Motor Vehicle Contract Of Sale Template for Philippines

The Motor Vehicle Contract of Sale is a crucial legal document used in the Philippines for transferring ownership of vehicles between parties. It serves as the primary agreement in vehicle sales transactions, whether between private individuals, dealerships, or corporate entities. The document must comply with Philippine legal requirements, including the Civil Code, Land Transportation and Traffic Code, and LTO regulations. It typically includes comprehensive details about the vehicle, parties involved, purchase terms, warranties, and transfer procedures. This contract is essential for protecting both buyer and seller interests, facilitating vehicle registration transfer, and ensuring compliance with tax obligations and regulatory requirements in the Philippine jurisdiction.

1. Parties: Identification of the Seller and Buyer with complete legal names, addresses, and tax identification numbers

2. Background: Brief context of the transaction and confirmation that the Seller owns the vehicle

3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Closing Date', etc.

4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, plate number, and mileage

5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment

6. Seller's Representations and Warranties: Warranties regarding vehicle ownership, condition, absence of liens, and compliance with regulations

7. Transfer of Title and Registration: Process and timeline for transferring vehicle ownership and registration

8. Delivery and Acceptance: Terms for vehicle delivery, inspection, and acceptance

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

10. Governing Law: Specification that Philippine law governs the agreement

11. Execution: Signature blocks and execution requirements