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Property Sale Contract Form

Property Sale Contract Form Template for Philippines

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Key Requirements PROMPT example:

Property Sale Contract Form

"I need a Property Sale Contract Form for a commercial building sale in Manila, Philippines, with specific provisions for installment payments over 24 months starting March 2025, and the property is currently leased to multiple tenants whose rights need to be protected in the sale."

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Document background
The Property Sale Contract Form is a crucial legal instrument used in Philippine real estate transactions to document and formalize the transfer of property ownership. It serves as the primary agreement between parties in both residential and commercial property sales, incorporating mandatory provisions required by Philippine law while allowing for customization based on specific transaction requirements. This document is essential for ensuring compliance with the Civil Code of the Philippines, Property Registration Decree, and local government regulations. The contract form includes comprehensive details about the property, parties involved, payment terms, and conditions of sale, while addressing specific Philippine requirements such as tax obligations, foreign ownership restrictions (if applicable), and property registration procedures. It is commonly used by real estate professionals, legal practitioners, and property developers to facilitate compliant and secure property transactions in the Philippine market.
Suggested Sections

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

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 legal description of the property including lot number, location, boundaries, and title details

5. Purchase Price: Agreed purchase price and payment structure

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Warranties and Representations: Seller's warranties regarding property ownership, encumbrances, and condition

8. Conditions Precedent: Conditions that must be met before the sale can proceed

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

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

11. Risk and Insurance: Transfer of risk and insurance requirements during the sale process

12. Default and Remedies: Consequences and remedies in case of breach by either party

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

14. 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 sale is subject to satisfactory property inspection

3. Tenant Rights: Include when property is currently leased or occupied by tenants

4. Homeowners Association: Include when property is part of a homeowners association

5. Construction Completion: Include for properties under construction or requiring specific improvements

6. Environmental Compliance: Include when property has potential environmental issues or requirements

7. Foreign Ownership Compliance: Include when buyer is a foreign national or entity

8. Broker Provisions: Include when real estate brokers are involved in the transaction

Suggested Schedules

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

2. Schedule B - Title Documents: Copy of title and other relevant property documents

3. Schedule C - Payment Schedule: Detailed payment terms and installment schedule if applicable

4. Schedule D - Property Inventory: List of fixtures, fittings, and other items included in the sale

5. Schedule E - Outstanding Encumbrances: List of any existing liens, mortgages, or other encumbrances

6. Appendix 1 - Property Photos: Recent photographs of the property

7. Appendix 2 - Required Permits: Copies of relevant permits and certificates

8. Appendix 3 - Tax Certificates: Current real property tax certificates and clearances

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Purchase Price
Closing Date
Completion
Deed of Absolute Sale
Deposit
Encumbrances
Certificate of Title
Transfer Certificate of Title
Tax Declaration
Real Estate Taxes
Capital Gains Tax
Documentary Stamp Tax
Transfer Tax
Business Day
Closing Costs
Due Diligence Period
Effective Date
Force Majeure
Improvements
Land Registration Authority
Register of Deeds
Notice
Parties
Seller's Warranties
Title Documents
Zoning Requirements
Permitted Use
Material Adverse Change
Possession Date
Property Documents
Registration Fees
Representatives
Security Interest
Transfer Documents
Utilities
Vacant Possession
Working Day
Local Government Unit
Homeowners Association
Common Areas
Property Assessor
Broker
Clauses
Property Description
Purchase Price
Payment Terms
Transfer of Title
Representations and Warranties
Conditions Precedent
Due Diligence
Property Inspection
Title Insurance
Risk and Insurance
Tax Obligations
Registration Requirements
Default and Remedies
Force Majeure
Assignment
Property Possession
Utilities Transfer
Environmental Compliance
Broker Commission
Foreign Ownership
Local Government Compliance
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Notice
Legal Costs
Property Maintenance
Encumbrances
Title Clearance
Closing Conditions
Documentation Requirements
Property Access
Termination Rights
Indemnification
Survival
Compliance with Laws
Relevant Industries

Real Estate

Construction

Banking and Finance

Legal Services

Property Development

Housing

Commercial Property

Retail

Industrial

Hospitality

Agriculture (for agricultural land)

Education (for institutional properties)

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documentation

Risk Management

Corporate Services

Operations

Finance

Business Development

Administrative Services

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Real Estate Developer

Land Registration Officer

Property Assessor

Real Estate Agent

Title Examiner

Corporate Lawyer

Conveyancing Manager

Real Estate Transaction Manager

Property Administrator

Legal Document Specialist

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts and property relations, including requirements for valid contracts, obligations and contracts, and sales
Property Registration Decree (Presidential Decree No. 1529): Governs the registration and transfer of real property titles in the Philippines
Local Government Code (Republic Act No. 7160): Contains provisions on real property taxation and local government requirements for property transfers
National Internal Revenue Code: Covers capital gains tax, documentary stamp tax, and other tax obligations related to property sales
Philippine Constitution Article XII: Contains restrictions on foreign ownership of land in the Philippines
Real Estate Service Act (RESA) of 2009 (Republic Act No. 9646): Regulates real estate practice and transactions in the Philippines
Foreign Investments Act: Provides guidelines on foreign investment in real property in the Philippines
Anti-Money Laundering Act (AMLA): Includes provisions affecting real estate transactions to prevent money laundering
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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