The Joint House Purchase Agreement is a vital legal instrument used in the Philippines when two or more parties wish to purchase and own a residential property together. This document is essential for various scenarios, including family members pooling resources, friends investing together, or business partners acquiring shared property. It must comply with Philippine property laws, including the Civil Code, Presidential Decree 957, and local real estate regulations. The agreement covers crucial elements such as ownership percentages, financial responsibilities, property management, and exit strategies. It's particularly important in the Philippine context where family property ownership is common and requires specific legal protections. The document helps prevent future disputes by clearly outlining all parties' rights and obligations, ensuring compliance with local property registration requirements, and addressing tax implications under Philippine law.
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1. Parties: Identification of all joint purchasers and the seller(s), including complete legal names, addresses, and civil status as required under Philippine law
2. Background: Context of the transaction, relationship between joint purchasers, and brief description of the property being purchased
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, street address, boundaries, title details, and tax declaration number
5. Purchase Price and Payment Terms: Total purchase price, contribution shares of each joint purchaser, payment schedule, and method of payment
6. Ownership Structure: Clear specification of ownership shares between joint purchasers and how the title will be registered
7. Representations and Warranties: Seller's warranties about the property's condition, title, and encumbrances; joint purchasers' warranties about their capacity to enter the agreement
8. Conditions Precedent: Conditions that must be met before completion of the purchase
9. Completion and Transfer of Title: Process and timeline for transferring property title, registration requirements, and documentary requirements
10. Property Management: Agreement on how the property will be managed, maintained, and used by the joint owners
11. Costs and Expenses: Allocation of purchase-related costs, taxes, and ongoing expenses between joint purchasers
12. Default and Remedies: Consequences of default by any party and available remedies
13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
14. Execution: Signature blocks for all parties and witnesses as required under Philippine law
1. Mortgage Provisions: Required if the purchase involves bank financing or mortgage, detailing loan terms and responsibilities
2. Spousal Consent: Required if any of the joint purchasers are married, obtaining consent from spouses as required under the Family Code
3. Property Insurance: Optional section detailing insurance requirements and cost sharing for property insurance
4. Right of First Refusal: Optional provisions giving co-owners first right to purchase if one party wishes to sell their share
5. Dispute Resolution: Optional detailed ADR procedures before resorting to court litigation
6. Death or Incapacity: Optional provisions dealing with what happens to ownership shares in case of death or incapacity of a co-owner
7. Property Rental: Optional section if parties agree to rent out the property, including terms and profit sharing
8. Improvements and Renovations: Optional section detailing how decisions about and costs of improvements will be handled
1. Schedule 1 - Property Details: Detailed property description, including technical description from title, tax declarations, and zoning certificates
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule 3 - Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property
4. Schedule 4 - Due Diligence Results: Summary of property inspection reports, title search results, and other due diligence findings
5. Schedule 5 - Required Permits: List of permits and certificates required for transfer of ownership
6. Appendix A - Property Documents: Copies of title, tax declarations, and other relevant property documents
7. Appendix B - Power of Attorney: If applicable, power of attorney documents for parties acting through representatives
8. Appendix C - Property Photos and Plans: Current photographs of the property and architectural/lot plans
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