A deed of absolute sale is a legal document that is used to transfer ownership of property from one person to another. In the Philippines, there are certain requirements that must be met in order for the deed to be considered valid.
First and foremost, the property must be fully paid for by the buyer. If there is still a balance owed on the property, then a deed of sale will not be able to be used.
Secondly, all of the necessary paperwork must be in order. This includes things such as the title to the property, as well as any other documents that may be required by the Philippines government.
Thirdly, the deed of absolute sale must be registered with the proper government office. This step is necessary in order to ensure that the new owner is properly protected under Philippine law.
Once all of these requirements have been met, then a deed of absolute sale can be drawn up and signed by both parties. The deed will then need to be notarized by a public notary before it can take effect.
What is a Deed of Absolute Sale?
A deed of absolute sale is a legal document that is used to transfer ownership of property from one person to another. In the Philippines, the deed of absolute sale must be notarized in order to be valid.
What Are The Essential And Formal Requisites of a Deed of Sale?
A deed of sale is a formal document that proves the transfer of ownership of an asset from one person to another. In the Philippines, a deed of sale is also known as a kasulatan ng pagbili-bilihan (contract to sell) or kasulatan ng Bilihan (deed of sale).
The essential requisites of a contract of sale are the following:
1. There must be an offer to buy and Sell;
2. The offer must be accepted;
3. There must be a meeting of the minds between the buyer and seller as to the price and the thing which is being sold;
4. The contract must be executed in writing and signed by the parties; and
5. There must be delivery of the thing sold. (Art. 1475, NCC)
Meanwhile, the formal requisites of a contract of sale are the following:
1. The contract must be in writing;
2. The contract must be signed by the parties; and
3. The contract must be executed by two witnesses.(Art. 1476, NCC)
What Are The Consequences of an Invalid Deed of Sale?
A deed of sale is only valid if it is signed by the seller and the buyer, and if it is notarized by a notary public. If the deed of sale is not valid, the buyer will not be able to register the property in his or her name and will not be able to obtain a title to the property.
Deed of Absolute Sale Philippines
A deed of absolute sale is a legal document that is used to transfer ownership of property from one person to another. In order to make a deed of absolute sale in the Philippines, there are certain requirements that must be met. These requirements will be discussed in detail in this article.
The Parties to The Contract
The first part of the contract would identify the buyer and the seller. In this section, you will have to write the full name of the buyer and the seller, their Citizenship or Incorporation, and their Age or incorporation date. The second part of the contract would identify the property being sold. In this section, you must include a description of the property being sold, including its location.
The third part would be the price and payment terms of the sale. In this section, you must state the purchase price of the property being sold and how it will be paid (e.g. in cash, in installments, etc).
The fourth part of the contract would be the warranties and representations made by each party. In this section, each party warrants that they have not entered into any agreement that would affect their performance under this contract and that they are not under any legal disability that would prevent them from performing their obligations under this contract. The fifth part of the contract would be the covenants of each party. In this section, each party agrees to perform certain acts or refrain from certain acts during and after the sale of the property being sold.
The sixth part of the contract would be The Effectivity Date which isthe date on which this contract shall take effect.
Last but not least, The seventh part is where each party affixes his/her signature above his/her printed name and provides his/her contact details (address and phone number). This will serve as evidence that he/she has read and understood all the terms of this document and has voluntarily agreed to be bound by them.
The Property to be Sold
The first thing you need for a deed of absolute sale is the property to be sold. The property must be fully described in the deed, including its location, dimensions, any improvements on it, and how it is currently being used. If there is more than one owner of the property, all of the owners must sign the deed.
The Price of The Sale
The price of the sale is the single most important part of a deed of absolute sale in the Philippines. It must be clear and concise, and must state the total amount agreed upon by both parties. The total price must also be in Philippine pesos.
The Manner of Payment
In the Philippines, the most common mode of payment is by cash. If the seller is a corporation or other entity, checks or bank drafts are also accepted. If paying by check, make sure that it is a certified one to avoid any issues in the future. The deed of sale should also specify the date or time period within which the full payment must be made.
The Warranties of The Seller
In a deed of absolute sale, there are two types of warranties that the seller can give: warranties against eviction and warranties against encumbrances.
The first type of warranty is the warranty against eviction. This means that the seller promises that he or she has not sold the property to anyone else, and that there are no other claims or legal impediments to the sale. In other words, the buyer will not be evicted from the property. The second type of warranty is the warranty against encumbrances. This means that the seller promises that there are no debts or other claims outstanding on the property. In other words, the buyer will not be responsible for any debts or liabilities associated with the property.
A deed of absolute sale is the legal document that transfers ownership of property from one person to another. In order to be valid, the deed must be signed by both parties, witnessed by two witnesses, and notarized by a notary public. The deed must also be registered with the appropriate government office.