Legal Real Estate Contract Template for Philippines

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Key Requirements PROMPT example:

Legal Real Estate Contract

"I need a Legal Real Estate Contract for the purchase of a commercial property in Makati City, Philippines, where the buyer is a foreign corporation acquiring through a long-term lease arrangement, with closing scheduled for March 2025."

Document background

The Legal Real Estate Contract serves as the primary instrument for documenting property transactions in the Philippines, ensuring compliance with local property laws and regulations. This document is essential when transferring real property ownership, whether for residential, commercial, or industrial purposes. It must conform to the requirements of the Civil Code of the Philippines, Property Registration Decree, and other relevant legislation. The contract typically includes detailed property descriptions, price and payment terms, warranties, and closing conditions. It's particularly important in the Philippine context due to specific legal requirements such as foreign ownership restrictions, land reform laws, and local government regulations. The document protects both buyers' and sellers' interests while ensuring the transaction meets all legal requirements for property transfer in the Philippines.

Suggested Sections

1. Parties: Identifies and provides complete details of the seller and buyer, including their legal capacity to enter into the contract

2. Background: Contextual information about the transaction and property, including brief history of ownership

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

4. Property Description: Detailed description of the property including lot number, location, boundaries, and tax declaration number

5. Purchase Price: States the agreed purchase price and payment terms, including method and schedule of payments

6. Terms of Payment: Detailed breakdown of payment structure, deadlines, and consequences of default

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

8. Conditions Precedent: Conditions that must be satisfied before the sale can proceed

9. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership

10. Taxes and Expenses: Allocation of tax responsibilities and transaction costs between parties

11. Default and Remedies: Consequences of breach and available remedies for both parties

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

13. Execution: Formal closing section with signature blocks and notarization requirements

Optional Sections

1. Broker Provisions: Include when a licensed real estate broker is involved in the transaction

2. Mortgage Provisions: Required when the purchase involves bank financing or mortgage arrangements

3. Tenant Rights: Include when the property is currently leased or occupied by tenants

4. Construction Warranties: Necessary for newly constructed properties or properties under construction

5. Condominium Association: Required for condominium units, including association rules and fees

6. Foreign Ownership Compliance: Include when buyer is a foreign national or entity

7. Environmental Compliance: Required for industrial properties or properties with environmental concerns

8. Agricultural Land Reform Provisions: Necessary when dealing with agricultural land subject to land reform laws

Suggested Schedules

1. Property Documents: List of all property-related documents including title, tax declarations, and surveys

2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Property Plans: Technical drawings, lot plans, and building plans if applicable

4. Due Diligence Results: Summary of property inspection, title search, and other investigations

5. Tax Certificates: Current tax clearances and certificates related to the property

6. Permits and Licenses: Copies of relevant permits, licenses, and zoning clearances

7. Photos and Documentation: Current photographs and documentation of property condition

8. Power of Attorney: If applicable, authorization documents for representatives of either party

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

alex.den.21@genieai.co

Relevant legal definitions

Agreement
Property
Purchase Price
Closing Date
Transfer Date
Certificate of Title
Tax Declaration
Deed of Absolute Sale
Earnest Money
Due Diligence Period
Business Day
Force Majeure
Encumbrances
Title Insurance
Real Estate Broker
Local Government Unit
Transfer Tax
Documentary Stamp Tax
Capital Gains Tax
Zoning Requirements
Building Permits
Environmental Compliance Certificate
Property Registration
Torrens Title
Notarial Registration
Real Estate Investment
Closing Costs
Registration Fees
Liens
Occupancy Rights
Warranties
Default Event
Remedies
Notice
Effective Date
Completion Date
Material Adverse Change
Property Documents
Permitted Use
Technical Description
Governing Law
Jurisdiction
Improvements
Appurtenances
Common Areas
Association Dues
Property Manager
Real Property Tax
Special Power of Attorney
Broker's Commission
Notarial Acknowledgment
Recording
Transfer Certificate of Title
Condominium Certificate of Title

Clauses

Relevant Industries

Real Estate

Banking and Finance

Construction

Property Development

Legal Services

Insurance

Agriculture (for agricultural land)

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Office Space

Mixed-Use Development

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Risk Management

Property Management

Business Development

Investment

Due Diligence

Corporate Affairs

Documentation

Asset Management

Relevant Roles

Real Estate Attorney

Property Lawyer

Real Estate Broker

Property Developer

Real Estate Agent

Legal Counsel

Corporate Lawyer

Compliance Officer

Property Manager

Real Estate Investment Manager

Title Officer

Real Estate Paralegal

Property Appraiser

Real Estate Finance Manager

Due Diligence Officer

Contract Administrator

Real Estate Operations Manager

Property Acquisition Specialist

Find the exact document you need

Real Estate Selling Contract Form

A standardized contract for real estate sales in the Philippines, ensuring compliance with local property laws while facilitating proper transfer of ownership.

How a Sales & Marketing Lead uses Genie AI to reduce contract drafting time by 95%

Let's create your Legal Real Estate Contract

Authors

Alex Denne

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