The Contract to Sell Land is a fundamental document in Philippine real estate transactions, used when a seller agrees to transfer land ownership to a buyer upon completion of payment. This differs from a Deed of Absolute Sale as it does not immediately transfer title. The document is particularly useful in installment sales of real property, providing protection for both seller and buyer under Philippine law. It must comply with the Civil Code, Property Registration Decree, and local regulations, and requires notarization. The contract includes detailed property descriptions, payment terms, conditions for title transfer, and remedies for default, making it essential for both residential and commercial property transactions.
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1. Parties: Full legal names and details of the seller and buyer, including their civil status as required by Philippine law
2. Background: Context of the transaction, including brief description of the property and seller's ownership
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed technical description of the land including lot number, survey number, title details, boundaries, and area
5. Purchase Price: Total consideration and detailed payment terms including down payment and installment schedule
6. Mode of Payment: Specific methods of payment accepted and payment procedures
7. Terms and Conditions of Sale: Core obligations of both parties including conditions for transfer of title
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
9. Default and Remedies: Consequences of default by either party and available remedies
10. Transfer of Title: Conditions and process for the eventual transfer of title upon full payment
11. Representations and Warranties: Statements of fact and guarantees by both parties
12. Notices: Process for formal communications between parties
13. Governing Law: Specification of Philippine law as governing law
14. Execution: Signature blocks with notarial requirements
1. Property Inspection: Details of buyer's inspection rights and acknowledgment of property condition, used when the buyer hasn't fully inspected the property
2. Existing Tenants: Provisions regarding current occupants or lessees, included if the property has existing tenants
3. Improvements: Description of existing structures or improvements on the land, included if the land is not vacant
4. Environmental Compliance: Environmental warranties and compliance requirements, used for industrial or commercially zoned properties
5. Subdivision Provisions: Additional terms if the land is part of a subdivision development
6. Agricultural Land Reform Provisions: Special provisions if the land falls under agrarian reform laws
7. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
8. Assignment: Rights and restrictions regarding transfer of contract rights, included if assignability is a concern
1. Property Details Schedule: Technical description of the land, including certified survey plan and boundaries
2. Payment Schedule: Detailed breakdown of installment payments with due dates
3. Title Documents: Copy of the Transfer Certificate of Title and tax declarations
4. Tax Clearances: Copies of relevant tax clearances and certificates
5. Property Pictures: Recent photographs of the property and its boundaries
6. Special Power of Attorney: If any party is represented by an attorney-in-fact
7. Zoning Certificate: Certificate showing current zoning classification and allowed uses
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Agriculture
Construction
Banking and Finance
Legal Services
Urban Planning
Land Development
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Land Acquisition
Corporate Affairs
Documentation
Business Development
Risk Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Land Developer
Real Estate Agent
Corporate Counsel
Title Examiner
Compliance Officer
Real Estate Director
Land Registration Officer
Property Development Manager
Legal Assistant
Notary Public
Real Estate Transaction Coordinator
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