The Installment Sales Contract For (Real Estate) is a vital document in Philippine real estate transactions where buyers acquire property through structured payment plans rather than full immediate payment. This contract type is particularly relevant in the Philippine context due to specific local regulations, notably the Maceda Law (RA 6552), which provides particular protections for buyers purchasing real estate on installment. The document is commonly used by property developers, real estate companies, and individual sellers to facilitate property sales to buyers who prefer or require extended payment terms. It includes crucial elements such as property details, payment schedules, interest calculations, default provisions, and conditions for title transfer, all structured to comply with Philippine property and contract laws. The agreement is especially important given the growing Philippine real estate market and the increasing prevalence of installment-based property purchases.
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Key Requirements PROMPT example:
Installment Sales Contract For (Real Estate)
"I need an Installment Sales Contract For (Real Estate) for selling a condominium unit in Makati City, with a 20% down payment and the remaining balance to be paid in equal monthly installments over 5 years starting March 2025, including provisions for early payment options."
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1. Parties: Identification of the Seller and Buyer with complete details as required by Philippine law
2. Background: Context of the sale and brief description of the property being sold
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 purchase price and breakdown of payment components
6. Payment Terms: Detailed installment payment schedule, including down payment, monthly payments, due dates, and interest rates
7. Default and Remedies: Consequences of payment default and remedies available to both parties, incorporating Maceda Law provisions
8. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments
9. Possession: Terms regarding the possession and use of the property during the installment period
10. Taxes and Expenses: Allocation of responsibility for real property taxes, registration fees, and other expenses
11. Representations and Warranties: Seller's warranties regarding property ownership and condition, and buyer's warranties regarding financial capacity
12. Termination: Grounds for termination and its consequences, including refund provisions under Maceda Law
13. Governing Law: Specification of Philippine law as governing law and relevant statutory references
14. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue
1. Broker Involvement: Terms regarding real estate broker involvement and commissions, used when a licensed broker is involved in the transaction
2. Property Management: Terms for property management during the installment period, relevant for condominiums or properties in managed communities
3. Construction Obligations: Used when the property is still under construction, detailing completion timelines and specifications
4. Homeowners Association: Terms relating to homeowners association membership and fees, applicable for properties within subdivisions or planned communities
5. Insurance Requirements: Specific insurance obligations during the installment period, optional but recommended for higher-value properties
6. Co-Buyer Provisions: Additional terms when there are multiple buyers, detailing joint and several liability
7. Special Use Restrictions: Specific restrictions on property use during the installment period, used for properties with unique characteristics or requirements
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all installment payments, due dates, and interest calculations
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Delivery Protocol: Checklist and protocol for property inspection and acceptance
5. Appendix 1 - Property Photos: Current photographs of the property and its significant features
6. Appendix 2 - Required Permits: Copies of relevant permits and certificates required for the property
7. Appendix 3 - Property Rules: Applicable homeowners association rules or building regulations, if any
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