The Contract to Sell Condominium is a crucial document in Philippine real estate transactions, used when a developer or property owner agrees to sell a condominium unit subject to specific conditions, primarily the full payment of the purchase price. This document type is essential in the Philippine property market where installment purchases are common and developers need protection while buyers complete their payments. The contract must comply with various regulations including the Condominium Act (RA 4726), Maceda Law (RA 6552), and HLURB guidelines. It includes detailed provisions about the property, payment terms, delivery conditions, and both parties' rights and obligations, while also incorporating specific requirements for condominium ownership such as common areas and association dues. The document serves as the primary agreement between parties until conditions are met for the execution of the final Deed of Absolute Sale.
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1. Parties: Identification of the Seller and Buyer with complete details including names, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the condominium project and the unit being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter: Detailed description of the condominium unit, including unit number, floor area, and boundaries
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Terms of Payment: Detailed payment structure including reservation fee, down payment, and balance payment schemes
7. Default and Remedies: Consequences of default by either party and available remedies, including Maceda Law provisions
8. Delivery and Possession: Timeline and conditions for turnover of the unit
9. Warranties and Representations: Seller's warranties regarding title, construction quality, and compliance with laws
10. Rights and Obligations: Specific rights and obligations of both parties during the contract period
11. Transfer of Title: Conditions and process for the eventual transfer of title to the buyer
12. Common Areas and Facilities: Rights and obligations regarding common areas and facilities
13. Association Dues and Other Charges: Details of recurring charges and maintenance fees
14. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
15. Execution: Signature blocks and notarization requirements
1. Mortgage Provisions: Include when buyer will obtain mortgage financing, detailing conditions and requirements
2. Construction Timeline: Include for pre-selling arrangements where construction is not yet complete
3. Property Management: Include when specific property management arrangements need to be detailed
4. Parking Space: Include when parking space is part of the sale
5. Assignment Rights: Include when allowing for possible assignment of rights under the contract
6. Force Majeure: Include when specific force majeure provisions beyond standard ones are needed
7. Insurance Requirements: Include when specific insurance requirements need to be detailed
8. Renovation and Alteration: Include when specific renovation restrictions or permissions need to be detailed
1. Schedule A - Unit Details: Detailed technical specifications of the unit including floor plan and finish schedule
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including due dates and amounts
3. Schedule C - Common Areas: List and description of common areas and facilities included in the development
4. Schedule D - House Rules: Condominium corporation rules and regulations
5. Schedule E - Developer's Permits: Copies of relevant permits and licenses
6. Appendix 1 - Unit Floor Plan: Detailed floor plan of the specific unit
7. Appendix 2 - Master Deed: Copy of the condominium project's master deed
8. Appendix 3 - Tax Declarations: Relevant tax declarations and certificates
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