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Residential Sales Agreement
"I need a Residential Sales Agreement for selling my condominium unit in Makati City, Philippines, with a closing date of March 15, 2025, including provisions for installment payments over 24 months and specific clauses about parking space allocation."
1. Parties: Identification and details of the Seller and Buyer, including complete legal names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, block number, street address, technical description, and property boundaries
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specified payment methods, installment terms if applicable, and payment procedures
7. Warranties and Representations: Seller's warranties regarding property ownership, absence of liens, and other guarantees
8. Rights and Obligations: Specific rights and obligations of both parties during the sale process
9. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
10. Transfer of Title: Process and timing of property title transfer
11. Default and Remedies: Consequences of default and available remedies for both parties
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
13. Execution: Signature blocks and notarization requirements
1. Financing Provisions: Required when purchase involves bank financing or third-party lenders
2. Property Inspection: Detailed when specific inspection requirements or findings need to be documented
3. Homeowners Association: Included when property is part of a subdivision or condominium with association requirements
4. Construction Completion: Needed for pre-selling arrangements or properties under construction
5. Broker Provisions: Required when real estate brokers are involved in the transaction
6. Force Majeure: Optional clause for addressing unforeseen circumstances affecting the transaction
7. Environmental Compliance: Required when property has specific environmental considerations 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 breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Outstanding Requirements: List of documents or requirements needed for title transfer
5. Appendix 1 - Property Photos: Recent photographs of the property and its major features
6. Appendix 2 - Tax Declarations: Copies of current tax declarations and receipts
7. Appendix 3 - Title Documents: Copy of title and other relevant property documents
Authors
Real Estate
Residential Property
Banking and Finance
Legal Services
Property Development
Construction
Insurance
Property Management
Public Sector
Legal
Real Estate
Sales
Compliance
Property Management
Documentation
Finance
Risk Management
Customer Relations
Operations
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Mortgage Officer
Property Developer
Sales Manager
Compliance Officer
Title Officer
Property Appraiser
Real Estate Consultant
Contract Administrator
Legal Assistant
Property Documentation Specialist
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