Residential Real Estate Purchase Contract Template for Philippines

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Key Requirements PROMPT example:

Residential Real Estate Purchase Contract

"I need a Residential Real Estate Purchase Contract for a condominium unit in Makati City, Philippines, with a planned closing date of March 15, 2025, that includes special provisions for an overseas Filipino worker buyer who will be purchasing through a Special Power of Attorney."

Document background

The Residential Real Estate Purchase Contract is a fundamental legal instrument used in Philippine property transactions to formalize the sale and purchase of residential properties. This document is essential when any party wishes to buy or sell residential real estate in the Philippines, whether it's a house and lot, condominium unit, or other residential property. The contract must comply with various Philippine laws including the Civil Code, Presidential Decree No. 957 (The Subdivision and Condominium Buyers' Protective Decree), and Republic Act No. 6552 (Maceda Law). It is designed to protect both buyers' and sellers' interests by clearly stating all terms and conditions, including property details, price, payment terms, warranties, and obligations. The document is particularly important as it serves as the basis for the eventual transfer of property title and is required for various governmental and banking procedures related to the transaction.

Suggested Sections

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

2. Background: Context of the transaction, including brief property description and intention to sell/purchase

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

4. Property Description: Detailed description of the property including lot number, block number, technical description, certificate of title number, and tax declaration details

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

6. Payment Terms: Detailed breakdown of payment structure, including earnest money, down payment, and balance payment arrangements

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

8. Rights and Obligations of the Parties: Specific duties and responsibilities of both buyer and seller during the transaction process

9. Conditions Precedent: Requirements that must be met before the sale can proceed, including title verification and property inspection

10. Closing and Transfer of Title: Process and requirements for concluding 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 of breach and available remedies for either party

13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional details

14. Execution: Formal signing section with notarial requirements as per Philippine law

Optional Sections

1. Broker Involvement: Details of real estate broker's role and commission structure when a licensed broker is involved

2. Mortgage Financing: Terms related to buyer's mortgage financing when purchase is contingent on loan approval

3. Property Management During Transition: Arrangements for property maintenance between contract signing and closing, used for occupied properties

4. Overseas Filipino Worker (OFW) Provisions: Special provisions when buyer is an OFW, including special power of attorney arrangements

5. Homeowners Association: Details about homeowners association membership and fees when property is within a subdivision or planned development

6. Construction Completion: Used for pre-selling arrangements where property is still under construction

7. Tenant Rights: Provisions regarding existing tenants if property is currently leased

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

Suggested Schedules

1. Schedule A - Property Details: Complete technical description of property, including boundaries, measurements, and improvements

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

3. Schedule C - Title Documents: List of all title-related documents including tax declarations and certificates

4. Schedule D - Property Inspection Report: Detailed report on property condition and any identified defects

5. Schedule E - Permits and Certificates: Copies of relevant permits, certificates, and clearances

6. Appendix 1 - Property Photos: Recent photographs of the property and its improvements

7. Appendix 2 - Property Location Map: Vicinity map and property location details

8. Appendix 3 - Form Deed of Absolute Sale: Template of the deed of absolute sale to be executed upon full payment

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

Construction and Development

Property Management

Insurance

Professional Services

Notarial Services

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Documentation

Finance

Risk Management

Customer Relations

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Real Estate Broker

Property Developer

Legal Counsel

Conveyancing Lawyer

Bank Officer

Mortgage Specialist

Property Manager

Real Estate Administrator

Compliance Officer

Title Officer

Real Estate Consultant

Property Valuer

Documentation Specialist

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