The Buyer Seller Home Contract is a crucial legal instrument used in Philippine real estate transactions to formalize the sale and purchase of residential property. This document is essential when transferring home ownership in the Philippines, whether for primary residences, vacation homes, or investment properties. It must comply with various Philippine laws including the Civil Code, Presidential Decree No. 957, and the Maceda Law, which collectively govern real estate transactions and protect both buyers' and sellers' rights. The contract typically includes comprehensive details about the property, payment terms, warranties, and closing conditions, while incorporating specific requirements of Philippine property law such as proper notarization and witnessing. This document is particularly important as it serves as the foundation for the eventual Deed of Absolute Sale and the transfer of property title.
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Key Requirements PROMPT example:
Buyer Seller Home Contract
"I need a Buyer Seller Home Contract for a residential property purchase in Manila, Philippines, with a completion date of March 15, 2025, including specific provisions for installment payments over 12 months and the property being sold fully furnished."
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, civil status, and addresses
2. Background: Context of the sale, brief property history, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, street address, boundaries, and technical description as per title
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specified payment methods, installment terms if applicable, and banking details
7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and Buyer's warranties regarding financial capacity
8. Conditions Precedent: Requirements to be met before closing, including documentation and payments
9. Closing and Transfer of Title: Process and timeline for executing deed of sale and transferring title
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Notices: Process for sending formal notices between parties
14. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Mortgage Contingency: Include when purchase is contingent on Buyer obtaining mortgage financing
3. Property Inspection: Include when a property inspection period is requested by the Buyer
4. Occupancy Provisions: Include when the property is currently occupied by tenants or the Seller needs post-closing occupancy
5. Construction Completion: Include for properties under construction or requiring specific improvements before closing
6. Homeowners Association: Include when property is part of a subdivision or condominium with an association
7. Foreign Ownership Compliance: Include when Buyer is a foreign national, addressing ownership restrictions
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and improvements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Deed of Absolute Sale: Draft of the deed of absolute sale to be executed upon completion of payments
5. Schedule E - Property Inspection Report: Results of property inspection and list of agreed repairs or improvements
6. Appendix 1 - Property Photos: Current photographs of the property and its improvements
7. Appendix 2 - Tax Certificates: Copies of relevant tax clearances and certificates
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