements
Notarization
Survival
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Property Condition
Due Diligence
Closing Conditions
Tax Obligations
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Registration and Compliance
Property Inspection
Encumbrances
Possession and Delivery
Local Government Requirements
Environmental Compliance
Utilities Transfer
Property Tax Proration
Documentary Requirements
Notarization
Survival
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Agriculture (for agricultural land)
Commercial Property
Residential Property
Industrial Property
Urban Development
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Operations
Tax
Property Management
Asset Management
Investment
Corporate Services
Documentation
Relevant Roles
Property Owner
Real Estate Investor
Corporate Real Estate Manager
Legal Counsel
Property Manager
Compliance Officer
Finance Director
Tax Manager
Business Owner
Operations Manager
Asset Manager
Investment Director
Chief Financial Officer
General Counsel
Risk Manager
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