Real Estate Sales Contract Form Template for Philippines

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Key Requirements PROMPT example:

Real Estate Sales Contract Form

"I need a Real Estate Sales Contract Form for a commercial property sale in Makati City, Philippines, with a purchase price of 25 million pesos, to be paid in three installments by March 2025, including provisions for tenant transition and building renovation permits."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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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Let's create your Real Estate Sales Contract Form

Authors

Alex Denne

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