Document background
The Residential Purchase Agreement is a fundamental legal document used in Philippine real estate transactions for the sale and purchase of residential properties. It serves as the primary contract between sellers and buyers, incorporating essential elements required by Philippine property law, including the Civil Code, Maceda Law, and Real Estate Service Act. This document is typically used when transferring ownership of houses, condominiums, or other residential properties, whether newly constructed or existing. It includes crucial details such as property description, purchase price, payment terms, warranties, and closing conditions. The agreement must comply with local regulations regarding property transfer, foreign ownership restrictions (if applicable), and documentary requirements for registration with the Register of Deeds. It provides legal protection for both parties and serves as the basis for the eventual execution of the Deed of Absolute Sale.
