Document background
The Property Purchase Form is a crucial legal document used in Philippine real estate transactions to initiate and formalize property transfers. It serves as the preliminary agreement that captures all essential terms of the property sale, including detailed property descriptions, price, payment terms, and conditions precedent to closing. This document is required under Philippine property law and must comply with various regulations, including the Civil Code of the Philippines, the Property Registration Decree, and local government requirements. It's particularly important as it forms the basis for the subsequent Deed of Absolute Sale and the property registration process. The form includes provisions for both parties' protection, tax implications, and specific requirements for different property types, whether residential, commercial, or agricultural.
