Contract For Buying A House Template for Philippines

The Contract For Buying A House is a fundamental legal document used in Philippine real estate transactions when transferring residential property ownership. It serves as the primary agreement between sellers and buyers, whether they are individuals or corporations, and must comply with various Philippine laws including the Civil Code, Real Estate Service Act (RESA), and Property Registration Decree. This document is essential for any residential property purchase in the Philippines, providing legal protection for all parties while ensuring proper documentation of the transaction. It encompasses crucial elements such as property details, payment terms, warranties, and closing requirements, while addressing specific Philippine regulatory requirements including tax obligations, title transfer procedures, and local government regulations. The contract is typically used in both primary and secondary market transactions, whether involving newly developed properties or existing homes.

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, addresses, and tax identification numbers

2. Background: Context of the sale, including brief property history and current ownership status

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

4. Property Description: Detailed legal description of the property including lot number, block number, subdivision details, and technical description from the title

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

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be met before the sale can proceed, including title verification and property inspection

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 compliance with anti-money laundering requirements

10. Closing Requirements: Documents and actions required from both parties to complete the sale

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

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

13. Risk and Insurance: Transfer of risk and insurance requirements during the sale process

14. Default and Remedies: Consequences and remedies in case either party defaults

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

16. Execution: Signature blocks and notarization requirements