The Conditional Land Sale Agreement is a crucial legal instrument in Philippine real estate transactions where the transfer of land ownership is subject to specific conditions, typically including full payment of the purchase price or fulfillment of other stipulated requirements. This document type is commonly used in situations where immediate transfer of title is not feasible or desired, such as installment sales, development projects, or transactions requiring regulatory approvals. The agreement must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and local government regulations. It provides security for both seller and buyer by clearly defining their rights and obligations during the conditional period, payment terms, consequences of default, and the process for eventual transfer of title. The document is particularly important in the Philippine context due to specific legal requirements regarding land ownership, transfer procedures, and restrictions on foreign ownership of land.
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Key Requirements PROMPT example:
Conditional Land Sale Agreement
"I need a Conditional Land Sale Agreement for a 500-square-meter commercial property in Makati City, Philippines, with a 3-year installment payment plan starting March 2025, including specific conditions about obtaining building permits before final transfer."
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1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers as required by Philippine law
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, including technical and legal terms
4. Property Description: Detailed description of the property including lot number, survey number, title details, boundaries, and technical description as per the title
5. Purchase Price: Total purchase price, payment terms, schedule of payments, and consequences of default
6. Conditions of Sale: Specific conditions that must be met before the sale becomes absolute, including payment terms and other requirements
7. Representations and Warranties: Seller's warranties regarding ownership, authority to sell, absence of liens, and other material facts about the property
8. Rights and Obligations: Detailed responsibilities of both parties during the conditional sale period
9. Default and Remedies: Consequences of default by either party and available remedies
10. Transfer of Title: Process and requirements for the eventual transfer of title upon fulfillment of conditions
11. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions
13. Execution: Formal closing section with signature blocks and notarial requirements
1. Broker Provisions: Include when a broker is involved in the transaction, detailing broker's rights and commissions
2. Environmental Conditions: Include when the property has specific environmental considerations or requirements
3. Development Obligations: Include when the property is subject to development requirements or restrictions
4. Foreign Ownership Compliance: Include when one party is a foreign national or entity, addressing compliance with Constitutional restrictions
5. Homeowners Association: Include when the property is part of a subdivision or governed by a homeowners association
6. Agricultural Land Reform Provisions: Include when the property is or was subject to agricultural land reform
7. Tenant Rights: Include when the property has existing tenants or occupants
8. Subdivision Approval: Include when the property is part of a subdivision requiring specific approvals
1. Schedule 1 - Property Details: Technical description of the property, including certified true copy of the title and tax declaration
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule 3 - Property Documents: List of all property-related documents including tax clearances, permits, and certificates
4. Schedule 4 - Permits and Licenses: Copies of relevant permits, licenses, and governmental approvals
5. Schedule 5 - Property Inspection Report: Detailed report on the current condition of the property
6. Appendix A - Form of Deed of Absolute Sale: Template of the final deed to be executed upon fulfillment of conditions
7. Appendix B - Power of Attorney: If applicable, power of attorney documents for authorized representatives
8. Appendix C - Corporate Authorizations: If applicable, corporate resolutions and authorizations for the transaction
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