The Installment Sale Agreement (Real Estate) is a crucial document in Philippine real estate transactions where buyers prefer or require payment through installments rather than a lump sum purchase. This agreement type is particularly common in residential and commercial property sales where buyers seek to acquire property through manageable periodic payments. The document must comply with the Maceda Law (RA 6552), which provides specific protections for buyers in installment sales, including grace periods and refund provisions. It needs to address all essential elements required under the Civil Code of the Philippines while incorporating specific terms about the property, payment schedule, interest rates, and conditions for title transfer. The agreement is typically used by property developers, real estate companies, and individual sellers who wish to offer flexible payment terms while protecting their interests in the property until full payment is received. It includes comprehensive provisions for default scenarios, property maintenance, taxes, and other obligations during the installment period.
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1. Parties: Identification of the Seller and Buyer with complete details including names, addresses, tax identification numbers, and civil status as required under Philippine law
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into an installment sale arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Purchase Price, Installment Payments, etc.
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and title details as registered with the Registry of Deeds
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, installment payment schedule, interest rate, and payment mechanics
6. Rights and Obligations of the Seller: Seller's commitments including property delivery, maintenance of title until full payment, and compliance with Maceda Law
7. Rights and Obligations of the Buyer: Buyer's commitments including payment obligations, property maintenance, and compliance with regulations
8. Default and Remedies: Consequences of default, grace periods under Maceda Law, and procedures for remedy
9. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments
10. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction-related expenses
11. Representations and Warranties: Standard declarations about property ownership, authority to sell, and absence of liens or encumbrances
12. General Provisions: Standard contract clauses including governing law, amendments, notices, and severability
13. Execution: Signature blocks with notarial acknowledgment as required under Philippine law
1. Property Insurance: Requirements for property insurance during the installment period, used when the property includes structures or when required by the seller
2. Occupancy Terms: Terms governing property occupancy during the installment period, used when immediate occupancy is permitted
3. Assignment and Subletting: Terms governing the buyer's right to assign or sublet, included when these rights need to be explicitly addressed
4. Homeowners Association: Terms relating to homeowners association membership and fees, used for properties within subdivisions or planned communities
5. Construction and Improvements: Terms governing the buyer's right to construct or improve the property during the installment period
6. Co-Buyer Provisions: Additional terms when there are multiple buyers, defining their rights and obligations
7. Attorney's Fees: Provisions for recovery of attorney's fees in case of disputes, included when specifically negotiated
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all installment payments, due dates, and breakdown of principal and interest
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Deed of Absolute Sale Template: Template of the deed to be executed upon full payment
5. Appendix 1 - Property Photos: Current photographs of the property and its boundaries
6. Appendix 2 - Required Permits: Copies of relevant permits, certificates, and clearances
7. Appendix 3 - Property Tax Receipts: Proof of payment of property taxes and other governmental assessments
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