The Home For Sale By Owner Purchase Agreement is a crucial legal instrument used in the Philippines when property owners wish to sell their residential property directly to buyers without engaging a real estate broker. This document becomes necessary when both parties have agreed on the basic terms of sale and need to formalize their agreement in compliance with Philippine law. It encompasses all essential aspects of the property transaction, including detailed property description, purchase price, payment terms, warranties, and closing requirements. The agreement must comply with the Civil Code of the Philippines, Property Registration Decree, and various local government regulations. It serves as the primary contract protecting both parties' interests and establishing their rights and obligations throughout the transaction process. This type of agreement is particularly relevant in the Philippine context where direct property sales between owners and buyers are common, especially in residential real estate transactions.
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Key Requirements PROMPT example:
Home For Sale By Owner Purchase Agreement
"I need a Home For Sale By Owner Purchase Agreement for my 2-bedroom condominium unit in Makati City, with a cash purchase price of 5 million pesos and closing date set for March 15, 2025; buyer requires a 15-day due diligence period."
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the sale, including property ownership status and parties' intention to enter into the transaction
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Description: Detailed description of the property including lot number, title details, boundaries, and total area
5. Purchase Price: Total purchase price and payment structure, including deposit requirements
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Title and Documentation: Seller's warranties regarding clean title and commitment to provide necessary documentation
8. Closing and Transfer of Title: Process and timeline for completing the sale and transferring property ownership
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter agreement and property condition
11. Default and Remedies: Consequences of breach and available remedies to either party
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Terms and conditions if buyer requires bank financing, including timeline and conditions for loan approval
2. Property Inspection: Rights and process for property inspection, to be included if inspection hasn't been completed before agreement
3. Existing Tenancies: Details of current tenants and lease agreements, if property is currently rented
4. Inclusions and Exclusions: Specific list of items included/excluded in sale, necessary for furnished properties or disputed fixtures
5. Construction Warranty: For newly built or recently renovated properties, details of any construction warranties
6. Homeowners Association: If property is in a managed community, details of association fees and regulations
7. Force Majeure: Provisions for unforeseen circumstances preventing completion, particularly relevant in areas prone to natural disasters
8. Broker Disclaimer: Statement confirming no broker involvement, protecting both parties from future broker claims
1. Schedule A - Property Details: Technical description of property, including certified true copy of title and tax declaration
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Property Inventory: List of included fixtures, fittings, and furnishings if applicable
4. Schedule D - Required Documents: Checklist of documents required from both parties for closing
5. Schedule E - Property Photos: Recent photographs of property documenting current condition
6. Appendix 1 - Property Title: Copy of current property title
7. Appendix 2 - Tax Clearance: Current real property tax clearance certificate
8. Appendix 3 - Floor Plans: Current floor plans and property layout
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