The Seller Financing Purchase Agreement is a specialized contract used in the Philippines when traditional bank financing is either unavailable or undesirable for property purchases. This agreement type is particularly valuable in scenarios where buyers seek alternative financing options or sellers wish to generate ongoing income through interest payments. The document comprehensively covers both the sale and financing aspects, including purchase price, payment terms, interest rates, security arrangements, and property transfer conditions. Under Philippine jurisdiction, this agreement must comply with various regulations including the Civil Code, Truth in Lending Act, and real estate laws. It's commonly used in both residential and commercial property transactions, providing flexibility while ensuring legal protection for all parties involved.
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1. Parties: Identification and details of the Seller/Financier and the Buyer/Borrower
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a seller-financed purchase arrangement
3. Definitions: Key terms used throughout the agreement, including financial terms, property description, and other relevant definitions
4. Purchase Price and Financing Terms: Total purchase price, down payment, principal amount financed, interest rate, and payment terms
5. Payment Schedule: Detailed structure of payments including amounts, due dates, and payment methods
6. Property Description and Transfer: Detailed description of the property and terms of transfer
7. Security and Collateral: Details of security arrangements, including retention of title or mortgage provisions
8. Representations and Warranties: Statements of fact and promises by both parties regarding their capacity, authority, and the property's condition
9. Covenants: Ongoing obligations of both parties during the financing period
10. Default and Remedies: Events constituting default and available remedies for both parties
11. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
12. Taxes and Expenses: Allocation of tax obligations and transaction expenses
13. Governing Law and Dispute Resolution: Specification of Philippine law as governing law and dispute resolution procedures
14. Execution: Signature blocks and notarization requirements
1. Pre-payment Provisions: Terms allowing early payment of the financing amount, including any penalties or incentives
2. Property Use Restrictions: Any restrictions on property use or modifications during the financing period
3. Assignment and Transfer: Terms governing the ability to assign or transfer rights under the agreement
4. Force Majeure: Provisions for unforeseen circumstances affecting performance
5. Third-Party Rights: Rights of third parties, if any, in relation to the property or agreement
6. Subdivision or Development Rights: Terms regarding property development or subdivision during the financing period
1. Payment Amortization Schedule: Detailed schedule showing all payments, principal and interest allocations
2. Property Details: Complete legal description of the property, including certificates of title and tax declarations
3. Property Condition Report: Detailed assessment of property condition at time of sale
4. Insurance Requirements: Specific insurance coverage requirements and terms
5. Deed of Absolute Sale Template: Template to be used upon completion of payments
6. Required Permits and Certificates: Copies of all relevant government permits and certificates
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