The Real Estate Sales Contract Form is a crucial legal document used in the Philippines for property transactions between buyers and sellers. This contract type is essential for both residential and commercial property transfers, ensuring compliance with Philippine property laws, including the Civil Code, Property Registration Decree (PD 1529), and relevant tax regulations. It is commonly used in various scenarios, from simple residential purchases to complex commercial property acquisitions. The document includes detailed property descriptions, price and payment terms, conditions for transfer, tax obligations, and specific requirements for Philippine property registration. It must be notarized and properly executed to be valid for registration with the Registry of Deeds, making it a fundamental instrument in Philippine real estate transactions.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, survey number, title details, boundaries, and technical description as per land title
5. Purchase Price: Total purchase price, payment terms, and method of payment
6. Terms of Payment: Detailed payment schedule, installment terms if applicable, and consequences of default
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other legal guarantees
8. Conditions Precedent: Requirements to be fulfilled before the sale becomes final
9. Title Transfer: Process and timeline for transferring the property title to the buyer
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Possession: Terms and timing of property handover to the buyer
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
13. Execution: Signature blocks with requirements for notarization
1. Broker Involvement: Details of real estate broker involvement and commissions, required when a licensed broker is involved in the transaction
2. Mortgage Provisions: Terms related to mortgage financing, needed when buyer is obtaining bank financing
3. Property Inspection: Detailed inspection provisions and findings, recommended when selling existing properties
4. Tenant Provisions: Required when the property is currently leased to tenants
5. Construction Warranties: Needed for newly constructed properties or properties under construction
6. Homeowners Association: Required when property is within a subdivision or condominium development
7. Force Majeure: Optional provisions for unforeseen circumstances affecting the transaction
8. Anti-Money Laundering Compliance: Additional provisions for high-value transactions requiring AMLA compliance
1. Property Documents: Certified true copies of property title, tax declarations, and survey plans
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Property Inventory: List of included fixtures, fittings, and improvements
4. Tax Certificates: Current real property tax certificates and clearances
5. Property Pictures: Recent photographs of the property and its boundaries
6. Due Diligence Results: Reports on title search, liens verification, and technical inspection
7. Required Permits: Copies of building permits, occupancy permits, and other relevant authorizations
Relevant legal definitions
Agreement
Property
Purchase Price
Seller
Buyer
Closing Date
Closing
Title
Transfer Certificate of Title
Tax Declaration
Deed of Absolute Sale
Down Payment
Earnest Money
Business Day
Certificate of Title
Encumbrances
Force Majeure
Improvements
Liens
Property Documents
Registration Fees
Real Estate Taxes
Transfer Taxes
Documentary Stamp Tax
Capital Gains Tax
Local Government Unit
Registry of Deeds
Notary Public
Due Diligence Period
Possession Date
Representations and Warranties
Real Estate Broker
Technical Description
Zonal Value
Assessed Value
Property
Purchase Price
Seller
Buyer
Closing Date
Closing
Title
Transfer Certificate of Title
Tax Declaration
Deed of Absolute Sale
Down Payment
Earnest Money
Business Day
Certificate of Title
Encumbrances
Force Majeure
Improvements
Liens
Property Documents
Registration Fees
Real Estate Taxes
Transfer Taxes
Documentary Stamp Tax
Capital Gains Tax
Local Government Unit
Registry of Deeds
Notary Public
Due Diligence Period
Possession Date
Representations and Warranties
Real Estate Broker
Technical Description
Zonal Value
Assessed Value
Clauses
Identification of Parties
Property Description
Purchase Price
Payment Terms
Title Transfer
Warranties of Title
Representations and Warranties
Due Diligence
Property Inspection
Conditions Precedent
Tax Obligations
Registration Requirements
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Broker Provisions
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Survival
Indemnification
Possession and Delivery
Closing Conditions
Environmental Compliance
Zoning Compliance
Property Tax Adjustments
Transfer Costs
Termination Rights
Property Description
Purchase Price
Payment Terms
Title Transfer
Warranties of Title
Representations and Warranties
Due Diligence
Property Inspection
Conditions Precedent
Tax Obligations
Registration Requirements
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Broker Provisions
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Survival
Indemnification
Possession and Delivery
Closing Conditions
Environmental Compliance
Zoning Compliance
Property Tax Adjustments
Transfer Costs
Termination Rights
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Legal Services
Insurance
Hospitality
Retail
Manufacturing
Agriculture
Education
Healthcare
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Corporate Services
Operations
Finance
Risk Management
Facilities Management
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Business Development Manager
Investment Manager
Property Developer
Real Estate Broker
Corporate Lawyer
Conveyancing Officer
Title Examiner
Real Estate Consultant
Property Acquisition Manager
Asset Manager
Facilities Manager
Real Estate Paralegal
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