Document background
The Home For Sale By Owner Purchase Agreement is a crucial legal instrument used in the Philippines when property owners wish to sell their residential property directly to buyers without engaging a real estate broker. This document becomes necessary when both parties have agreed on the basic terms of sale and need to formalize their agreement in compliance with Philippine law. It encompasses all essential aspects of the property transaction, including detailed property description, purchase price, payment terms, warranties, and closing requirements. The agreement must comply with the Civil Code of the Philippines, Property Registration Decree, and various local government regulations. It serves as the primary contract protecting both parties' interests and establishing their rights and obligations throughout the transaction process. This type of agreement is particularly relevant in the Philippine context where direct property sales between owners and buyers are common, especially in residential real estate transactions.
