The Real Estate Selling Contract Form is an essential document used in Philippine property transactions to formalize the sale and purchase of real estate. This document is specifically designed to comply with Philippine law, including the Civil Code, Real Estate Service Act, and relevant tax regulations. It is used whenever there is a transfer of real property ownership, whether for residential, commercial, or industrial purposes. The contract includes crucial elements such as property description, payment terms, warranties, and tax obligations. It must be notarized to be enforceable and requires careful attention to Philippine-specific requirements such as Maceda Law provisions for installment sales and local government regulations. The document serves both individual and corporate transactions, providing a comprehensive framework for protecting the rights and defining the obligations of all parties involved in the property transfer.
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Key Requirements PROMPT example:
Real Estate Selling Contract Form
"I need a Real Estate Selling Contract Form for a residential property sale in Manila, Philippines, with installment payments over 5 years starting March 2025, including specific provisions for early payment options and default remedies."
1. Parties: Identification of the Seller and Buyer with complete details including name, civil status, address, and tax identification numbers
2. Background: Context of the sale, including brief property history and purpose of the transaction
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and technical description as per title
5. Purchase Price: Total consideration and payment terms including method and schedule of payments
6. Terms of Payment: Detailed payment structure, including down payment and subsequent installments if applicable
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
9. Delivery and Transfer of Title: Process and timeline for transferring property ownership and documentary requirements
10. Default and Remedies: Consequences of breach and available remedies for both parties
11. Governing Law: Specification of Philippine law as governing law and jurisdiction
12. Execution: Signature blocks and notarial acknowledgment
1. Broker Involvement: Details of real estate broker involvement and commission structure, used when a licensed broker facilitates the transaction
2. Condition Precedent: Specific conditions that must be met before the sale becomes final, such as bank financing approval
3. Due Diligence: Buyer's right to conduct property inspection and verification, typically used in commercial property transactions
4. Existing Tenancies: Details of current lease agreements if the property is tenant-occupied
5. Environmental Compliance: Environmental warranties and compliance requirements, particularly for industrial or commercial properties
6. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
7. Association Dues: Details of condominium or subdivision association fees and obligations, used for properties within managed communities
1. Property Documents: Copy of title, tax declarations, and technical description of the property
2. Payment Schedule: Detailed breakdown of payment terms including amounts and due dates
3. Property Inventory: List of fixtures and fittings included in the sale
4. Tax Certificates: Current real property tax clearances and certificates
5. Authorization Documents: Corporate authorizations, board resolutions, or special powers of attorney if applicable
6. Property Plans: Floor plans, lot plans, and location maps
7. Due Diligence Results: Reports from property inspection, title search, and other verifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Legal Services
Investment Management
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Agriculture (for agricultural land)
Infrastructure
Relevant Teams
Legal
Real Estate
Sales
Business Development
Finance
Compliance
Tax
Property Management
Investment
Operations
Corporate Affairs
Risk Management
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Broker
Legal Counsel
Corporate Lawyer
Property Developer
Sales Manager
Business Development Manager
Investment Analyst
Financial Controller
Tax Consultant
Compliance Officer
Real Estate Appraiser
Title Officer
Acquisitions Manager
Contract Administrator
Property Consultant
Real Estate Investment Manager
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