Definition
A legal document that transfers ownership of real property from the seller to the buyer. It contains the identities of both parties, property description, selling price, and terms of sale. The DOAS must be notarized to be valid and is required for title transfer.
Examples
- •The DOAS is executed upon full payment of the property
- •Both buyer and seller must sign the DOAS before a notary public
Tips & Best Practices
- ✓Ensure all property details are accurate before signing
- ✓Keep multiple copies of the notarized DOAS
- ✓The DOAS is needed for BIR tax computation and title transfer
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