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Residential Sales Contract

Residential Sales Contract Template for Philippines

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Key Requirements PROMPT example:

Residential Sales Contract

"I need a Residential Sales Contract for a condominium unit in Manila, with full payment to be made by March 2025, including provisions for the transfer of parking space and storage unit."

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Document background
The Residential Sales Contract serves as the primary legal instrument for documenting the sale and purchase of residential properties in the Philippines. This document is essential when transferring ownership of houses, condominiums, or other residential real estate, whether newly constructed or existing properties. It must comply with various Philippine laws including the Civil Code, Maceda Law, and Real Estate Service Act (RESA). The contract typically includes comprehensive details about the property, purchase price, payment terms, warranties, and conditions for closing. It also addresses tax obligations, transfer procedures, and remedies in case of default, while ensuring protection for both buyers and sellers under Philippine consumer protection laws. This document is particularly crucial as it forms the basis for the eventual execution of the Deed of Absolute Sale and subsequent property registration.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete details as required by Philippine law

2. Background: Context of the sale and brief description of the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including lot number, block number, technical description, and certificate of title details

5. Purchase Price: Total purchase price and payment structure

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

8. Conditions Precedent: Requirements to be met before closing, including documentation and permits

9. Closing and Transfer of Title: Process and timeline for executing deed of sale and transferring title

10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

11. Default and Remedies: Consequences of breach and available remedies for either party

12. Governing Law: Specification of Philippine law as governing law and jurisdiction

13. Notices: Process for sending formal communications between parties

14. Entire Agreement: Integration clause confirming the contract as complete agreement between parties

Optional Sections

1. Broker Involvement: Details of real estate broker involvement and commissions, required when a licensed broker is involved

2. Mortgage Financing: Terms related to buyer's mortgage financing, included when purchase involves bank financing

3. Property Inspection: Terms for property inspection period and consequences, included for existing properties

4. Occupancy Terms: Terms regarding current occupancy and vacancy requirements, needed if property is occupied

5. Homeowners Association: Terms related to homeowners association membership and fees, required for properties within subdivisions or planned communities

6. Construction Completion: Terms regarding completion of construction and warranties, needed for pre-selling arrangements

7. Furniture and Fixtures: List of included/excluded items, needed when sale includes movable property

Suggested Schedules

1. Schedule A - Property Details: Technical description of the property, lot plan, and boundaries

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and due dates

3. Schedule C - Property Documents: List of property-related documents including title, tax declarations, and permits

4. Schedule D - Delivery Protocol: Checklist for property handover and acceptance

5. Schedule E - Permits and Certificates: Copies of relevant government permits and certificates

6. Appendix 1 - Property Photos: Current photographs of the property and its condition

7. Appendix 2 - Form of Deed of Absolute Sale: Template of the deed of absolute sale to be executed upon full payment

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses






























Relevant Industries

Real Estate

Residential Property

Legal Services

Banking and Finance

Construction

Property Development

Insurance

Property Management

Professional Services

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Documentation

Risk Management

Customer Relations

Property Development

Contracts Administration

Finance

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Real Estate Broker

Property Manager

Sales Manager

Contract Administrator

Compliance Officer

Property Developer

Title Officer

Mortgage Officer

Real Estate Consultant

Property Appraiser

Documentation Specialist

Transaction Coordinator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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