Deed of Absolute Sale of Real Property

Description

When selling real property located in the Philippines, such as a residential house & lot, commercial building, farmland or any other kind of real estate like a condominium unit, the registered owner is required to execute a Deed of Absolute Sale in favor of the buyer for the sale to be valid. The instrument must also be registsred with the proper Registry of Deeds of the place where the property is located to bind third parties. A written deed of sale is also required by the Bureau of Internal Revenue (BIR) and Register of Deeds for purposes of paying the taxes due on the sale, and for the transfer of the title in the name of the new owner.

 

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