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Real Estate Contract Form

Real Estate Contract Form Template for Philippines

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Key Requirements PROMPT example:

Real Estate Contract Form

"I need a Real Estate Contract Form for the sale of a residential condominium unit in Makati City, Philippines, with a scheduled closing date of March 15, 2025, including provisions for bank financing and foreign buyer restrictions."

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Document background
The Real Estate Contract Form is a fundamental legal instrument used in Philippine property transactions to formalize the transfer of real property ownership. This document is essential for compliance with Philippine civil law requirements and real estate regulations, including the Civil Code of the Philippines and the Property Registration Decree. It is typically used for both residential and commercial property transactions, incorporating mandatory elements such as property description, payment terms, and transfer conditions. The contract form addresses specific Philippine legal requirements including foreign ownership restrictions, local government regulations, and necessary government clearances. It serves as a comprehensive agreement that protects both buyers' and sellers' interests while ensuring the transaction's validity under Philippine law. The document is structured to accommodate various types of real estate transactions while maintaining compliance with local legal requirements and industry standards.
Suggested Sections

1. Parties: Identification of the seller and buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law

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

3. Definitions: Key terms used throughout the contract, including technical and legal terminology

4. Property Description: Detailed description of the property including lot number, survey number, title details, boundaries, and technical description from the title

5. Purchase Price: Total consideration and payment terms, including mode and schedule of payments

6. Terms of Payment: Detailed payment structure, including deposits, down payments, and installment terms if applicable

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

8. Conditions Precedent: Requirements to be met before closing, including title clearance and documentation

9. Closing and Transfer of Title: Process and timeline for executing deed of sale and transferring title

10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

11. Default and Remedies: Consequences of breach and available remedies for either party

12. Governing Law: Specification of Philippine law as governing law and jurisdiction clause

13. Execution: Signature blocks with requirements for notarization under Philippine law

Optional Sections

1. Financing Provisions: Include when buyer is obtaining bank financing, detailing terms and conditions of the loan arrangement

2. Construction and Development: Required for pre-selling arrangements or properties under construction

3. Homeowners Association: Include when property is part of a subdivision or condominium development

4. Foreign Ownership Compliance: Required when buyer is a foreign national or entity, addressing ownership restrictions

5. Broker Provisions: Include when real estate brokers are involved in the transaction

6. Environmental Compliance: Required for properties requiring environmental clearances or assessments

7. Tenant Rights: Include when property is currently leased or occupied

8. Subdivision of Property: Required when the transaction involves division of land

Suggested Schedules

1. Property Details: Technical description, lot plan, and survey details

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

3. Title Documents: Copy of title, tax declarations, and real property tax receipts

4. Due Diligence Results: Results of title search, liens check, and other investigations

5. Property Inspection Report: Detailed report on property condition and improvements

6. Permits and Certificates: Relevant government permits, zoning certificates, and clearances

7. Transfer Costs Breakdown: Detailed list of taxes, fees, and other closing costs

8. Property Photos: Recent photographs of the property and improvements

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Purchase Price
Closing Date
Title
Transfer Certificate of Title
Tax Declaration
Deed of Absolute Sale
Earnest Money
Down Payment
Balance
Business Day
Effective Date
Force Majeure
Liens
Encumbrances
Real Estate Taxes
Documentary Stamp Tax
Capital Gains Tax
Transfer Tax
Certificate of Title
Technical Description
Lot Plan
Improvements
Closing Costs
Registration Fees
Notarial Fees
Due Diligence Period
Property Documents
Seller's Warranties
Buyer's Warranties
Default
Remedies
Notice
Possession
Occupancy
Real Estate Broker
Commission
Local Government Unit
Zoning Classification
Building Permits
Environmental Compliance Certificate
Homeowners Association
Association Dues
Common Areas
Transfer Fees
Material Adverse Change
Representations
Governing Law
Jurisdiction
Clauses
Parties
Recitals
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Property Inspection
Risk and Insurance
Taxes and Fees
Registration
Property Handover
Default
Termination
Force Majeure
Assignment
Notices
Broker Commission
Environmental Compliance
Zoning Compliance
Local Government Requirements
Foreign Ownership
Homeowners Association
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Confidentiality
Indemnification
Time of Essence
Further Assurances
Survival
Execution
Relevant Industries

Real Estate

Banking and Finance

Construction

Property Development

Legal Services

Insurance

Property Management

Urban Planning and Development

Housing and Settlement

Tourism and Hospitality

Commercial Property

Residential Property

Industrial Property

Agricultural Real Estate

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Sales

Document Processing

Due Diligence

Property Acquisition

Contract Administration

Finance

Risk Management

Property Development

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Real Estate Broker

Property Developer

Property Manager

Compliance Officer

Real Estate Transaction Manager

Title Insurance Officer

Real Estate Investment Manager

Contract Administrator

Legal Document Specialist

Property Acquisition Manager

Real Estate Finance Manager

Due Diligence Officer

Property Valuation Specialist

Real Estate Operations Manager

Land Registration Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, property rights, and obligations in the Philippines. Articles 1305-1422 specifically deal with contracts, while Articles 415-529 cover property ownership.
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and establishes the Torrens system in the Philippines, crucial for property transfers and title verification.
Republic Act No. 9646 (Real Estate Service Act of 2009): Regulates real estate service practitioners and provides standards for real estate transactions.
Local Government Code (Republic Act No. 7160): Contains provisions on local zoning regulations, building permits, and property tax obligations.
National Internal Revenue Code: Covers tax obligations related to real estate transactions, including capital gains tax, documentary stamp tax, and transfer tax.
Republic Act No. 7279 (Urban Development and Housing Act): Provides guidelines for urban land use and development, particularly relevant for urban real estate.
Republic Act No. 11201 (Department of Human Settlements and Urban Development Act): Establishes regulations for housing, land use, and urban planning that affect real estate development.
Anti-Money Laundering Act (Republic Act No. 9160): Contains provisions affecting high-value real estate transactions to prevent money laundering.
Constitution of the Philippines (Article XII): Contains restrictions on foreign ownership of land in the Philippines, limiting foreign ownership to 40% in certain cases.
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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