For Sale By Owner Purchase Contract Template for Philippines

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Key Requirements PROMPT example:

For Sale By Owner Purchase Contract

"I need a For Sale By Owner Purchase Contract for selling my residential property in Manila, Philippines, with a structured payment plan where the buyer will pay 20% upfront in March 2025 and the remaining 80% through bank financing."

Document background

The For Sale By Owner Purchase Contract is specifically designed for use in the Philippines when property owners wish to sell their real estate directly to buyers without engaging a real estate broker. This document is essential in both residential and commercial property transactions where direct negotiation is preferred. It encompasses all necessary legal requirements under Philippine law, including provisions from the Civil Code of the Philippines, Property Registration Decree, and relevant tax regulations. The contract serves as a comprehensive agreement that protects both parties' interests, ensures legal compliance, and facilitates proper property transfer registration. It's particularly useful for property owners who have experience in real estate transactions and prefer to manage the sale process independently while ensuring all legal and regulatory requirements are met.

Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Brief context of the sale and property ownership

3. Definitions: Key terms used throughout the contract

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

5. Purchase Price: Total purchase price and payment terms including deposit and balance payment schedule

6. Payment Terms: Detailed breakdown of payment structure, methods, and timeline

7. Conditions of Sale: Essential conditions that must be met for the sale to proceed

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

9. Closing and Transfer of Title: Process and timeline for completing the sale and transferring property ownership

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

11. Default and Remedies: Consequences and remedies for breach of contract terms

12. Governing Law: Specification of Philippine law as governing law and jurisdiction

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing

2. Property Inspection: Include when buyer requires property inspection before finalizing the sale

3. Occupancy and Possession: Include when there are specific arrangements for property handover or current tenants

4. Fixtures and Fittings: Include when specific items are included or excluded from the sale

5. Title Insurance: Include when buyer requires title insurance

6. Homeowners Association: Include for properties within subdivisions or condominiums with association requirements

7. Mediation and Arbitration: Include when parties agree to alternative dispute resolution

8. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property, including lot plan and boundaries

2. Payment Schedule: Detailed breakdown of payment installments and due dates

3. Inventory of Included Items: List of fixtures, fittings, and other items included in the sale

4. Property Certificates: Copies of tax declarations, title, and other relevant certificates

5. Due Diligence Checklist: List of required documents and verifications

6. Transfer Costs Breakdown: Detailed list of taxes, fees, and other costs related to the transfer

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Residential Property

Commercial Property

Banking and Finance

Legal Services

Property Development

Construction

Urban Planning

Property Management

Relevant Teams

Legal

Finance

Compliance

Real Estate

Property Management

Tax

Corporate Affairs

Risk Management

Operations

Business Development

Relevant Roles

Property Owner

Real Estate Investor

Legal Counsel

Property Manager

Financial Controller

Tax Consultant

Compliance Officer

Business Owner

Chief Financial Officer

Real Estate Developer

Asset Manager

Corporate Secretary

General Counsel

Finance Director

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Let's create your For Sale By Owner Purchase Contract

Authors

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