Home Contract for Philippines

Home Contract Template for Philippines

A comprehensive legal agreement governed by Philippine law that facilitates the sale and purchase of residential property. This document incorporates requirements from the Civil Code of the Philippines, Presidential Decree No. 957, and other relevant property laws, ensuring compliance with local real estate regulations. It details the terms and conditions of the property transfer, including purchase price, payment terms, warranties, and obligations of both parties, while providing necessary protections under Philippine property and consumer protection laws.

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What is a Home Contract?

The Home Contract serves as the primary legal instrument for residential property transactions in the Philippines, governed by the Civil Code of the Philippines and various real estate laws. This document is essential when transferring ownership of residential properties, whether they are single-family homes, condominiums, or other residential units. It incorporates mandatory provisions required by Philippine law, including those under Presidential Decree No. 957 and the Maceda Law (RA 6552), which provide specific protections for property buyers. The Home Contract typically includes detailed property descriptions, payment terms, warranties, and specific conditions for title transfer, while ensuring compliance with local zoning regulations and building codes. It is designed to protect both buyer and seller interests while facilitating a smooth and legally compliant property transaction.

What sections should be included in a Home Contract?

1. Parties: Identification and details of the seller and buyer, including complete names, addresses, and tax identification numbers

2. Background: Context of the transaction, including brief property history and purpose of the agreement

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

4. Property Details: Comprehensive description of the property including lot number, street address, boundaries, and technical description as per title

5. Purchase Price: Total purchase price, payment terms, method of payment, and schedule of payments

6. Mode of Payment: Specific details on how payments will be made, including bank details and acceptable payment methods

7. Warranties and Representations: Seller's warranties regarding property ownership, absence of liens, and other legal guarantees

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

9. Taxes and Fees: Allocation of responsibility for transfer taxes, registration fees, and other related expenses

10. Possession: Terms and timing of property handover to the buyer

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

12. Governing Law: Specification that the contract is governed by Philippine law

13. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue

What sections are optional to include in a Home Contract?

1. Broker's Commission: Details of real estate broker's commission if a broker is involved in the transaction

2. Renovation Rights: Terms regarding buyer's right to renovate before full transfer of title, if applicable

3. Tenant Provisions: If property is currently tenanted, provisions regarding existing lease agreements

4. Mortgage Provisions: If property is to be mortgaged, specific provisions relating to the mortgage process

5. Insurance: Requirements for property insurance during the payment period

6. Force Majeure: Provisions for unforeseen circumstances affecting the contract execution

7. Environmental Compliance: Special provisions regarding environmental regulations if property is in an environmentally sensitive area

8. Homeowners Association: If property is in a subdivision or condominium, provisions regarding homeowners association rules and fees

What schedules should be included in a Home Contract?

1. Property Documents: Copies of property title, tax declarations, and technical description

2. Payment Schedule: Detailed schedule of installment payments if applicable

3. Property Inspection Report: Detailed report of property condition at time of sale

4. Permits and Certificates: Copies of relevant permits, certificates, and clearances

5. Property Photos: Recent photographs of the property and its features

6. Utility Accounts: List of utility accounts and latest statements

7. Property Plans: Floor plans, lot plans, and other relevant architectural drawings

8. Tax Clearances: Property tax clearances and payment history

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Financial Services

Legal Services

Insurance

Property Development

Property Management

Urban Planning

Housing Development

Residential Construction

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Contract Administration

Documentation

Risk Management

Customer Relations

Property Development

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Developer

Sales Manager

Property Manager

Contract Administrator

Compliance Officer

Real Estate Broker

Title Officer

Mortgage Officer

Property Assessor

Real Estate Consultant

Housing Development Officer

Legal Documentation Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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