The Contract For Selling Property is a fundamental legal document used in Philippine real estate transactions to formalize and execute the transfer of property ownership. This document is essential when any real property (land, buildings, or both) is being sold in the Philippines, whether for residential, commercial, or industrial purposes. It must comply with various Philippine laws including the Civil Code, Property Registration Decree, and local government regulations. The contract typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and conditions of sale. It serves multiple purposes: documenting the agreement between parties, ensuring legal compliance, facilitating property registration, and providing a basis for resolving any future disputes. The document is particularly important in the Philippine context due to specific local requirements for property transfer and registration.
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Key Requirements PROMPT example:
Contract For Selling Property
"I need a Contract For Selling Property for my three-bedroom house in Makati City, Philippines, with a purchase price of 12 million pesos to be paid in three installments, with the final payment due March 15, 2025."
1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into the transaction
3. Definitions: Defines key terms used throughout the contract to ensure clear interpretation
4. Property Description: Detailed description of the property including lot number, location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and terms of payment, including any deposits or installment arrangements
6. Payment Terms: Specifies the method, schedule, and conditions of payment
7. Warranties of Title and Ownership: Seller's warranties regarding clean title, absence of liens, and right to sell
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
9. Conditions of Sale: Essential conditions that must be met for the sale to proceed
10. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
11. Risk and Insurance: Allocation of risk and responsibility for insurance during the transfer period
12. Default and Remedies: Consequences and available remedies in case of breach by either party
13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
14. Execution: Formal closing provisions including date and signature blocks
1. Broker Involvement: Details of any real estate broker involvement and commission arrangements, used when a broker facilitated the sale
2. Mortgage or Financing: Terms related to buyer's financing arrangements, used when purchase involves bank financing
3. Occupancy and Possession: Specific terms about when and how possession will be transferred, used when immediate transfer isn't concurrent with signing
4. Property Inspection: Terms regarding property inspection rights and conditions, used for sales requiring due diligence period
5. Existing Tenancies: Details of any existing lease agreements, used when property is currently tenanted
6. Construction Warranties: Transfer of builder's warranties, used for newly constructed properties
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is non-Filipino
1. Property Details Schedule: Comprehensive technical description of the property, including lot plan, technical description, and boundaries
2. Title Documents: Copy of the Transfer Certificate of Title or other ownership documents
3. Payment Schedule: Detailed breakdown of payment terms if involving installments
4. Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Tax Clearance Certificates: Copies of relevant tax clearances and certificates
6. Property Pictures: Photographic documentation of the property condition at time of sale
7. Power of Attorney: If applicable, documents authorizing representatives to act on behalf of either party
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Construction
Property Development
Insurance
Public Sector
Hospitality
Retail
Commercial Property
Industrial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Property Management
Business Development
Corporate Secretariat
Risk Management
Asset Management
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Developer
Compliance Officer
Corporate Secretary
Business Development Manager
Asset Manager
Financial Controller
Real Estate Investment Manager
Title Officer
Property Assessor
Notary Public
Real Estate Broker
Contract Administrator
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