Document background
The Conditional Deed of Sale is a crucial legal instrument in Philippine property transactions where the transfer of ownership is contingent upon fulfilling specific conditions, typically the full payment of the purchase price or compliance with certain requirements. This document is commonly used in both residential and commercial property transactions, particularly in installment sales or when certain prerequisites must be met before the sale can be finalized. The document must comply with Philippine Civil Code requirements and property laws, including the Maceda Law for installment sales. The Conditional Deed of Sale includes detailed information about the property, parties involved, purchase price, payment terms, conditions precedent to the final sale, and the rights and obligations of both parties during the conditional period. It serves as a protective measure for both sellers and buyers by clearly documenting the terms of their agreement and the process for converting the conditional sale into an absolute sale once all conditions are met.
