The Pre Sale Agreement is a crucial document in Philippine real estate transactions, used when selling properties that are still under construction or in the pre-development phase. This agreement type is specifically regulated under Presidential Decree No. 957 and must comply with various Philippine laws including the Maceda Law (RA 6552) for buyer protection. The document is essential for developers who wish to sell properties before completion, requiring detailed disclosure of project specifications, payment terms, and construction timelines. It serves as a primary contract that protects both the developer's and buyer's interests, ensuring clear documentation of obligations, warranties, and remedies. The agreement must be properly executed and notarized to be legally binding under Philippine law, and developers must have obtained necessary licenses and permits before entering into such agreements.
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1. Parties: Identification of the Seller/Developer and the Buyer with complete details as required by Philippine law
2. Background: Context of the transaction, including the development project details and developer's licenses/permits
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including exact specifications and location
5. Purchase Price: Total purchase price, payment schedule, and terms of payment including reservation fees
6. Payment Terms: Detailed breakdown of payment structure, installment plans, and due dates
7. Construction and Delivery: Timeline for construction, completion, and delivery of the property
8. Warranties and Representations: Seller's warranties regarding title, construction quality, and compliance with laws
9. Rights and Obligations: Detailed responsibilities of both parties during the pre-sale period
10. Default and Remedies: Consequences of default by either party and available remedies, including Maceda Law provisions
11. Transfer of Title: Process and conditions for the transfer of property title
12. Taxes and Fees: Allocation of taxes, registration fees, and other charges
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
14. Execution: Signature blocks and notarization requirements
1. Financing Provisions: Include when buyer is securing bank financing, detailing terms and conditions of bank involvement
2. Property Management: Include for condominiums or properties within managed developments, describing management terms
3. Assignment Rights: Include if assignment or transfer of rights is to be allowed during the pre-sale period
4. Force Majeure: Include detailed force majeure provisions if required by the specific circumstances
5. Inspection Rights: Include if buyer is granted specific rights to inspect during construction
6. Utilities and Connections: Include for properties where utility connections are part of the developer's obligations
1. Property Specifications: Detailed technical specifications, floor plans, and finish schedules
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Construction Timeline: Milestone dates for construction and completion
4. Developer's Permits: Copies of relevant permits, licenses, and certificates
5. Property Documents: Title documents, tax declarations, and other property-related certificates
6. Amenities and Features: List of included amenities and features, particularly for development projects
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