Document background
The Residential Contract of Sale is a fundamental legal document used in Philippine real estate transactions for the purchase and sale of residential properties. This contract type is essential for documenting the transfer of residential property ownership and must comply with various Philippine laws, including the Civil Code, the Maceda Law, and relevant real estate regulations. It is typically used when individuals or entities are buying or selling houses, apartments, condominiums, or other residential properties in the Philippines. The document includes crucial information such as property details, purchase price, payment terms, warranties, and specific provisions required under Philippine law. It serves as the primary evidence of the transaction and is required for property registration, tax purposes, and securing financing from banks or lending institutions.
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