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Basic Real Estate Contract Template for Philippines

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Key Requirements PROMPT example:

Basic Real Estate Contract

"I need a Basic Real Estate Contract for purchasing a commercial property in Makati City, Philippines, with a phased payment schedule extending through March 2025, including specific provisions for current tenant transition."

Document background
The Basic Real Estate Contract serves as a fundamental legal instrument in Philippine property transactions, essential for both residential and commercial property transfers. This document type is specifically designed to comply with Philippine real estate laws, including the Civil Code of the Philippines and the Property Registration Decree. It is commonly used when parties need a straightforward, legally compliant agreement for the sale and purchase of real property, whether vacant land, residential homes, or commercial spaces. The contract includes crucial elements such as property details, price, payment terms, and transfer conditions, while incorporating necessary provisions for tax compliance and local government requirements. This document type is particularly valuable for standard property transactions where parties seek a clear, comprehensive agreement without the complexity of specialized development or investment provisions.
Suggested Sections

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

2. Background: Context of the transaction, including brief history of the property ownership and intention to sell/purchase

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 technical description as per title

5. Purchase Price: The agreed purchase price and payment terms, including method and schedule of payments

6. Terms of Payment: Detailed breakdown of payment schedule, deposits, and final payment arrangements

7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other guarantees

8. Conditions Precedent: Requirements that must be met before the sale can be completed

9. Closing and Transfer of Title: Process and timeline for transferring property ownership

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

11. Default and Remedies: Consequences of breach and available remedies for both parties

12. Governing Law: Specification that Philippine law governs the agreement

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Due Diligence: Detailed provisions for buyer's property inspection and document verification rights, used when the buyer requires a due diligence period

2. Broker Provisions: Details of real estate broker involvement and commission arrangements, included when a broker is involved

3. Financing Contingency: Conditions related to buyer's obtaining financing, used when purchase depends on securing a mortgage

4. Occupancy and Possession: Terms regarding current occupants and possession timeline, needed when property is occupied or leased

5. Property Management: Interim property management arrangements between signing and closing, used for commercial properties or extended closing periods

6. Force Majeure: Provisions for unforeseen circumstances affecting contract performance, particularly relevant in uncertain times

7. Homeowners Association: Terms related to homeowners association membership and fees, included for properties within subdivisions or condominiums

Suggested Schedules

1. Property Details Schedule: Technical description of the property, including lot plans and boundaries

2. Payment Schedule: Detailed breakdown of payment terms and installment dates

3. Title Documents: Copies of property title and relevant certificates

4. Tax Certificates: Current real property tax certificates and tax clearances

5. Property Inspection Report: Results of property inspection and list of included fixtures/furnishings

6. Permits and Certificates: Relevant building permits, occupancy permits, and other certificates

7. Photos and Plans: Recent photographs of the property and architectural/structural plans if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































Clauses






























Relevant Industries

Real Estate

Residential Property

Commercial Property

Construction

Banking and Finance

Legal Services

Property Development

Property Management

Urban Planning

Agriculture (for agricultural land)

Retail (for commercial spaces)

Hospitality (for hotel/resort properties)

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Risk Management

Documentation

Sales

Business Development

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Real Estate Broker

Property Developer

Legal Counsel

Conveyancing Officer

Property Manager

Real Estate Consultant

Title Examiner

Compliance Officer

Real Estate Appraiser

Contract Administrator

Property Assessor

Real Estate Investment Manager

Legal Documentation Specialist

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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