The Real Estate Contract to Sell is a crucial document in Philippine property transactions, particularly used in installment-based property purchases. It serves as an interim agreement between the completion of negotiations and the eventual transfer of property ownership through a Deed of Absolute Sale. This document type is specifically regulated under Philippine law, including the Civil Code, PD 957, and the Maceda Law, which provide specific requirements for consumer protection in real estate transactions. The contract typically includes comprehensive details about the property, payment terms, conditions for title transfer, and default provisions. It's commonly used by developers, real estate companies, and individual sellers who wish to sell property on an installment basis while retaining ownership until full payment is received.
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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 transaction, including brief description of the property and intention to sell
3. Definitions: Key terms used in the agreement, including technical and legal terms
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 consideration and detailed breakdown of the purchase price
6. Payment Terms: Schedule of payments, including down payment and monthly installments
7. Default and Remedies: Consequences of default and available remedies, incorporating Maceda Law provisions
8. Conditions for Transfer of Title: Requirements and process for the eventual transfer of title upon full payment
9. Representations and Warranties: Seller's declarations regarding property ownership, authority to sell, and property condition
10. Rights and Obligations: Detailed responsibilities of both parties during the contract period
11. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
12. Possession: Terms and conditions for property possession and maintenance
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
14. Notices: Process and requirements for formal communications between parties
15. Execution: Signature blocks and notarization requirements
1. Insurance: Requirements for property insurance during the contract period, optional unless required by specific circumstances
2. Assignment: Rights and restrictions regarding assignment of contract rights, included when allowed by seller
3. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in areas prone to natural disasters
4. Improvements: Terms regarding property modifications, included when improvements are anticipated or allowed
5. Homeowners Association: Required when property is part of a subdivision or planned development
6. Broker Provisions: Included when real estate brokers are involved in the transaction
1. Schedule A - Property Details: Technical description of the property, including lot plan and boundaries
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payment dates and amounts
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Deed of Restrictions: If applicable, restrictions imposed by subdivision or building management
5. Appendix 1 - Property Photos: Current photographs of the property and its improvements
6. Appendix 2 - Required Permits: Copies of relevant government permits and certificates
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