The Lot Sale Contract is a fundamental legal document used in Philippine real estate transactions for the transfer of land ownership. It is essential for compliance with Philippine property laws, including the Civil Code, Presidential Decree 957 (Subdivision and Condominium Buyers' Protective Decree), and the Maceda Law. This document is typically used when selling vacant lots, subdivision lots, or undeveloped land parcels, whether for residential, commercial, or industrial purposes. The contract must include specific provisions required by Philippine law, such as technical property descriptions, payment terms, tax obligations, and transfer procedures. It serves as the primary instrument for documenting the agreement between parties and facilitating the eventual transfer of title through the Register of Deeds.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract
2. Background: Establishes the context of the sale, including brief description of the property and the parties' intention to enter into the transaction
3. Definitions: Defines key terms used throughout the contract for clarity and consistency
4. Property Description: Detailed description of the lot including exact measurements, boundaries, and technical description as per title
5. Purchase Price: States the total purchase price and terms of payment, including any installment payment arrangements
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Warranties and Representations: Seller's warranties regarding ownership, absence of liens, and compliance with laws; Buyer's warranties regarding financial capacity
8. Conditions Precedent: Conditions that must be met before the sale becomes final, including documentary requirements
9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring the title to the buyer
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction expenses
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law and Dispute Resolution: Specifies Philippine law as governing law and outlines dispute resolution procedures
13. Miscellaneous Provisions: Standard boilerplate provisions including notices, amendments, and severability
1. Broker Provisions: Include when a real estate broker is involved in the transaction, specifying broker's role and commission
2. Construction Requirements: Include when the lot sale includes specific requirements for future construction or development
3. Environmental Compliance: Include when the property requires specific environmental clearances or has environmental restrictions
4. Homeowners Association: Include when the lot is part of a subdivision with an existing homeowners association
5. Financing Provisions: Include when the purchase involves bank financing or specific financing arrangements
6. Development Timeline: Include when the sale involves undeveloped land with development commitments from the seller
7. Special Use Restrictions: Include when there are specific restrictions on property use beyond standard zoning requirements
8. Force Majeure: Include detailed force majeure provisions when the property is in areas prone to natural disasters
1. Technical Description: Detailed technical description of the lot including survey plans and coordinates
2. Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Title Documents: Copy of the Transfer Certificate of Title and tax declarations
4. Property Tax Certificates: Certificates showing payment of real property taxes and other assessments
5. Permits and Clearances: Copies of relevant permits, licenses, and clearances
6. Subdivision Plan: If part of a subdivision, the approved subdivision plan showing the subject lot
7. Photos and Visual Documentation: Recent photographs of the property and its boundaries
8. Due Diligence Reports: Results of technical and legal due diligence investigations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Urban Planning
Land Development
Real Estate Investment
Relevant Teams
Legal
Real Estate Development
Sales
Compliance
Property Management
Land Acquisition
Contract Administration
Business Development
Risk Management
Finance
Relevant Roles
Real Estate Developer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Land Development Manager
Sales Director
Contract Administrator
Property Assessor
Title Officer
Real Estate Attorney
Development Project Manager
Land Acquisition Manager
Real Estate Investment Manager
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