The Purchase Contract (Real Estate) is a fundamental legal instrument used in Philippine property transactions to document and 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 agricultural land. It must comply with the Civil Code of the Philippines, Property Registration Decree (PD 1529), and local government regulations. The contract serves multiple purposes: it evidences the parties' agreement, specifies the terms and conditions of the sale, outlines payment arrangements, and provides the basis for property registration with the Registry of Deeds. It's particularly important in the Philippine context due to strict requirements regarding property transfers, foreign ownership restrictions, and specific tax obligations that must be addressed in the documentation.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, addresses, and tax identification numbers as required by Philippine law
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and title details as registered with the Registry of Deeds
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Payment Terms: Schedule of payments, including any deposits, down payments, and balance payment arrangements
7. Conditions Precedent: Conditions that must be satisfied before the sale becomes final, including title verification and property inspection
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts about the property
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 of breach by either party
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarial requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, required if a licensed broker is involved in the transaction
2. Mortgage Provisions: Terms related to mortgage financing, required if the purchase involves bank financing
3. Tenant Rights: Provisions regarding existing tenants and lease agreements, if the property is currently leased
4. Construction Warranties: Specific warranties for newly constructed properties, applicable for new developments
5. Condominium Provisions: Special provisions for condominium units including association rules and common areas, if applicable
6. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, required if buyer is non-Filipino
7. Agricultural Land Provisions: Special provisions for agricultural land including DAR clearance requirements, if applicable
8. Subdivision Restrictions: Reference to subdivision restrictions and homeowners association rules, if property is in a subdivision
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including amounts and due dates
3. Schedule C - Title Documents: Copy of the Transfer Certificate of Title or other ownership documents
4. Schedule D - Tax Certificates: Current real property tax certificates and tax clearances
5. Schedule E - Property Inspection Report: Results of property inspection and list of included fixtures and fittings
6. Appendix 1 - Required Permits: Copies of relevant permits and certificates required for the sale
7. Appendix 2 - Power of Attorney: If applicable, power of attorney documents for representatives of either party
8. Appendix 3 - Property Photos: Recent photographs of the property and its major features
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Agricultural Real Estate
Commercial Real Estate
Residential Real Estate
Property Management
Urban Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Finance
Tax
Corporate Secretarial
Risk Management
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Compliance Officer
Legal Counsel
Property Developer
Land Registration Officer
Title Examiner
Real Estate Paralegal
Property Assessor
Tax Consultant
Corporate Secretary
Real Estate Agent
Development Manager
Acquisition Manager
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