Residential Real Estate Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Residential Real Estate Purchase Agreement

"I need a Residential Real Estate Purchase Agreement for a beachfront property in Boracay, Philippines, with special provisions for foreign buyer ownership restrictions and a scheduled closing date of March 15, 2025."

Document background

The Residential Real Estate Purchase Agreement is a crucial legal instrument used in the Philippines for documenting the terms and conditions of residential property sales. This document is essential for any transaction involving the transfer of residential real estate ownership, whether it's a house, condominium unit, or residential lot. It must comply with various Philippine laws, including the Civil Code, the Property Registration Decree, and the Maceda Law, which specifically protects buyers in installment purchases. The agreement typically includes detailed information about the property, purchase price, payment terms, warranties, and closing requirements. It serves as the primary reference document for all parties involved in the transaction and is required for property registration with the Register of Deeds.

Suggested Sections

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

2. Background: Context of the transaction and brief description of the parties' intentions

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

4. Property Description: Detailed description of the property including lot number, street address, boundaries, and title details

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

6. Payment Terms: Detailed breakdown of payment structure, including installment terms if applicable

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

8. Warranties and Representations: Seller's warranties regarding property ownership, liens, and encumbrances

9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring property title

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

11. Default and Remedies: Consequences of default by either party and available remedies

12. Notices: How formal communications between parties should be made and delivered

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

14. Execution: Signature blocks and notarial requirements

Optional Sections

1. Broker Representation: Details of real estate brokers involved and their commissions, if applicable

2. Mortgage Contingency: Conditions related to buyer's obtaining financing, if purchase is contingent on mortgage approval

3. Property Inspection: Terms for property inspection and buyer's rights if issues are discovered

4. Occupancy and Possession: Terms for current occupants and possession timeline if property is not vacant

5. Homeowners Association: Terms related to HOA membership and fees if property is in a managed community

6. Foreign Ownership Compliance: Special provisions if buyer is a foreign national, addressing ownership restrictions

7. Construction Completion: For properties under construction, terms regarding completion and acceptance

8. Tenant Rights: If property is currently leased, provisions regarding existing tenants' rights

9. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

Suggested Schedules

1. Schedule A - Property Details: Comprehensive technical description of the property, including lot plan and boundaries

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

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

4. Schedule D - Title Documents: Copies of relevant title documents and certificates

5. Schedule E - Property Inspection Report: Results of property inspection and identified issues

6. Schedule F - Tax Certificates: Current real property tax certificates and clearances

7. Schedule G - Permits and Certificates: Relevant building permits, occupancy permits, and other certificates

8. Appendix 1 - Required Disclosures: Mandatory disclosures required by Philippine law

9. Appendix 2 - Property Photos: Recent photographs of the property and its major features

10. Appendix 3 - HOA Documents: If applicable, homeowners association rules and regulations

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 and Finance

Insurance

Property Development

Construction

Property Management

Professional Services

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Documentation

Risk Management

Client Relations

Contract Administration

Business Development

Relevant Roles

Real Estate Attorney

Property Lawyer

Real Estate Broker

Real Estate Agent

Property Manager

Title Officer

Mortgage Officer

Property Appraiser

Compliance Officer

Legal Counsel

Contract Administrator

Real Estate Paralegal

Property Developer

Sales Manager

Documentation Specialist

Settlement Officer

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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 Real Estate Purchase Agreement

Authors

Alex Denne

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