The Seller Financing Contract is utilized in situations where traditional bank financing may not be available or desired, allowing property sellers in the Philippines to directly finance the buyer's purchase. This arrangement, governed by Philippine law, provides an alternative financing method particularly valuable in the local real estate market. The document incorporates crucial elements of both a sales agreement and a financing arrangement, ensuring compliance with local regulations including the Maceda Law, which provides specific protections for property buyers in installment sales. Key features include detailed payment terms, security arrangements, and mandatory disclosures required under Philippine law. The contract type is particularly relevant in both residential and commercial property transactions, offering flexibility while maintaining legal protections for all parties involved.
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1. Parties: Identifies and provides complete details of the Seller/Financier and the Buyer/Borrower
2. Background: Describes the property being sold and the parties' intention to enter into a seller financing arrangement
3. Definitions: Defines key terms used throughout the agreement including Property, Purchase Price, Principal Amount, Interest Rate, and Payment Terms
4. Sale and Purchase: Details the basic terms of the sale including the purchase price and property description
5. Financing Terms: Specifies the financing amount, interest rate, payment schedule, and term of the loan
6. Security and Collateral: Establishes the property as collateral and any additional security requirements
7. Payment Terms and Conditions: Details payment mechanics, due dates, grace periods, and acceptable payment methods
8. Default and Remedies: Specifies what constitutes default and the remedies available to both parties, including Maceda Law provisions
9. Title and Ownership: Explains when and how title transfers, and any conditions attached
10. Representations and Warranties: Lists the promises and guarantees made by both parties
11. Insurance and Maintenance: Outlines requirements for property insurance and maintenance responsibilities
12. Taxes and Expenses: Allocates responsibility for property taxes, registration fees, and other expenses
13. Governing Law: Specifies Philippine law as governing law and references relevant statutes
14. Dispute Resolution: Details the process for resolving disputes between parties
1. Pre-payment Provisions: Include when early payment options are to be allowed, specifying any penalties or benefits
2. Property Management: Include when the property is a commercial property or requires specific management arrangements
3. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
4. Construction or Renovation: Include when the property requires or will undergo significant modifications
5. Third-Party Guarantees: Include when additional guarantors are involved in the financing arrangement
6. Special Use Conditions: Include when the property has specific use restrictions or requirements
7. Electronic Payments: Include when electronic payment systems will be used, requiring compliance with E-Commerce Act
1. Schedule A - Property Description: Detailed legal description of the property including boundaries, certificates of title, and zoning information
2. Schedule B - Payment Schedule: Amortization table showing all payments, principal and interest breakdowns
3. Schedule C - Deed of Absolute Sale: Template or copy of the deed to be executed upon full payment
4. Schedule D - Insurance Requirements: Detailed specifications of required insurance coverage
5. Schedule E - Property Condition Report: Documentation of property condition at time of sale
6. Appendix 1 - Truth in Lending Disclosure: Mandatory disclosure of all financing charges and terms as required by law
7. Appendix 2 - Maceda Law Rights: Statement of buyer's rights under the Maceda Law
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