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Contract To Buy And Sell Real Estate Residential Template for Philippines

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Key Requirements PROMPT example:

Contract To Buy And Sell Real Estate Residential

"I need a Contract To Buy And Sell Real Estate Residential for a condominium unit in Makati City, Philippines, with a total purchase price of 5 million pesos to be paid in three installments, with the final payment due March 2025."

Document background
The Contract To Buy And Sell Real Estate Residential is a crucial legal document used in the Philippines when transferring ownership of residential property from a seller to a buyer. This document is essential for any residential real estate transaction in the Philippine market, whether involving private homes, condominiums, or other residential properties. It must comply with various Philippine laws including the Civil Code, Real Estate Service Act, and local property regulations. The contract typically includes comprehensive details about the property, payment terms, conditions precedent, warranties, and the specific obligations of each party. It's designed to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in the Philippines, including proper documentation for tax purposes and registration with relevant government authorities.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed legal description of the property including lot number, block number, certificate of title details, and boundaries

5. Purchase Price: Total purchase price and detailed payment terms including down payment and balance payment schedule

6. Mode of Payment: Specified method(s) of payment and banking details where applicable

7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes binding

8. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the contract and the status of the property

9. Title and Documentation: Requirements and process for transfer of title and related documents

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

11. Possession and Risk: Terms regarding the transfer of possession and assumption of risk

12. Default and Remedies: Consequences of default by either party and available remedies

13. Governing Law: Specification of Philippine law as governing law and jurisdiction

14. Notices: Process and addresses for serving notices between parties

15. Execution: Signature blocks and notarization requirements

Optional Sections

1. Broker Involvement: Details of real estate broker involvement and commission arrangements, included when a broker is part of the transaction

2. Mortgage Contingency: Conditions related to buyer's obtaining mortgage financing, included when purchase is dependent on financing

3. Property Inspection: Terms for property inspection and resulting actions, included when inspection is requested

4. Occupancy Status: Terms regarding current occupants and vacancy requirements, included when property is occupied

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

6. Force Majeure: Provisions for unforeseen circumstances preventing performance, included when requested by parties

7. Construction Completion: Terms for completion of ongoing construction, included for properties under construction

8. Furniture and Fixtures: List of items included or excluded from sale, included when relevant to the transaction

Suggested Schedules

1. Schedule A - Property Details: Comprehensive technical description of the property including lot plan, technical description, and boundaries

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including amounts and due dates

3. Schedule C - Title Documents: List of all title and property documents to be transferred

4. Schedule D - Property Inspection Report: Results of property inspection and list of agreed repairs if applicable

5. Schedule E - Permits and Certificates: Copies of relevant permits, certificates, and clearances

6. Appendix 1 - Property Photos: Recent photographs of the property's interior and exterior

7. Appendix 2 - Tax Declarations: Current tax declarations and receipts

8. Appendix 3 - Power of Attorney: If applicable, power of attorney documents for either party

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

Construction

Banking and Finance

Legal Services

Property Development

Property Management

Insurance

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Documentation

Finance

Risk Management

Client Relations

Business Development

Relevant Roles

Real Estate Agent

Property Lawyer

Real Estate Broker

Property Developer

Bank Manager

Mortgage Officer

Real Estate Appraiser

Property Manager

Legal Counsel

Compliance Officer

Title Insurance Officer

Real Estate Investment Manager

Property Sales Manager

Real Estate Documentation Specialist

Conveyancing Officer

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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