The Property Sale Agreement is a fundamental legal document used in Philippine real estate transactions to formalize the transfer of property ownership. This document is essential when any real property in the Philippines is being sold, whether it's residential, commercial, or agricultural land. The agreement must comply with various Philippine laws, including the Civil Code, Property Registration Decree, and local government regulations. It contains detailed information about the property, parties involved, purchase price, payment terms, warranties, and closing requirements. The document requires notarization and registration with appropriate government agencies to be legally effective. This template is particularly useful for real estate professionals, property developers, and legal practitioners handling property transactions in the Philippines, ensuring all necessary legal requirements are met and parties' interests are protected.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and statement of intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, title details, boundaries, and improvements
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Terms of Payment: Schedule of payments, installment terms if applicable, and consequences of default
7. Representations and Warranties: Seller's warranties regarding ownership, absence of liens, and property condition; Buyer's warranties regarding financial capacity
8. Conditions Precedent: Requirements to be fulfilled before completion of the sale
9. Completion: Process and requirements for closing the sale, including documentation and registration
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Risk and Insurance: Transfer of risk and responsibility for insuring the property
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Notices: Process for sending formal notices between parties
15. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Mortgage Provisions: Include when the purchase is subject to mortgage financing
3. Tenant Provisions: Include when the property is currently leased to tenants
4. Construction Warranties: Include for newly constructed properties
5. Condominium Provisions: Include for condominium unit sales
6. Agricultural Land Provisions: Include when selling agricultural land subject to CARP regulations
7. Foreign Ownership Provisions: Include when buyer is a foreign national or entity
1. Property Details: Technical description, lot plan, and property boundaries
2. Title Documents: Copy of title and relevant property documents
3. Payment Schedule: Detailed breakdown of payment terms and due dates
4. Property Inspection Report: Results of property inspection and list of defects if any
5. Tax Certificates: Current tax declarations and tax clearances
6. Permits and Licenses: Relevant permits, licenses, and certificates affecting the property
7. Photos and Plans: Recent photographs of the property and architectural/building plans
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Agriculture (for agricultural land)
Commercial Real Estate
Residential Real Estate
Industrial Real Estate
Tourism and Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Business Development
Contract Administration
Risk Management
Corporate Services
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Developer
Real Estate Manager
Compliance Officer
Property Conveyancer
Real Estate Broker
Title Officer
Property Sales Manager
Real Estate Administrator
Legal Director
Property Acquisition Manager
Real Estate Investment Manager
Contract Administrator
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