Residential Contract For Sale And Purchase Template for Philippines

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Key Requirements PROMPT example:

Residential Contract For Sale And Purchase

"I need a Residential Contract for Sale and Purchase for a condominium unit in Manila, with a purchase price of 5 million pesos to be paid in three installments, with the final payment due March 15, 2025, and including standard broker provisions."

Document background

The Residential Contract For Sale And Purchase is a crucial legal instrument in Philippine real estate transactions, designed to formalize and protect the interests of both sellers and buyers in residential property transfers. This document is essential when transferring ownership of houses, condominiums, or other residential properties in the Philippines, and must comply with various local regulations including the Civil Code, Maceda Law, and property registration requirements. It contains detailed information about the property, parties involved, purchase price, payment terms, conditions precedent, warranties, and closing requirements. The contract should be notarized to ensure its enforceability and must address specific Philippine requirements such as citizenship restrictions on land ownership and local property registration procedures. This document is typically used in both primary market sales (from developers) and secondary market transactions (between individual sellers and buyers).

Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Context of the transaction and brief property overview

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed legal description of the property including lot number, block number, and technical description

5. Purchase Price: Total purchase price and payment terms including deposit and balance payment schedule

6. Payment Terms: Detailed breakdown of payment structure, deadlines, and acceptable payment methods

7. Conditions Precedent: Conditions that must be met before the sale becomes final

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, encumbrances, and condition

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with citizenship requirements

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

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

12. Default and Remedies: Consequences and remedies for breach of contract by either party

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

14. Notices: Process for sending formal communications between parties

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Mortgage Financing: Include when buyer is obtaining bank financing, detailing loan conditions and requirements

2. Property Inspection: Include when buyer requires a property inspection period before finalizing the sale

3. Existing Tenancies: Include when the property has current tenants and handling of lease agreements

4. Construction Completion: Include for pre-selling properties or properties under construction

5. Homeowners Association: Include when property is part of a subdivision or condominium with association requirements

6. Foreign Ownership Compliance: Include when buyer is a foreign national, detailing compliance with ownership restrictions

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

8. Force Majeure: Include specific provisions for unexpected events or natural disasters

Suggested Schedules

1. Schedule A - Property Details: Technical description, lot plan, and property boundaries

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

3. Schedule C - Property Inventory: List of fixtures and fittings included in the sale

4. Schedule D - Due Diligence Documents: List of required property documents and certificates

5. Schedule E - Property Defects: Known defects or repairs needed in the property

6. Appendix 1 - Property Title: Copy of the property title and tax declaration

7. Appendix 2 - Property Photos: Recent photographs of the property

8. Appendix 3 - Required Permits: Copies of building permits and certificates of occupancy

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

Clauses

Relevant Industries

Real Estate

Legal Services

Banking & Finance

Property Development

Property Management

Construction

Insurance

Notarial Services

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Documentation

Risk Management

Customer Service

Property Development

Mortgage Processing

Title Processing

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Real Estate Broker

Property Developer

Sales Manager

Legal Counsel

Contract Administrator

Property Manager

Mortgage Officer

Title Officer

Compliance Officer

Real Estate Paralegal

Property Consultant

Documentation 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.

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Let's create your Residential Contract For Sale And Purchase

Authors

Alex Denne

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