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Simple For Sale By Owner Contract for Philippines

Simple For Sale By Owner Contract Template for Philippines

A Simple For Sale By Owner Contract under Philippine law is a legally binding agreement used for direct property sales between private parties without the primary involvement of real estate agents or brokers. This document, governed by the Civil Code of the Philippines and relevant property laws, outlines the essential terms and conditions of the property sale, including detailed property description, purchase price, payment terms, and transfer obligations. It incorporates necessary provisions to comply with Philippine property law requirements while maintaining a straightforward approach suitable for direct seller-to-buyer transactions.

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Simple For Sale By Owner Contract

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What is a Simple For Sale By Owner Contract?

The Simple For Sale By Owner Contract is designed for use in the Philippines when property owners wish to sell their real estate directly to buyers without the primary involvement of real estate professionals. This document type is particularly relevant in situations where the parties prefer to handle the transaction independently while ensuring compliance with Philippine property laws and regulations. The contract includes all essential elements required under Philippine law: party details, property description, purchase price, payment terms, warranties, and closing requirements. It's structured to protect both parties' interests while facilitating a straightforward property transfer process. This document type is commonly used for residential property sales but can be adapted for simple commercial property transactions, provided they comply with local regulations and the Civil Code of the Philippines.

What sections should be included in a Simple For Sale By Owner Contract?

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

2. Background: Brief context of the sale, including confirmation of Seller's ownership and desire to sell, and Buyer's intention to purchase

3. Definitions: Key terms used throughout the contract, including 'Property', 'Purchase Price', 'Closing Date', etc.

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

5. Purchase Price: The agreed sale price, payment terms, and method of payment

6. Payment Terms: Schedule of payments, including earnest money/deposit and balance payment details

7. Closing and Transfer of Title: Process and timeline for completing the sale and transferring property ownership

8. Representations and Warranties: Seller's guarantees regarding property ownership, absence of liens, and other material facts

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

10. Default and Remedies: Consequences and available remedies if either party fails to fulfill obligations

11. Governing Law: Specification that Philippine law governs the agreement

12. Execution: Signature blocks for parties and witnesses

What sections are optional to include in a Simple For Sale By Owner Contract?

1. Due Diligence Period: Used when buyer requires time to conduct property inspection, title search, or other investigations

2. Broker Involvement: Include if any real estate professionals are involved in facilitating the sale

3. Existing Tenancies: Required if the property has current tenants and their rights need to be addressed

4. Property Condition: Detailed section about property condition when buyer accepts property as-is

5. Financing Contingency: Include if sale is contingent on buyer obtaining mortgage or other financing

6. Improvements and Fixtures: Detailed list of what is included/excluded in sale when there are specific items to address

7. Insurance and Risk: Add when there's a significant gap between signing and closing requiring risk allocation

What schedules should be included in a Simple For Sale By Owner Contract?

1. Schedule A - Property Details: Technical description of property, including lot plan, boundaries, and technical specifications

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installments if not paid in full

3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale

4. Schedule D - Outstanding Obligations: List of any existing liens, encumbrances, or obligations affecting the property

5. Appendix 1 - Property Documents: Copies of title, tax declarations, and other relevant property documents

6. Appendix 2 - Property Photos: Current photographs of the property documenting its condition at time of sale

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions






























Clauses






























Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Construction

Insurance

Property Management

Tax Advisory

Notarial Services

Local Government

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Tax

Corporate Secretariat

Risk Management

Operations

Administrative Services

Relevant Roles

Property Owner

Property Buyer

Real Estate Lawyer

Property Manager

Legal Counsel

Compliance Officer

Tax Consultant

Financial Advisor

Bank Manager

Title Examiner

Property Assessor

Notary Public

Local Government Official

Real Estate Developer

Corporate Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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