Real Estate Selling Contract Form

Real Estate Selling Contract Form Template for Philippines

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Key Requirements PROMPT example:

"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."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

alex.den.21@genieai.co

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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