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The Real Property Sales Contract is a fundamental legal instrument in Philippine property law, essential for documenting and executing the transfer of real estate ownership. This contract type is required whenever real property is bought or sold in the Philippines, whether for residential, commercial, or industrial purposes. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and various other regulations governing real estate transactions. The document typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and conditions for transfer. It serves as crucial evidence of the transaction and is required for property registration, tax purposes, and securing financing. The contract must be notarized to be enforceable and is typically preceded by careful due diligence regarding property title, encumbrances, and tax obligations.

1. Parties: Identification and details of the Seller and Buyer, including their complete legal names, addresses, and tax identification numbers

2. Background: Context of the sale, brief property history, and purpose of the agreement

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

4. Property Description: Detailed description of the real property, including exact location, boundaries, and certificate of title number

5. Purchase Price: Agreed purchase price and payment terms, including any deposits or installment arrangements

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be met before the sale becomes final, including title verification and payment of taxes

8. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition; Buyer's warranties regarding financial capacity

9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

10. Transfer of Title: Process and timeline for the transfer of property title and possession

11. Risk and Insurance: Allocation of risk and responsibility for insurance during the transfer period

12. Default and Remedies: Consequences of breach and available remedies for both parties

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

14. Notices: Method and addresses for formal communications between parties

15. Execution: Signature blocks and notarization requirements