Apartment Buyer Agreement Template for Philippines

The Apartment Buyer Agreement is a crucial legal document used in Philippine real estate transactions for the purchase of residential units in multi-dwelling buildings. This agreement, governed by Philippine property laws including the Condominium Act (RA 4726) and Maceda Law (RA 6552), is essential for documenting the terms and conditions of apartment purchases. It's typically used when a buyer commits to purchasing an apartment unit from a developer or current owner, whether the property is completed, under construction, or pre-selling. The agreement covers all aspects of the transaction, including payment terms, unit specifications, completion timelines, and post-handover arrangements, while ensuring compliance with local property ownership regulations and building codes.

1. Parties: Identification of the Seller and Buyer with complete details including names, addresses, and tax identification numbers

2. Background: Context of the transaction, including brief description of the property and development

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the apartment unit, including unit number, floor area, boundaries, and parking (if any)

5. Purchase Price: Total purchase price, payment schedule, and mode of payment

6. Payment Terms: Detailed payment structure including reservation fee, down payment, and balance payment schedule

7. Taxes and Fees: Allocation of responsibility for various taxes, registration fees, and other charges

8. Completion and Handover: Process and conditions for unit completion, inspection, and turnover

9. Warranties: Seller's warranties regarding the property title, construction quality, and facilities

10. Default and Remedies: Consequences of default by either party and available remedies

11. Transfer of Title: Process and requirements for transferring property title to the buyer

12. Common Areas and Facilities: Rights and obligations regarding common areas and facilities

13. Association Membership: Terms of condominium/homeowners association membership and obligations

14. Governing Law: Specification of Philippine law as governing law and jurisdiction

15. Notices: Process for sending and receiving formal notices between parties

16. Entire Agreement: Statement that the agreement represents the complete understanding between parties