The Buy Sell Agreement For A House is a crucial legal document used in Philippine real estate transactions to formalize the transfer of residential property ownership. It becomes necessary whenever a property owner wishes to sell their house to a buyer, ensuring all terms and conditions are clearly documented and legally enforceable. The agreement must comply with various Philippine laws, including the Civil Code, Real Estate Service Act, and local property regulations. It typically includes detailed information about the property, purchase price, payment terms, warranties, closing requirements, and tax obligations. This document is particularly important in the Philippine context due to specific local requirements for property transfer, including notarization requirements and the need for witness signatures. It serves as protection for both parties and is often required by banks, government agencies, and property registries to process the transaction.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers

2. Background: Sets out the context of the agreement, confirming the Seller's ownership and both parties' intention to enter into the transaction

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Description: Detailed description of the property including exact address, boundaries, and title details

5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements

6. Payment Terms: Details the payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Lists conditions that must be satisfied before the sale becomes binding

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and other relevant matters

10. Closing Requirements: Documents and actions required to complete the transaction

11. Transfer of Title: Process and requirements for transferring property ownership

12. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

13. Risk and Insurance: Provisions regarding property risk transfer and insurance requirements

14. Default and Remedies: Consequences of breach and available remedies

15. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

16. Miscellaneous Provisions: Standard clauses including notices, amendments, and severability