What is contract to sell

If you're buying real property such as a lot, condo or house, then congratulations! It's going to be helpful if you're confident with all of the documents and the title transfer process. At some point in the process, you will encounter the CONTRACT TO SELL, one of the most common legal documents out there.

But some people ask, "What exactly is a Contract to sell?" Most people keep signing it without understanding what it's for. Sometines they ask "How is this different from a Deed of Absolute Sale? How do i make one and ensure that it contains everything that i need."

If you're asking the same thing, then stick around as we talk about it on today's episode.

This episode is brought to you by "Notary not included" a guide to the 7 most requested legal forms. It's a book that teaches what legal documents do, how they're made and what to look out for. The book also includes downloadable soft copy templates which you can use for yourself. Let legal documents help you with everyday life. Go to info.legalguide.ph/notary to learn more.



Welcome to Legal Guide Philippines, where we simplify the law to help you make better choices. I'm Atty. Ramon Ramirez and I are with my partner Atty. Erwin Zagala. So today we're talking about the Contract to sell.

What is it - preparatory contract - runway

When do you use it - if not a full payment

Why is it safer to have this versus just paying - documents the steps, not left to the parties.

Does it transfer ownership

Does it allow you to take possession

what is it supposed to contain -
Parties payment terms, what you can do in the meantime, what happens if paid/failed to pay

Recap

What is it - preparatory contract - runway
When do you use it - if not a full payment
Why is it safer to have this versus just paying
Does it transfer ownership
Does it allow you to take possession
what is it supposed to contain - Parties payment terms, what you can do in the meantime, what happens if paid/failed to pay



Additional Resources

For most of you, this episode was more than enough. And if it makes your life easier then great. But there are some of you who will watch end up asking more questions, such as an attorney, what do you watch out for before you sign documents? Or, attorney, where can we get templates for everyday transactions? Or, attorney, what will happen if we have the documents notarized?

If that's you, then I invite you to check out the book, "Notary not included" where we give a crash course when dealing with legal documents. We'll talk about the lawyer's secret to making good legal documents, the three biggest myths about legal documents, and the three rules we follow when drafting for clients.

Plus, we give you a simplified template set of the seven most requested documents that you can keep forever. Get the book now at info.legalguide.ph/notary today.

Now to add to that, if you want us to tackle your question in our show, go to www.legalguide.ph and click the "Submit Topic" Button. Next, we'd like to know what's your biggest takeaway from today's video, so please write it down in the comments and let's talk about it. Lastly, if you feel we've earned a good rating, please give us a like and subscribe because it gives us feedback that we're doing a good job and it encourages us to do more videos.

One last thing... the smoothest real estate transactions I've had the privilege of assisting with we're always the ones where the expectations were clear as day. The contract to sell creates the space where you can set up the next steps each party will be taking. That way, you have a very clear ladder with the title transfer at the very top just within reach.

So wasn't that simple? Now go make better choices.