The Installment Sale Agreement Property is a crucial document in Philippine real estate transactions where buyers opt to purchase property through periodic payments rather than a full upfront payment. This agreement type is specifically regulated under Philippine law, particularly the Maceda Law (RA 6552) and the Civil Code, which provide substantial protections for buyers. The document is commonly used in both residential and commercial property sales, subdivision lot purchases, and condominium unit acquisitions. It must include specific provisions about payment terms, default remedies, and buyer's rights to refunds as mandated by law. The agreement serves as the primary contract between seller and buyer until full payment is made and the final Deed of Absolute Sale is executed.
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Key Requirements PROMPT example:
Instalment Sale Agreement Property
"I need an Installment Sale Agreement Property for a residential condominium unit in Manila, Philippines, with a 20% down payment and 5-year payment term starting March 2025, including provisions for early payment options and occupancy upon 50% completion of payments."
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the agreement
2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into an installment sale arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed description of the property including lot number, location, boundaries, and title details
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate details
6. Mode of Payment: Specifies acceptable payment methods and where/how payments should be made
7. Title and Ownership: Details when and how title will transfer, and conditions for the execution of the Deed of Absolute Sale
8. Rights and Obligations of the Seller: Seller's commitments, warranties about the property, and ongoing obligations
9. Rights and Obligations of the Buyer: Buyer's commitments, including maintenance responsibilities and usage restrictions
10. Default and Remedies: Consequences of default, grace periods, and remedies as per Maceda Law requirements
11. Taxes and Expenses: Allocation of tax responsibilities and other costs related to the sale
12. Insurance: Requirements for property insurance during the installment period
13. General Provisions: Standard clauses including governing law, amendments, and severability
14. Execution: Signature blocks and notarization requirements
1. Homeowners Association: Include when property is part of a subdivision or condominium with an association
2. Construction Requirements: Include for vacant lots where construction is planned or required
3. Property Management: Include for properties in managed communities or buildings
4. Occupancy Terms: Include if immediate occupancy is allowed before full payment
5. Broker Provisions: Include when a real estate broker is involved in the transaction
6. Co-Buyer Provisions: Include when there are multiple buyers
7. Assignment Rights: Include if assignment of the contract is to be permitted
1. Schedule A - Property Details: Technical description of the property, including lot plan and boundaries
2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments
3. Schedule C - Property Documents: List of all property-related documents provided to the buyer
4. Schedule D - Deed of Restrictions: Applicable restrictions and regulations for the property
5. Schedule E - Turnover Checklist: List of items and conditions for property turnover
6. Appendix 1 - Property Photos: Current photographs of the property and improvements
7. Appendix 2 - Required Disclosures: Mandatory disclosures under Philippine law including Maceda Law rights
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