The Seller's Agreement (Real Estate) is a crucial legal instrument used in Philippine property transactions to formalize the sale of real estate between parties. This document is essential when transferring property ownership in the Philippines, whether for residential, commercial, or industrial properties. It must comply with various Philippine laws, including the Civil Code, Presidential Decree No. 957, and the Real Estate Service Act. The agreement comprehensively covers all aspects of the sale, from property description and purchase price to warranties and closing requirements. It's designed to protect both seller and buyer interests while ensuring compliance with local registration requirements, tax obligations, and property laws. This type of agreement is particularly important in the Philippine context, where property transactions must adhere to strict legal requirements and local government regulations.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, including the Seller's ownership and authority to sell the property
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and total area
5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements
6. Payment Terms: Details the schedule of payments, payment methods, and consequences of default
7. Conditions of Sale: Outlines the conditions that must be met for the sale to proceed
8. Seller's Representations and Warranties: Lists the Seller's guarantees regarding property ownership, encumbrances, and condition
9. Buyer's Representations and Warranties: States the Buyer's guarantees regarding financial capacity and compliance with laws
10. Closing Requirements: Lists documents and actions required to complete the transaction
11. Transfer of Title: Specifies the process and timing for transferring property ownership
12. Taxes and Expenses: Allocates responsibility for various taxes and transaction costs
13. Default and Remedies: Describes what constitutes default and the available remedies
14. Governing Law: Confirms Philippine law as governing law and specifies jurisdiction
15. Notices: Specifies how formal communications between parties should be made
16. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Mortgage Contingency: Include when the purchase is contingent on the Buyer obtaining financing
3. Property Inspection: Include when the agreement is subject to professional property inspection
4. Existing Tenancies: Include when the property has current tenants
5. Construction Completion: Include for properties under construction or requiring completion works
6. Zoning and Permits: Include when specific zoning requirements or permits are crucial to the transaction
7. Environmental Matters: Include when environmental issues or assessments are relevant
8. Homeowners Association: Include when the property is part of a subdivision or condominium with an association
9. Force Majeure: Include to address potential natural disasters or extraordinary circumstances
1. Schedule A - Property Details: Technical description of the property, including boundaries, technical plans, and certificates
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Documents: List of all property-related documents, certificates, and permits
4. Schedule D - Deed of Absolute Sale Template: Draft of the deed to be executed upon completion of payments
5. Schedule E - Property Inspection Report: Details of property condition and any identified issues
6. Appendix 1 - Property Photos: Recent photographs of the property and its features
7. Appendix 2 - Tax Certificates: Copies of relevant tax clearances and certificates
8. Appendix 3 - Title Documents: Copy of the current title and any relevant annotations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Investment and Asset Management
Property Management
Urban Development
Housing and Development
Hospitality
Retail
Commercial Property
Relevant Teams
Legal
Real Estate
Compliance
Sales
Business Development
Property Management
Corporate Services
Risk Management
Operations
Finance
Investment
Document Management
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Compliance Officer
Contract Manager
Real Estate Investment Manager
Property Appraiser
Title Officer
Sales Director
Business Development Manager
Real Estate Analyst
Transaction Coordinator
Corporate Counsel
Chief Legal Officer
Real Estate Portfolio Manager
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