Document background
The Purchase Sale Agreement (Real Estate) is a fundamental legal document used in Philippine real estate transactions to formalize property transfers between parties. It is essential for both residential and commercial property transactions, incorporating specific requirements under Philippine law such as the Civil Code, Property Registration Decree, and local government regulations. This document is used whenever real estate property is bought or sold in the Philippines, whether between individuals, corporations, or a combination thereof. It includes crucial details such as property description, price, payment terms, warranties, and conditions precedent to closing. The agreement must comply with Philippine property laws, including requirements for notarization, registration, and payment of applicable taxes and fees. It serves as the primary evidence of the transaction and protects the rights and obligations of both parties throughout the property transfer process.
