The Standard Real Estate Purchase Contract is a fundamental legal document used in Philippine property transactions to formalize the transfer of real estate ownership. This document is essential when any real property is being sold in the Philippines, whether it's residential, commercial, or industrial property. It must comply with the Civil Code of the Philippines, the Property Registration Decree (PD 1529), and other relevant real estate laws. The contract includes crucial elements such as property details, purchase price, payment terms, warranties, and closing conditions. It's designed to protect both buyers and sellers while ensuring the transaction meets all legal requirements for property transfer in the Philippine jurisdiction. The document is particularly important as it serves as the basis for title transfer at the Register of Deeds and is required for tax declarations and other governmental procedures.
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Standard Real Estate Purchase Contract
"I need a Standard Real Estate Purchase Contract for buying a residential property in Manila, Philippines, with a structured payment plan including 20% down payment and the balance to be paid in quarterly installments throughout 2025."
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the transaction and brief property overview
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the real estate property, including lot number, cadastral lot, title number and boundaries
5. Purchase Price: Total purchase price and payment terms including method and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, including earnest money, down payment, and balance payment arrangements
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts about the property
8. Conditions Precedent: Requirements that must be met before closing, including title clearance and documentation
9. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences and available remedies in case either party fails to fulfill obligations
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, used when brokers are part of the transaction
2. Mortgage Contingency: Conditions related to buyer's obtaining financing, used when purchase depends on mortgage approval
3. Property Inspection: Terms for property inspection and consequences of findings, used when buyer requires inspection period
4. Tenant Rights: Provisions regarding existing tenants and leases, used when property is currently leased
5. Homeowners Association: Details about HOA membership and fees, used for properties within managed communities
6. Construction Completion: Terms for completion of ongoing construction, used for pre-selling or incomplete properties
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is non-Filipino
1. Schedule A - Property Details: Comprehensive property description including lot plan, technical description, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due 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. Appendix 1 - Property Title: Copy of the current property title or TCT
6. Appendix 2 - Tax Declarations: Copies of current real property tax declarations
7. Appendix 3 - Property Photos: Recent photographs of the property and its major features
8. Appendix 4 - Special Power of Attorney: If applicable, authorization documents for representatives
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