A real estate purchase will not be complete without the deed of absolute sale. This legal form transfers property to one party including property rights. The deed serves as a proof that the transfer occurred. Once you have signed the documents, it means you have fully understood that all rights to the property will be transferred from the seller to the buyer.
It is also important to note that the deed of absolute sale should have no stipulated conditions attached other than the buyer's payment.
You need to have an independent surveyor or judge that will determine the property's current market value to prevent over-paying. You will also have to make sure that the document is legally binding and should vividly describe the property that will be transferred. A sample of deed of absolute sale is provided below:
DEED OF ABSOLUTE SALE
KNOW ALL MEN BY THESE PRESENTS:
This DEED OF ABSOLUTE SALE is made, executed and entered into by:
(NAME OF SELLER), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address of Seller), hereinafter referred to as the SELLER
-AND-
(NAME OF BUYER), Filipino and with residence and postal address at (Address of Buyer), hereinafter referred to as the BUYER.
WITNESSETH;
WHEREAS, the SELLER is the registered owner of a parcel of land with improvements located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) containing a total area of (Land Area of Property in Words) (000) SQUARE METERS, more or less, and more particularly described as follows:
TRANSFER CERTIFICATE OF TITLE NO. 0000
"(Insert the technical description of the property on the title) Example: A PARCEL OF LAND (Lot 20 Blk 54 of consolidation subdivision plan (LRC) Pcs-13265, being a portion of the consolidation of Lots 4751-A and 4751-B (LRC) Psd-50533, Lot 3, Psd-100703, Lot 1, Psd-150980, LRC Rec. Nos. Nos. N-27024, 51768, 89632, N-11782, N-13466, and 21071 situated in the Bo. of San Donisio, Mun of Paranaque, Prov of Rizal, Is. of Luzon. Bounded on NE., point 4 to 1 by Road Lot 22, on...to the point of beginning; containing an area of (280) square meters more or less..."
WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell the above mentioned property for the amount of (Amount in words) (P 000,000.00) Philippine Currency;
NOW THEREFORE, for and in consideration of the sum of (Amount in words) (P 000,000.00) Philippine Currency, hand paid by the vendee to the vendor, the SELLER DO HEREBY SELL, TRANSFER, and CONVEY by way of Absolute Sale unto the said BUYER, his heirs and assigns, the certain parcel of land together with all the improvements found thereon, free from all liens and encumbrances of whatever nature including real estate taxes as of the date of this sale.
(NAME OF SELLER) (NAME OF BUYER)
Seller Buyer
WITH MARITAL CONSENT:
________________________ _________________________
Name of Seller's Spouse Name of Buyer's Spouse
SIGNED IN THE PRESENCE OF:
__________________________ ____________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
_____________________________ ) SS.
BEFORE ME, a Notary Public for and in the City of ___________________, personally appeared:
Name CTC Number Date/Place Issued
(Name of Seller) 10000000 Jan 15, 20__ / Angeles City
(Name of Buyer) 10000000 Jan 9, 20__ / Manila
Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same are their free act and voluntary deed.
This instrument, consisting of (__) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.
WITNESS MY HAND AND SEAL on this ___day of __________________20__ at_______________.
Notary Public
Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 20__.
