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Conditional Sale And Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Conditional Sale And Purchase Agreement

"I need a Conditional Sale and Purchase Agreement under Philippine law for a commercial property in Manila, with monthly installment payments over 5 years starting March 2025, and including specific provisions for early payment options and default remedies."

Document background
The Conditional Sale And Purchase Agreement is a vital legal instrument in Philippine business transactions, commonly used when selling valuable assets or property where immediate full payment is not feasible or desired. This document type is particularly relevant in situations where the seller wishes to retain ownership until certain conditions (usually full payment) are met, while allowing the buyer to take possession and use of the asset. The agreement must comply with Philippine Civil Code requirements and other relevant legislation such as the Maceda Law for real estate transactions. It typically includes detailed provisions on payment terms, conditions for ownership transfer, default remedies, and both parties' rights and obligations during the conditional period. This document structure provides security for the seller while offering the buyer a practical way to acquire assets through installment payments.
Suggested Sections

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the agreement

2. Background: Contextual information about the transaction and the asset being sold

3. Definitions: Defines key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the property or asset being sold

5. Purchase Price: States the total purchase price and how it was determined

6. Payment Terms: Details of the installment payment schedule, amounts, and payment methods

7. Conditions Precedent: Specifies conditions that must be met before the sale becomes absolute

8. Transfer of Title: Terms regarding when and how ownership will transfer to the buyer

9. Representations and Warranties: Statements of fact and promises by both parties regarding the sale

10. Rights and Obligations: Detailed responsibilities of both parties during the conditional sale period

11. Default and Remedies: Consequences of default and available remedies for both parties

12. Termination: Circumstances under which the agreement can be terminated and the consequences

13. Governing Law: Specifies Philippine law as governing law and relevant jurisdictional matters

14. Miscellaneous Provisions: Standard boilerplate provisions including notices, amendments, and severability

Optional Sections

1. Insurance: Required when the asset needs insurance coverage during the conditional sale period

2. Maintenance and Use: Included when specific requirements exist for maintaining or using the asset during the conditional period

3. Security Provisions: Added when additional security or collateral is required

4. Third Party Rights: Included when there are existing liens, encumbrances, or third-party interests

5. Tax Provisions: Detailed section on tax obligations when complex tax implications exist

6. Registration: Required for assets that need official registration or transfer of registration

7. Force Majeure: Added when specific provisions for unforeseen circumstances are needed

Suggested Schedules

1. Schedule 1 - Asset Description: Detailed technical or legal description of the asset being sold

2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments, due dates, and amounts

3. Schedule 3 - Condition Report: Current condition of the asset and any existing defects or issues

4. Schedule 4 - Required Documents: List of documents required for transfer of ownership

5. Schedule 5 - Delivery Details: Specific requirements for delivery or handover of the asset

6. Appendix A - Form of Notice: Template for formal notices required under the agreement

7. Appendix B - Deed of Absolute Sale: Form of deed to be executed upon completion of all conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































Clauses






























Relevant Industries

Real Estate

Automotive

Manufacturing

Construction

Agriculture

Industrial Equipment

Consumer Goods

Technology

Retail

Transportation

Relevant Teams

Legal

Finance

Sales

Commercial

Operations

Procurement

Compliance

Risk Management

Credit Control

Business Development

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Sales Director

Finance Manager

Chief Financial Officer

Property Manager

Asset Manager

Compliance Officer

Risk Manager

Commercial Director

Operations Manager

Procurement Manager

Real Estate Agent

Credit Controller

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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