Standard Form Real Estate Contract Template for Philippines

The Standard Form Real Estate Contract is a foundational document used in Philippine property transactions, designed to facilitate the legal transfer of real estate while ensuring compliance with local laws and regulations. This template is specifically crafted to meet requirements under the Civil Code of the Philippines, the Real Estate Service Act, and related property laws. It serves as a comprehensive framework for both residential and commercial property transactions, incorporating mandatory provisions for property transfers in the Philippines while maintaining flexibility for various transaction types. The document includes essential elements such as property description, payment terms, warranties, and transfer procedures, making it suitable for use by individuals, corporations, and real estate professionals. It's particularly valuable in the Philippine context where real estate transactions must adhere to strict legal requirements and local customs, including proper notarization and registration procedures.

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required under Philippine law

2. Background: Context of the transaction, including brief property description and parties' intention to enter into the sale

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

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

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

6. Mode of Payment: Specific details on how payments will be made, including installment terms if applicable

7. Warranties of Title and Ownership: Seller's warranties regarding clear title, absence of liens and encumbrances

8. Conditions Precedent: Requirements that must be met before the sale becomes final

9. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the contract

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

11. Delivery and Transfer of Possession: Timeline and process for transferring physical possession of the property

12. Registration and Transfer of Title: Process and timeline for legal transfer of title

13. Default and Remedies: Consequences of breach and available remedies to either party

14. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions

15. Notices: Process for formal communications between parties

16. Entire Agreement: Integration clause confirming the contract as the complete agreement between parties

17. Execution: Signature blocks with requirements for Philippine notarization