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Residential Purchase Contract
"I need a Residential Purchase Contract for a condominium unit in Manila, with a planned closing date of March 15, 2025, including provisions for installment payments over 24 months and specific clauses about the building's amenities and parking space allocation."
1. Parties: Identification and details of the Seller and Buyer, including complete names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the property including lot number, street address, technical description, boundaries, and certificate of title details
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specific details on how payments will be made, including bank details and acceptable payment methods
7. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
8. Warranties of the Seller: Seller's representations regarding property ownership, absence of liens, and authority to sell
9. Due Diligence: Buyer's right to inspect and verify property condition and documentation
10. Conditions Precedent: Requirements that must be met before closing the sale
11. Closing and Transfer of Title: Process and timeline for executing deed of sale and transferring title
12. Default and Remedies: Consequences of breach and available remedies for either party
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Notices: Process for sending formal communications between parties
15. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, included when a licensed broker is involved
2. Mortgage Contingency: Conditions related to buyer's mortgage financing, included when purchase depends on mortgage approval
3. Property Management During Transition: Arrangements for property maintenance between contract signing and closing, needed for occupied properties
4. Tenant Rights: Provisions regarding existing tenants, included when property is currently leased
5. Homeowners Association: Terms related to homeowners association membership and fees, included for properties within subdivisions or condominiums
6. Construction Completion: Terms for completion of ongoing construction or repairs, included for properties under construction or requiring specific repairs
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, included when buyer is non-Filipino
1. Schedule A - Property Details: Detailed technical description of the property, including lot plan and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Outstanding Requirements: List of documents and requirements needed for closing
5. Schedule E - Property Photographs: Recent photographs of the property and its current condition
6. Appendix 1 - Property Title: Copy of the current property title
7. Appendix 2 - Tax Declarations: Copies of current real property tax declarations
8. Appendix 3 - Building Permits: Copies of building permits and certificates of occupancy where applicable
Authors
Real Estate
Legal Services
Banking and Finance
Insurance
Construction
Property Development
Property Management
Professional Services
Legal
Real Estate
Sales
Compliance
Property Management
Contract Administration
Finance
Risk Management
Customer Relations
Documentation
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Real Estate Broker
Property Manager
Legal Counsel
Compliance Officer
Real Estate Developer
Sales Manager
Property Consultant
Title Officer
Mortgage Officer
Real Estate Paralegal
Contract Administrator
Property Appraiser
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