The Deed of Sale for Property is a crucial legal instrument in Philippine real estate transactions, used whenever there is a transfer of real property ownership. This document is mandatory under Philippine law and must be executed in accordance with the Civil Code of the Philippines and the Property Registration Decree. It serves multiple purposes: documenting the transfer of ownership, establishing the terms and conditions of the sale, and providing the basis for tax assessment and title registration. The deed must contain specific elements required by law, including proper identification of parties, technical description of the property, purchase price, and payment terms. It requires notarization and registration with appropriate government agencies to be fully effective. This document type is particularly important as it protects both parties' interests and ensures legal compliance in property transactions.
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Key Requirements PROMPT example:
Deed Of Sale For Property
"I need a Deed of Sale for Property for the transfer of a commercial building in Makati City, Philippines, from my corporation to a foreign investment company, with payment to be made in three installments starting March 2025."
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their civil status, citizenship, and complete addresses as required by Philippine law
2. Background: Establishes the context of the sale, including the Seller's ownership and authority to sell
3. Definitions: Defines key terms used throughout the deed
4. Property Description: Detailed technical description of the property including lot number, survey number, certificate of title number, boundaries, and area
5. Purchase Price: States the agreed purchase price and terms of payment
6. Mode of Payment: Specifies how and when payments are to be made
7. Transfer of Title and Ownership: Details the process and timing of transferring legal ownership
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and authority to sell
9. Buyer's Undertakings: Buyer's commitments regarding payment and compliance with transfer requirements
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Possession: Terms for delivering physical possession of the property
12. Governing Law: Specifies Philippine law as governing law
13. Execution: Formal signing section including space for witnesses and notary public
1. Existing Tenancies: Required when the property is subject to existing lease agreements that will be inherited by the buyer
2. Mortgage Details: Needed when the property has existing mortgages that need to be discharged or assumed
3. Conditions Precedent: Used when the sale is subject to specific conditions that must be met before completion
4. Environmental Warranties: Important for industrial properties or properties with potential environmental issues
5. Development Restrictions: Necessary when the property is subject to zoning or development limitations
6. Broker's Commission: Required when a broker is involved in the transaction
7. Joint Venture Provisions: Needed when the sale is part of a larger joint venture arrangement
1. Property Documents: List of all title documents, tax declarations, and property records
2. Technical Description: Detailed technical description of the property from the title and survey
3. Payment Schedule: If payment is in installments, detailed payment terms and dates
4. Permits and Licenses: Copies of relevant permits, certificates, and licenses
5. Property Photos: Recent photographs of the property and its boundaries
6. Tax Certificates: Current tax clearances and certificates
7. Power of Attorney: If applicable, authorization documents for representatives
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