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For Sale By Owner Sales Contract Template for Philippines

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Key Requirements PROMPT example:

For Sale By Owner Sales Contract

"I need a For Sale By Owner Sales Contract for my three-bedroom house in Manila, with a purchase price of 5.5M PHP and a structured payment plan requiring 20% down payment by March 2025 and the remaining balance to be paid in monthly installments over 12 months."

Document background
The For Sale By Owner Sales Contract is a crucial legal document used in the Philippines when property owners choose to sell their real estate directly to buyers without engaging a real estate agent. This approach, while potentially cost-saving, requires careful attention to legal requirements under Philippine law, including the Civil Code, Maceda Law, and various real estate regulations. The contract must include specific provisions mandated by Philippine law, such as proper property description, payment terms, warranties, and transfer procedures. It's particularly important in private property transactions where parties wish to maintain direct control over the sale process while ensuring legal compliance and protection of their interests. The document typically requires notarization and registration with appropriate government authorities to be legally enforceable.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Brief context of the sale and property ownership status

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property including lot number, title details, and exact location

5. Purchase Price: Total purchase price and payment terms including deposit requirements

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

7. Title and Documentation: Provisions regarding transfer of title and required documentation

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and acceptance of property condition

10. Closing and Transfer: Process and timeline for closing the sale and transferring ownership

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

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

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

14. Execution: Signature blocks and notarization requirements

Optional Sections

1. Property Inspection: Details of property inspection rights and procedures, used when buyer requests inspection period

2. Existing Tenancies: Information about current tenants and lease agreements, included if property is currently leased

3. Financing Contingency: Conditions related to buyer's ability to secure financing, included if purchase depends on mortgage approval

4. Property Maintenance: Responsibilities for property maintenance between contract signing and closing, important for longer closing periods

5. Insurance: Requirements for property insurance during the sale process, relevant for properties in high-risk areas

6. Homeowners Association: Details about HOA membership and fees, included if property is part of an HOA

7. Fixtures and Fittings: Detailed list of items included/excluded in sale, important for furnished properties

8. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in areas prone to natural disasters

Suggested Schedules

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

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and installment schedule if applicable

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

4. Schedule D - Property Documents: List of all property-related documents to be transferred to buyer

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

6. Appendix 1 - Property Photos: Recent photographs of the property and its major features

7. Appendix 2 - Tax Certificates: Copies of relevant tax clearances and certificates

8. Appendix 3 - Property Title: Copy of the current property title and historical title documents

Authors

Alex Denne

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

Relevant legal definitions






























Clauses






























Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Legal Services

Insurance

Property Management

Urban Planning

Land Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Risk Management

Documentation

Operations

Administrative Support

Relevant Roles

Property Owner

Real Estate Lawyer

Legal Counsel

Property Manager

Compliance Officer

Real Estate Developer

Financial Controller

Bank Manager

Mortgage Officer

Title Examiner

Property Assessor

Notary Public

Legal Administrator

Risk Manager

Documentation Specialist

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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