What happens to the title in a conditional sale?

Transfer of title – In a contract to sell, the title does not automatically pass to the buyer upon payment of the price, a contract of absolute sale still has to be entered into by the parties. In a conditional sale, the sale will be deemed fulfilled upon the happening of the condition which may or may not occur.

Who are the parties involved in the sale of a house?

There are a lot of parties involved, including the buyer, the buyer’s real estate agent, lenders, an escrow company, a title company, and sometimes a real estate attorney.

What is a contract of sale for a condominium?

Contract of Sale—Condominium Unit. Note: This form is intended to deal with matters common to most transactions involving the sale of a condominium unit. Provisions should be added, altered or deleted to suit the circumstances of a particular transaction.

What happens to the title in a contract to sell?

In the Contract to Sell, the perfection of the Contract shall climax in the execution of Deed of Absolute Sale. In this Document, the SELLER shall transfer the Title to the new owner, the BUYER. I’d like to emphasize that the Certificate of Title is NOT THE TITLE in itself.

Condominium Unit – Contract of Sale Note: This form is intended to deal with matters common to most transactions involving the sale of a condominium unit. Provisions should be added, altered or deleted to suit the circumstances of a particular transaction.

Is it legal to sell a condo to a third party?

The deed giving you full rights to the condo is not legal. If it was a special power of attorney giving you right to sell the same to a third party, it is legal. If you want to divide conjugal properties among yourself then you have to go to court and file dissolution of conjugal partnership and thus divide the properties among yourselves.

What does a condominium of certificate title mean?

The Condominium of Certificate Title is issued in the final stage of the homebuying process. For condo unit homebuyers, the legal document signifies that ownership, including rights (e.g. the right to vote in homeowner association meetings), have been transferred from the seller to you. Share this infographic!

When to exercise contract of sale on condominium?

Condominium Unit – Contract of Sale. (b) If seller does not elect to make such repairs and restorations, Purchaser may exercise the resulting option under (i) or (ii) of (a) above only by notice given to Seller within 10 days after receipt of Seller’s notice.