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Standard Property Sale Contract

Standard Property Sale Contract Template for Philippines

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Key Requirements PROMPT example:

Standard Property Sale Contract

"I need a Standard Property Sale Contract for a residential property in Manila, Philippines, with completion scheduled for March 2025, including provisions for an existing tenant who will remain in the property for 6 months after the sale."

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Document background
The Standard Property Sale Contract is a fundamental legal document used in Philippine real estate transactions for transferring property ownership from seller to buyer. This document is essential for both residential and commercial property transactions in the Philippines, incorporating requirements from the Civil Code of the Philippines, Property Registration Decree, and relevant local government regulations. It includes mandatory provisions for property description, payment terms, warranties, and closing requirements, while ensuring compliance with tax regulations and anti-money laundering provisions. The contract is designed to protect both parties' interests while facilitating a smooth property transfer process in accordance with Philippine law. It can be customized for various property types while maintaining its core legal requirements and enforceability.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, and addresses as required by Philippine law

2. Background: Context of the sale and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including lot number, title details, boundaries, and technical description as per the title

5. Purchase Price: Agreed purchase price, payment terms, and method of payment

6. Payment Terms: Detailed breakdown of payment schedule, deposits, and final payment arrangements

7. Conditions Precedent: Conditions that must be satisfied before completion of the sale

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and authority to sell

9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to purchase

10. Completion: Process and requirements for completing the sale, including documentation and registration

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

12. Default and Remedies: Consequences of default by either party and available remedies

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

14. Execution: Signature blocks and notarial requirements

Optional Sections

1. Existing Tenancies: Details of any existing lease agreements and handling of tenant deposits - include when property is sold with sitting tenants

2. Mortgage Provisions: Terms relating to existing or new mortgages - include when property is mortgaged or buyer requires mortgage financing

3. Property Management: Arrangements for property management during the transition period - include for complex properties or when there's a gap between sale and completion

4. Due Diligence: Specific provisions for buyer's due diligence period - include for commercial properties or high-value transactions

5. Broker's Commission: Details of real estate broker's commission and payment terms - include when a broker is involved

6. Construction Warranties: Transfer of builder's warranties or ongoing construction obligations - include for newly built properties

7. Environmental Matters: Environmental warranties and indemnities - include for industrial properties or where environmental concerns exist

8. Subdivision Approval: Conditions relating to subdivision approval - include when property requires subdivision

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property, including boundaries, improvements, and title details

2. Payment Schedule: Detailed breakdown of payment terms, including amounts and due dates

3. Inventory of Fixtures and Fittings: List of items included in or excluded from the sale

4. Title Documents: Copies of relevant title documents and certificates

5. Property Tax Certificates: Current tax declarations and certificates of payment

6. Due Diligence Documents: List of documents provided for due diligence

7. Form of Transfer Documents: Templates of deed of absolute sale and other transfer documents

8. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property

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
Completion Date
Completion
Deposit
Title Documents
Transfer Documents
Deed of Absolute Sale
Encumbrances
Business Day
Certificate of Title
Tax Declaration
Local Government Unit
Closing Costs
Due Diligence Period
Effective Date
Fixtures and Fittings
Force Majeure
Improvements
Material Adverse Change
Permitted Encumbrances
Real Estate Taxes
Register of Deeds
Registration Fees
Seller's Warranties
Buyer's Warranties
Transfer Taxes
Zoning Requirements
Documentary Stamp Tax
Capital Gains Tax
Notice
Parties
Working Hours
Default
Completion Requirements
Title Insurance
Property Description
Governing Law
Signing Date
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Property Title
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Transfer of Ownership
Taxes and Expenses
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Entire Agreement
Severability
Governing Law
Dispute Resolution
Registration
Indemnification
Further Assurance
Confidentiality
Property Inspection
Title Insurance
Environmental Compliance
Local Government Requirements
Anti-Money Laundering Compliance
Broker Commission
Property Handover
Utilities and Services
Survival
Amendment
Waiver
Relevant Industries

Real Estate

Residential Property

Commercial Property

Banking and Finance

Construction

Legal Services

Property Development

Property Management

Urban Planning

Local Government

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Business Development

Finance

Risk Management

Operations

Administrative

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Officer

Property Developer

Real Estate Manager

Bank Manager

Mortgage Officer

Property Assessor

Legal Counsel

Compliance Officer

Real Estate Broker

Title Officer

Property Administrator

Sales Manager

Business Development Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, property rights, sales, and obligations in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and Book V on Property, Ownership, and its Modifications.
Presidential Decree No. 1529 (Property Registration Decree): Governs the registration of real property and provides the system for property titling and transfer of ownership in the Philippines.
Republic Act No. 6552 (Maceda Law): Provides protection to buyers in installment sales of real estate, including rights of buyers in case of default and payment terms.
Local Government Code of 1991 (Republic Act No. 7160): Contains provisions on real property taxation, transfer requirements, and local government requirements for property transactions.
National Internal Revenue Code: Covers tax obligations related to property sales, including capital gains tax, documentary stamp tax, and other applicable taxes.
Republic Act No. 9160 (Anti-Money Laundering Act): Includes provisions affecting real estate transactions, particularly regarding the reporting of large transactions and verification of buyer identity.
Republic Act No. 4726 (Condominium Act): Specific regulations governing the sale of condominium units and other properties under condominium arrangements.
Presidential Decree No. 957: Regulates the sale of subdivision lots and condominiums, including developer obligations and buyer protections.
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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