The Owner Finance Contract is essential in the Philippine real estate market where traditional bank financing may not be available or desired. This document serves as both a sale agreement and financing instrument, enabling property owners to sell their real estate while acting as the lender. It must comply with Philippine legislation, including the Civil Code, Maceda Law, and relevant real estate regulations. The contract typically includes detailed payment terms, security arrangements, default provisions, and specific protections for both parties. It's particularly useful for transactions involving buyers who may not qualify for conventional mortgages, or in situations where sellers prefer to earn interest income while gradually transferring property ownership. The document needs to address unique aspects of Philippine property law, including requirements for notarization and registration with appropriate authorities.
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1. Parties: Identification of the Property Owner/Seller and Buyer with complete legal names and addresses
2. Background: Context of the transaction, including brief property description and parties' intention to enter into owner financing arrangement
3. Definitions: Key terms used throughout the agreement, including financial, property, and legal terminology
4. Property Details: Complete legal description of the property, including certificates of title, boundaries, and improvements
5. Purchase Price and Payment Terms: Total purchase price, down payment, monthly payments, interest rate, and payment schedule
6. Security and Collateral: Details of security arrangements, including mortgage or other security instruments
7. Transfer of Title Conditions: Requirements and process for eventual transfer of property title upon full payment
8. Buyer's Obligations: Responsibilities including maintenance, insurance, taxes, and utilities
9. Seller's Representations: Warranties regarding property ownership, absence of liens, and authority to sell
10. Default and Remedies: Consequences of default, including grace periods under Maceda Law, and available remedies
11. Governing Law: Specification of Philippine law application and jurisdiction
12. Execution: Signature blocks and notarization requirements
1. Property Management: Include when there are specific requirements for property maintenance or improvements during the financing period
2. Insurance Requirements: Detailed section when specific insurance coverage is required beyond basic property insurance
3. Early Payment Provisions: Include when allowing early payment options or providing specific terms for early payoff
4. Co-Buyer Provisions: Required when there are multiple buyers or guarantors involved
5. Property Use Restrictions: Include when there are specific limitations on property use or development
6. Assignment Rights: Include when either party may need to transfer their rights under the contract
7. Subdivision Provisions: Required when the property is part of a subdivision with specific rules or restrictions
1. Payment Schedule: Detailed amortization table showing payment dates, principal, interest, and balance
2. Property Description Schedule: Detailed technical description of the property, including surveys and technical specifications
3. Title Documents: Copies of relevant property titles and certificates
4. Tax Certificates: Current tax declarations and certificates
5. Property Inspection Report: Detailed report on property condition at time of contract
6. Insurance Certificates: Copies of required insurance policies
7. Property Photos: Documentation of property condition through photographs
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