Short answer. Yes. The Civil Code recognises tradition constitutum possessorium, a form of delivery in which ownership passes to the buyer while the seller physically keeps the thing in some other capacity — as lessee, depositary or borrower. The seller stays on the property, but no longer as owner.
What the law says
There may also be tradition constitutum possessorium.
Civil Code, Article 1500 — Constitutum Possessorium. Read the full provision →
Why delivery matters at all
In Philippine law a contract of sale by itself does not make the buyer the owner. Signing the deed and paying the price create obligations; it is delivery — tradition — that actually transfers ownership. That is why buyers are told to take possession, or to have the deed notarised, or to secure the certificate of title. The practical worry behind your question is real: a buyer who has paid but whose seller is still living in the house, driving the vehicle, or occupying the shop wonders whether the transfer ever completed. The Civil Code answers that possession and ownership are different things, and it provides several ways for one to move without the other visibly changing hands.
What constitutum possessorium means
The article states, in one line, that there may also be tradition constitutum possessorium. The Latin describes a change in the character of the possession rather than a change in who is holding the thing. Before the sale, the seller possessed as owner. After it, the buyer owns, and the seller remains in physical control only in a lesser capacity that the buyer has agreed to — most commonly as a lessee paying rent, sometimes as a depositary keeping the thing safe, sometimes as a borrower using it for a time. Nothing needs to be carried out the door and carried back in. The legal relationship is what changes.
What this requires in practice
Because nothing visible happens, the arrangement lives or dies on documentation. Say so expressly in the deed: that ownership is transferred and that the seller thereafter holds the property as lessee or depositary, on stated terms and for a stated period. Vagueness here is dangerous, since a seller who simply stays on without a defined new capacity looks to the outside world exactly like a seller who never delivered. The other side of the coin is the mirror doctrine, traditio brevi manu, where someone already holding as tenant becomes owner and simply continues to hold — the same idea running the other way. Both depend on a clear agreement about capacity.
The limits, and the third parties who do not care
Two cautions. First, this form of delivery settles ownership as between buyer and seller; it does not by itself protect the buyer against third parties. For registered land, what shields you from later buyers and creditors is registration, not the private arrangement — so a buyer who leaves the title in the seller's name and lets the seller stay put is exposed regardless of how well the deed is drafted. Second, a delivery that is purely on paper, where the seller never truly ceded control and the parties never intended a real transfer, can be attacked as a simulation. Whether any particular arrangement holds up depends entirely on the documents and circumstances of that transaction.