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Simple Residential Purchase Agreement
"I need a Simple Residential Purchase Agreement for a cash purchase of a single-family home in Manila, with the closing date set for March 15, 2025, and including provisions for a 30-day inspection period."
1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the transaction and property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete description of the property including lot number, street address, boundaries, and title details
5. Purchase Price: Agreed purchase price and payment terms
6. Payment Terms: Schedule of payments, including down payment and balance payment details
7. Conditions of Sale: Essential conditions that must be met for the sale to proceed
8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, absence of liens, and other material facts
9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and other relevant declarations
10. Closing and Transfer of Title: Process and timeline for completing 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 and available remedies in case either party fails to fulfill obligations
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional details
14. Execution: Signature blocks and notarization requirements
1. Financing Contingency: To be included when purchase is contingent on buyer obtaining mortgage financing
2. Property Inspection: When buyer requires a property inspection period before finalizing the purchase
3. Occupancy and Possession: When there are existing tenants or specific possession date arrangements
4. Broker's Commission: When real estate brokers are involved in the transaction
5. Fixtures and Fittings: When there's a need to specify which items are included or excluded from the sale
6. Construction Warranty: For newly constructed properties with developer warranties
7. Association Dues: For properties within subdivisions or condominiums with association fees
8. Force Majeure: When parties want specific provisions for unforeseen circumstances
1. Property Description Schedule: Detailed technical description of the property including lot plan and boundaries
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Title Documents: Copy of the Transfer Certificate of Title or other ownership documents
4. Property Tax Clearance: Documentation showing no outstanding property taxes
5. Inventory of Fixtures: List of fixtures and fittings included in the sale
6. Property Pictures: Photographs documenting the current condition of the property
7. Required Permits: Copies of relevant permits and certificates
8. HOA Documents: If applicable, homeowners association rules and regulations
Authors
Property
Purchase Price
Closing Date
Deed of Absolute Sale
Down Payment
Earnest Money
Effective Date
Encumbrances
Force Majeure
Transfer Certificate of Title
Tax Declaration
Completion Date
Business Day
Closing Costs
Default
Due Diligence Period
Fixtures and Fittings
Good Faith Deposit
Improvements
Liens
Notice
Parties
Property Documents
Real Estate Broker
Registration Fees
Seller's Disclosure
Title Insurance
Transfer Taxes
Zoning Laws
Common Areas
Association Dues
Real Estate Taxes
Documentary Stamps
Capital Gains Tax
Certificate of Occupancy
Material Defect
Possession Date
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Property Inspection
Seller's Obligations
Buyer's Obligations
Closing Conditions
Default and Remedies
Risk and Insurance
Property Handover
Tax Obligations
Broker Commission
Force Majeure
Dispute Resolution
Governing Law
Assignment
Notices
Amendment
Severability
Entire Agreement
Counterparts
Registration
Indemnification
Termination
Real Estate
Residential Property
Legal Services
Banking and Finance
Property Development
Insurance
Construction
Property Management
Public Notary Services
Legal
Real Estate
Sales
Property Management
Documentation
Compliance
Contract Administration
Risk Management
Customer Relations
Finance
Real Estate Agent
Property Lawyer
Conveyancing Officer
Property Manager
Real Estate Broker
Legal Counsel
Title Officer
Property Developer
Real Estate Sales Manager
Mortgage Officer
Property Consultant
Compliance Officer
Real Estate Documentation Specialist
Property Assessor
Contract Administrator
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