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Installment Sales Contract For (Real Estate)
"I need an Installment Sales Contract For (Real Estate) for selling a condominium unit in Makati City, with a 20% down payment and the remaining balance to be paid in equal monthly installments over 5 years starting March 2025, including provisions for early payment options."
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1. Parties: Identification of the Seller and Buyer with complete details as required by Philippine law
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and technical description as per title
5. Purchase Price: Total purchase price and breakdown of payment components
6. Payment Terms: Detailed installment payment schedule, including down payment, monthly payments, due dates, and interest rates
7. Default and Remedies: Consequences of payment default and remedies available to both parties, incorporating Maceda Law provisions
8. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments
9. Possession: Terms regarding the possession and use of the property during the installment period
10. Taxes and Expenses: Allocation of responsibility for real property taxes, registration fees, and other expenses
11. Representations and Warranties: Seller's warranties regarding property ownership and condition, and buyer's warranties regarding financial capacity
12. Termination: Grounds for termination and its consequences, including refund provisions under Maceda Law
13. Governing Law: Specification of Philippine law as governing law and relevant statutory references
14. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue
1. Broker Involvement: Terms regarding real estate broker involvement and commissions, used when a licensed broker is involved in the transaction
2. Property Management: Terms for property management during the installment period, relevant for condominiums or properties in managed communities
3. Construction Obligations: Used when the property is still under construction, detailing completion timelines and specifications
4. Homeowners Association: Terms relating to homeowners association membership and fees, applicable for properties within subdivisions or planned communities
5. Insurance Requirements: Specific insurance obligations during the installment period, optional but recommended for higher-value properties
6. Co-Buyer Provisions: Additional terms when there are multiple buyers, detailing joint and several liability
7. Special Use Restrictions: Specific restrictions on property use during the installment period, used for properties with unique characteristics or requirements
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 interest calculations
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Delivery Protocol: Checklist and protocol for property inspection and acceptance
5. Appendix 1 - Property Photos: Current photographs of the property and its significant features
6. Appendix 2 - Required Permits: Copies of relevant permits and certificates required for the property
7. Appendix 3 - Property Rules: Applicable homeowners association rules or building regulations, if any
Authors
Property
Purchase Price
Down Payment
Monthly Installment
Due Date
Interest Rate
Default Interest
Grace Period
Amortization Schedule
Certificate of Title
Transfer Certificate of Title
Tax Declaration
Deed of Absolute Sale
Contract to Sell
Closing Date
Effective Date
Business Day
Force Majeure
Maceda Law
Transfer Taxes
Registration Fees
Buyer
Seller
Property Documents
Encumbrances
Title Defects
Real Estate Taxes
Special Assessments
Possession Date
Default Notice
Cure Period
Substantial Completion
Common Areas
Homeowners Association
Association Dues
Property Manager
Zoning Laws
Building Code
Environmental Laws
Utilities
Improvements
Fixtures
Legal Charges
Documentary Requirements
Material Breach
Notice
Remedies
Governing Law
Representatives
Purchase Price
Payment Terms
Title Transfer
Property Possession
Representations and Warranties
Due Diligence
Default and Remedies
Force Majeure
Insurance
Property Maintenance
Tax Obligations
Assignment
Termination
Dispute Resolution
Governing Law
Notice Requirements
Registration
Compliance
Authorization
Entire Agreement
Amendment
Severability
Further Assurance
Indemnification
Survival
Time of Essence
Counterparts
Legal Costs
Real Estate Broker
Environmental Compliance
Utilities
Inspection Rights
Construction Requirements
Zoning Compliance
Real Estate
Property Development
Construction
Banking and Finance
Insurance
Legal Services
Property Management
Urban Planning
Housing Development
Real Estate Investment
Legal
Real Estate
Sales
Compliance
Finance
Business Development
Risk Management
Property Management
Contract Administration
Document Management
Real Estate Lawyer
Property Developer
Real Estate Broker
Legal Counsel
Property Manager
Sales Director
Compliance Officer
Contract Administrator
Real Estate Manager
Title Officer
Risk Manager
Real Estate Agent
Financial Controller
Business Development Manager
Legal Document Specialist
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