Document background
The Home Buying Contract is a crucial legal document used in Philippine real estate transactions for the purchase and sale of residential properties. It serves as the primary agreement between a property seller and buyer, incorporating essential elements required by Philippine law, including the Civil Code and Property Registration Decree. This document is typically used when transferring ownership of houses, condominiums, or other residential properties, whether newly constructed or existing. It details the property specifications, purchase price, payment terms, conditions precedent, warranties, and closing requirements. The contract must comply with local regulations regarding property transfer, taxation, and registration, while also addressing specific requirements for different types of residential properties and financing arrangements.
