The Property Sales Agreement is a fundamental legal document used in Philippine real estate transactions to formalize the transfer of property ownership. This agreement is essential when any real property is being sold in the Philippines, whether residential, commercial, or industrial. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and various local government regulations. The document typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and closing conditions. It's particularly important as it serves as the basis for the eventual transfer of title and is required for registration with the Registry of Deeds. The agreement must address specific Philippine legal requirements such as proper notarization, witness signatures, and various tax-related provisions.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, location, boundaries, and certificate of title details
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Payment Terms: Schedule of payments, including down payment and subsequent installments if applicable
7. Representations and Warranties: Seller's warranties regarding ownership, absence of liens, and property condition; Buyer's warranties regarding financial capacity
8. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final
9. Closing and Transfer of Title: Process and requirements for transferring property title to the buyer
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Miscellaneous Provisions: Standard provisions including severability, entire agreement, and amendments
1. Broker's Commission: Include when a licensed real estate broker is involved in the transaction
2. Mortgage Provisions: Include when the purchase is subject to mortgage financing
3. Property Management During Transition: Include when there's a significant gap between signing and closing
4. Tenant Rights: Include when the property is currently leased to tenants
5. Construction Warranties: Include for newly constructed properties
6. Environmental Provisions: Include when environmental issues or compliance is relevant
7. Foreign Ownership Compliance: Include when buyer is a foreign national or entity
8. Ancestral Domain Compliance: Include when property might affect indigenous peoples' rights
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and dates
3. Schedule C - Title Documents: Copy of the Transfer Certificate of Title and tax declarations
4. Schedule D - Permits and Certificates: Copies of relevant permits, certificates, and clearances
5. Schedule E - Property Inspection Report: Results of property inspection and list of included fixtures and fittings
6. Schedule F - Tax Certificates: Current real property tax certificates and clearances
7. Appendix 1 - Property Photos: Recent photographs of the property
8. Appendix 2 - Required Governmental Forms: Standard government forms required for property transfer
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