Simple Real Estate Contract for Philippines

Simple Real Estate Contract Template for Philippines

A standardized legal agreement used in the Philippines for the purchase and sale of real property, governed by Philippine civil law and property regulations. This document outlines the essential terms and conditions of a real estate transaction, including property details, purchase price, payment terms, and obligations of both parties. It incorporates requirements from the Civil Code of the Philippines and relevant property laws, ensuring compliance with local registration requirements and tax regulations. The contract serves as a legally binding instrument that protects both buyer's and seller's interests while facilitating a smooth transfer of property ownership.

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What is a Simple Real Estate Contract?

The Simple Real Estate Contract is a fundamental legal document used in the Philippines for property transactions between buyers and sellers. This contract type is essential for documenting the terms and conditions of real estate sales, whether for residential, commercial, or industrial properties. It must comply with Philippine civil law, particularly the Civil Code of the Philippines and the Property Registration Decree. The document is designed to protect both parties' interests by clearly stating the property details, purchase price, payment terms, and transfer conditions. Used primarily in straightforward property transactions, this Simple Real Estate Contract includes provisions for tax obligations, title transfer procedures, and necessary representations and warranties. It serves as a crucial tool in ensuring transparent and legally compliant property transfers while minimizing potential disputes through clear documentation of the parties' agreements and obligations.

What sections should be included in a Simple Real Estate Contract?

1. Parties: Identifies and provides complete details of the seller and buyer, including their full legal names, civil status, addresses, and tax identification numbers

2. Background: Contextual information about the transaction, including brief property description and parties' intention to enter into the sale

3. Definitions: Defines key terms used throughout the contract to ensure clear interpretation

4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and title certificate number

5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements

6. Payment Terms: Specifies the method, schedule, and conditions of payment

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

8. Conditions of Sale: Essential conditions that must be met for the sale to proceed

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

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

11. Default and Remedies: Consequences and available remedies in case of breach by either party

12. Governing Law: Specifies that Philippine law governs the contract

13. Execution: Signature blocks and notarization requirements

What sections are optional to include in a Simple Real Estate Contract?

1. Due Diligence Period: Used when buyer requires time to investigate property condition, titles, and permits

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

3. Financing Contingency: Used when purchase depends on buyer obtaining mortgage or other financing

4. Property Inspection: Detailed when specific inspection requirements or conditions exist

5. Existing Tenancies: Include when property has current tenants and their rights need to be addressed

6. Construction Provisions: Used for properties under construction or requiring specific renovations

7. Homeowners Association: Include when property is part of a subdivision or controlled by an association

8. Force Majeure: Optional clause addressing unforeseen circumstances, particularly relevant in certain locations

What schedules should be included in a Simple Real Estate Contract?

1. Schedule A - Property Details: Technical description of the property, including certified survey plans and boundaries

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

3. Schedule C - Property Documents: List of all property-related documents including tax declarations, certificates, and permits

4. Schedule D - Existing Encumbrances: List of any existing liens, mortgages, or other encumbrances on the property

5. Appendix 1 - Property Photos: Recent photographs of the property and its significant features

6. Appendix 2 - Title Documents: Copies of relevant property titles and registration documents

7. Appendix 3 - Tax Certificates: Current real property tax certificates and clearances

8. Appendix 4 - Special Permits: Copies of zoning permits, building permits, or other relevant authorizations

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

Jurisdiction

Philippines

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Insurance

Property Management

Residential Housing

Commercial Property

Agricultural Real Estate

Industrial Property

Tourism and Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Risk Management

Business Development

Operations

Administrative

Finance

Documentation

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Real Estate Broker

Property Manager

Title Officer

Compliance Officer

Real Estate Developer

Property Appraiser

Real Estate Consultant

Contract Administrator

Legal Assistant

Property Administrator

Sales Manager

Business Development Manager

Risk Manager

Transaction Coordinator

Industries
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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