Simple Residential Purchase Agreement Template for Philippines

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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."

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What is a Simple Residential Purchase Agreement?

The Simple Residential Purchase Agreement is a fundamental legal document used in the Philippines for residential property transactions between buyers and sellers. It serves as the primary contract documenting the terms and conditions of the property sale, ensuring compliance with Philippine property laws and regulations. This agreement is essential when transferring ownership of houses, apartments, condominiums, or other residential properties. It must conform to the requirements of the Civil Code of the Philippines, the Maceda Law, and other relevant real estate legislation. The document typically includes comprehensive details about the property, payment terms, warranties, and closing conditions, while remaining straightforward enough for non-legal professionals to understand. It's designed to protect both parties' interests while facilitating a smooth property transfer process.

What sections should be included in a Simple Residential Purchase Agreement?

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

What sections are optional to include in a Simple Residential Purchase Agreement?

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

What schedules should be included in a Simple Residential Purchase Agreement?

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

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

Relevant legal definitions
Relevant Industries

Real Estate

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