Document background
The Simple Real Estate Purchase Contract is a fundamental legal document used in the Philippines for straightforward property transactions. This contract type is specifically designed for uncomplicated real estate purchases where one party (the seller) agrees to transfer ownership of a property to another party (the buyer) for an agreed price. It complies with requirements under the Civil Code of the Philippines, Property Registration Decree, and relevant local government regulations. The document is typically used for residential and small commercial property transactions where the terms are relatively standard and don't require complex contingencies. It includes essential elements such as property description, price, payment terms, and transfer procedures, while being adaptable to include additional provisions based on specific transaction requirements. This contract serves as the foundation for the eventual execution of the Deed of Absolute Sale, which is required for property registration.
