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Apartment Deed for Philippines

Apartment Deed Template for Philippines

A Philippine Apartment Deed is a formal legal document that transfers ownership rights of an apartment or condominium unit from one party to another, governed by Philippine property law, particularly the Condominium Act (RA 4726) and Civil Code. This document details the specific characteristics of the property being transferred, including its exact location, measurements, and share in common areas, while also outlining the terms and conditions of the transfer, payment arrangements, and respective obligations of both parties. It must comply with local registration requirements and incorporate necessary provisions for tax purposes under Philippine law.

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What is a Apartment Deed?

An Apartment Deed is a crucial legal instrument in Philippine real estate transactions, used specifically for transferring ownership rights of apartment or condominium units. This document type is essential when conducting property transfers in the Philippines and must comply with various regulations, including the Condominium Act (RA 4726), Civil Code, and local property laws. The deed contains detailed information about the property, parties involved, consideration, and terms of transfer, while also addressing specific requirements for common areas and facilities typical in apartment or condominium arrangements. It serves as the primary evidence of ownership transfer and must be properly notarized and registered with relevant government authorities to be legally effective.

What sections should be included in a Apartment Deed?

1. Parties: Identification of the Seller/Grantor and Buyer/Grantee with complete names, civil status, citizenship, and addresses

2. Background: Context of the property transfer, including brief history of ownership and reason for transfer

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

4. Property Description: Detailed description of the apartment unit, including exact location, floor area, boundaries, and tax declaration number

5. Common Areas: Description of common areas and facilities, including the corresponding share in common areas

6. Consideration: Purchase price and payment terms

7. Warranties of Title: Seller's warranties regarding clear title and absence of encumbrances

8. Rights and Obligations: Specific rights and obligations of both parties regarding the property

9. Transfer of Possession: Terms and conditions for the transfer of physical possession

10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other expenses

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

12. Execution: Formal execution clause and notarization requirements

What sections are optional to include in a Apartment Deed?

1. Mortgage Provisions: Include when the property is subject to an existing mortgage or if the purchase is financed through a mortgage

2. Installment Terms: Include when the purchase price is to be paid in installments, incorporating Maceda Law provisions

3. Power of Attorney: Include when either party is acting through an attorney-in-fact

4. Tenant Provisions: Include when the property is currently leased to tenants

5. Renovation Agreements: Include when specific renovation works are agreed upon as part of the sale

6. Foreign Ownership Compliance: Include when the buyer is a foreign national to ensure compliance with foreign ownership restrictions

What schedules should be included in a Apartment Deed?

1. Property Title: Copy of the Condominium Certificate of Title

2. Floor Plan: Detailed floor plan of the apartment unit

3. Tax Clearance: Current real property tax clearance and tax declarations

4. Master Deed: Copy of the master deed and restrictions of the condominium project

5. Association Documents: Condominium association rules and regulations

6. Technical Description: Technical description of the unit boundaries and specifications

7. Payment Schedule: Detailed schedule of payments if sold on installment

8. Inspection Report: Current condition report of the apartment unit

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Philippines

Document Type

Property Deed

Cost

Free to use

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