The Conditional Contract to Sell is widely used in Philippine real estate transactions where immediate transfer of property ownership is not feasible or desired. This document is particularly relevant in situations involving installment payments, pre-selling arrangements, or when certain conditions must be met before final property transfer. It provides a legal framework that protects both seller and buyer interests, incorporating provisions from key Philippine legislation such as the Civil Code, Maceda Law, and relevant real estate regulations. The contract typically includes detailed terms about the property, payment conditions, default provisions, and the process for eventual title transfer. It's especially important in development projects, residential sales, and commercial property transactions where staged payments or specific completion conditions are involved.
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1. Parties: Identification of the Seller and the Buyer with complete details including names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a conditional sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter: Detailed description of the property being sold, including technical description, boundaries, and certificate of title details
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specific details on how payments will be made, including installment terms if applicable
7. Conditions Precedent: Conditions that must be fulfilled before the execution of the final Deed of Absolute Sale
8. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the contract and the status of the property
9. Rights and Obligations: Detailed responsibilities of both parties during the term of the contract
10. Default and Remedies: Consequences of default by either party and available remedies
11. Transfer of Title: Process and conditions for the eventual transfer of title to the buyer
12. Taxes and Expenses: Allocation of taxes, fees, and other expenses related to the sale
13. Governing Law: Specification that the agreement is governed by Philippine law
14. Dispute Resolution: Process for resolving disputes between parties
15. Miscellaneous Provisions: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Possession of Property: Terms regarding when and how the buyer may take possession of the property, used when immediate possession is granted before full payment
2. Insurance: Requirements for property insurance, used particularly for high-value properties or when required by financing institutions
3. Assignment: Provisions regarding the ability to assign rights under the contract, included when assignment rights are specifically negotiated
4. Construction Requirements: Used when the property is under construction or requires specific developments
5. Homeowners Association: Included when the property is part of a subdivision or condominium development
6. Force Majeure: Detailed provisions for unforeseen circumstances, particularly relevant for long-term payment arrangements
7. Broker's Commission: Included when a real estate broker is involved in the transaction
1. Schedule A - Property Description: Detailed technical description of the property, including lot area, boundaries, and improvements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of relevant property documents including tax declarations and title certificates
4. Schedule D - Permits and Certificates: Copies of relevant permits, certificates, and clearances
5. Appendix 1 - Property Photos: Recent photographs of the property and its improvements
6. Appendix 2 - Location Plan: Property location map and vicinity plan
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