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The Sales Contract In (Real Estate) is a crucial legal instrument used in the Philippines for documenting and executing real estate property transfers. This document is essential for both residential and commercial property transactions, ensuring compliance with Philippine property laws and regulations. It serves as the primary agreement between parties in real estate transactions, incorporating necessary provisions from the Civil Code of the Philippines, the Maceda Law, and other relevant legislation. The contract is designed to protect both buyers' and sellers' interests, covering crucial aspects such as property description, payment terms, warranties, and transfer procedures. It's particularly important in the Philippine context due to specific local requirements for property transfer, including notarization requirements and registration with the Register of Deeds. The document is commonly used in various scenarios, from simple residential property transfers to complex commercial real estate transactions.

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: Statement of the total purchase price and terms of payment

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

7. Representations and Warranties: Seller's warranties regarding ownership, absence of liens, and property condition

8. Conditions Precedent: Conditions that must be met before the sale becomes final

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

10. Transfer of Title: Process and timeline for transferring property title to the buyer

11. Possession: Terms and timing of transfer of possession of the property

12. Default and Remedies: Consequences of default by either party and available remedies

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

14. Dispute Resolution: Process for resolving disputes between parties

15. Miscellaneous Provisions: Standard boilerplate provisions including severability, entire agreement, etc.

16. Execution: Signature blocks and notarization requirements