The House Sale Agreement is a crucial legal instrument in Philippine real estate transactions, designed to formalize and document the transfer of residential property ownership. This document is essential when any residential property is being sold in the Philippines, whether it's a standalone house, townhouse, or other residential structure with land. The agreement must comply with the Civil Code of the Philippines, the Maceda Law, and various local property regulations. It includes detailed provisions for property description, purchase price, payment terms, warranties, and tax obligations specific to Philippine jurisdiction. The House Sale Agreement serves as the primary reference document for the transaction and is required for property registration, tax purposes, and future legal matters relating to the property transfer.
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Key Requirements PROMPT example:
House Sale Agreement
"I need a House Sale Agreement for a cash purchase of a single-family residence in Manila, with the completion date set for March 15, 2025, and including specific provisions for the inclusion of all existing appliances and fixtures."
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, civil status, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot area, floor area, boundaries, and technical description as per title
5. Purchase Price: Total purchase price, payment terms, and method of payment
6. Payment Terms: Detailed breakdown of payment schedule, earnest money, and balance payment arrangements
7. Representations and Warranties: Seller's warranties regarding ownership, absence of liens, and property condition; Buyer's warranties regarding financial capacity
8. Conditions Precedent: Requirements to be fulfilled before completion, including documentation and regulatory requirements
9. Completion Requirements: Steps for formal transfer of property ownership and documentation
10. Tax Obligations: Allocation of tax responsibilities including capital gains tax, documentary stamp tax, and transfer tax
11. Possession: Terms and timing of transfer of possession
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. Execution: Signature blocks and notarization requirements
1. Financing Contingency: To be included when buyer's purchase is contingent on obtaining mortgage financing
2. Property Inspection: Detailed terms for property inspection when buyer requires this right
3. Existing Tenancies: Required when the property has current tenants and handling of lease agreements
4. Repairs and Improvements: When specific repairs or improvements are agreed to be completed before sale
5. Broker's Commission: Include when real estate brokers are involved in the transaction
6. Force Majeure: Optional clause for dealing with unforeseen circumstances, particularly relevant in certain locations
7. Survivorship: Required when either party is elderly or wants to specify succession rights
1. Schedule 1 - Property Description: Detailed technical description of the property including lot plans and boundaries
2. Schedule 2 - Inventory of Fixtures and Fittings: Comprehensive list of items included and excluded in the sale
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Schedule 4 - Property Documents: List of all property-related documents including title, tax declarations, and permits
5. Schedule 5 - Outstanding Utilities: List of utility accounts and status of payments
6. Appendix A - Property Photos: Recent photographs of the property's interior and exterior
7. Appendix B - Required Permits: Copies of relevant permits and certificates from local authorities
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