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Unit Sale Agreement

Unit Sale Agreement Template for Philippines

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Key Requirements PROMPT example:

Unit Sale Agreement

"I need a Unit Sale Agreement for a residential condominium unit in Manila, Philippines, with standard payment terms and a scheduled turnover date of March 2025, including provisions for parking space allocation."

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Document background
The Unit Sale Agreement serves as the primary legal instrument for property unit transactions in the Philippines, particularly in condominium and similar residential or commercial developments. This document is essential when transferring ownership rights from a developer or property owner to a buyer, whether for residential or investment purposes. It must comply with various Philippine laws, including the Civil Code, Condominium Act, and Maceda Law, while addressing specific requirements for real estate transactions in the jurisdiction. The agreement typically covers crucial elements such as property details, payment terms, delivery conditions, warranties, and default remedies, all structured to protect both seller and buyer interests while ensuring regulatory compliance.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete details as required by Philippine law

2. Background: Context of the sale, including brief description of the development and the unit being sold

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology

4. Subject Matter of Sale: Detailed description of the unit being sold, including exact location, floor area, and boundaries

5. Purchase Price: Total purchase price, payment terms, and schedule of payments

6. Payment Terms and Conditions: Detailed payment structure, including reservation fee, down payment, and balance payment schemes

7. Delivery and Turnover: Timeline and conditions for unit completion and turnover to the buyer

8. Warranties: Seller's warranties regarding title, construction quality, and compliance with laws

9. Rights and Obligations of the Parties: Detailed responsibilities of both seller and buyer

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

11. Transfer of Title: Process and conditions for transferring property title to the buyer

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

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

14. Miscellaneous Provisions: Standard provisions including notices, amendments, and severability

Optional Sections

1. Mortgage Provisions: Include when buyer is obtaining bank financing, detailing terms of mortgage arrangement

2. Construction Timeline: Include for pre-selling units, specifying construction milestones and completion dates

3. Parking Space: Include when sale includes parking space allocation

4. Property Management: Include when there are specific building management terms or fees to be agreed

5. Investment Terms: Include for units sold as investment properties with rental pool arrangements

6. Furniture and Fixtures: Include when unit is sold fully or partially furnished

7. Special Payment Arrangements: Include when there are non-standard payment terms or installment arrangements

Suggested Schedules

1. Schedule A - Unit Details: Detailed technical specifications of the unit, including floor plan and area calculation

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

3. Schedule C - Unit Inclusions: List of fixtures, fittings, and amenities included in the sale

4. Schedule D - Building Rules and Regulations: Copy of the condominium corporation's rules and regulations

5. Schedule E - Construction Specifications: Detailed construction and finishing specifications for the unit

6. Schedule F - Common Area Rights: Details of rights and access to common areas and facilities

7. Appendix 1 - Required Documents: List of documents required for closing and transfer of title

8. Appendix 2 - Form of Deed of Absolute Sale: Template of the final deed of sale to be executed upon full payment

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
Applicable Laws
Building
Common Areas
Completion Date
Condominium Corporation
Condominium Unit
Contract Price
Deed of Absolute Sale
Default
Developer
Down Payment
Due Diligence
Effective Date
Encumbrances
Force Majeure
HLURB
Improvements
Interest Rate
License to Sell
Master Deed
Monthly Dues
Mortgage
Notice
Occupancy Permit
Parking Space
Parties
Payment Schedule
Property
Purchase Price
Reservation Agreement
Reservation Fee
Schedule of Payments
Seller
Specifications
Title
Transfer Date
Transfer Taxes
Turn-over Date
Unit
Unit Area
Unit Plan
Utilities
Warranties
Clauses
Interpretation
Sale and Purchase
Property Description
Price and Payment
Title and Ownership
Representations and Warranties
Delivery and Possession
Construction and Completion
Default and Remedies
Force Majeure
Assignment
Notices
Termination
Dispute Resolution
Governing Law
Severability
Entire Agreement
Registration and Transfer
Taxes and Fees
Insurance
Common Areas
Property Management
Utilities and Services
Inspection and Acceptance
Maintenance
Alterations and Improvements
Use Restrictions
Environmental Compliance
Documentation
Confidentiality
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Real Estate Investment

Urban Development

Relevant Teams

Legal

Real Estate Sales

Property Development

Compliance

Documentation

Business Development

Contract Administration

Property Management

Customer Relations

Title and Registration

Relevant Roles

Real Estate Developer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Sales Director

Property Development Manager

Contract Administrator

Real Estate Broker

Corporate Lawyer

Sales Manager

Documentation Officer

Title Officer

Property Consultant

Business Development Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental principles of contracts, including requirements for validity, obligations and contracts, and sales
Condominium Act (Republic Act No. 4726): Regulates the sale and ownership of condominium units, including requirements for developers and rights of unit owners
Maceda Law (Republic Act No. 6552): Provides protection to buyers of real estate on installment payments, including rights to grace period and refund
Consumer Act of the Philippines (Republic Act No. 7394): Protects buyers against deceptive, unfair, and unconscionable sales acts and practices
Real Estate Service Act of 2009 (Republic Act No. 9646): Governs real estate transactions and the professional conduct of real estate service practitioners
National Internal Revenue Code: Covers tax obligations related to real estate transactions, including capital gains tax and documentary stamp tax
Housing and Land Use Regulatory Board (HLURB) Rules and Regulations: Provides guidelines for real estate development projects and protection of buyers
Anti-Money Laundering Act (Republic Act No. 9160): Requirements for reporting and documentation of real estate transactions to prevent money laundering
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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