The Real Estate Sellers Agreement is a crucial legal document used in Philippine property transactions to formalize the sale of real estate between parties. This agreement is essential when transferring ownership of any real property in the Philippines, whether residential, commercial, or industrial. The document must comply with various Philippine laws, including the Civil Code, Real Estate Service Act (RESA), and Maceda Law, among others. It contains detailed information about the property, parties involved, purchase price, payment terms, warranties, and the process of title transfer. The agreement serves multiple purposes: it protects both parties' interests, ensures legal compliance, provides clear documentation for tax and registration purposes, and establishes a framework for resolving potential disputes. It's particularly important given the Philippine legal requirement for formal documentation in real estate transactions and the specific protections afforded to both buyers and sellers under local law.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, addresses, tax identification numbers, and civil status as required by Philippine law
2. Background: Context of the sale, including brief property history and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, location, boundaries, and technical description as per title
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specified payment methods, installment terms if applicable, and compliance with Maceda Law requirements
7. Terms and Conditions of Sale: Core conditions including delivery of possession, transfer of title, and key obligations
8. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other material representations
9. Taxes and Expenses: Allocation of tax responsibilities and transaction costs
10. Title Transfer Process: Steps and requirements for transferring property title
11. Default and Remedies: Consequences of default by either party and available remedies
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 commissions, required if a RESA-licensed broker is involved
2. Existing Tenancies: Information about current tenants and lease agreements, if property is currently leased
3. Property Inspection: Details of property inspection rights and conditions, important for properties sold 'as is'
4. Mortgage Provisions: Required if property has existing mortgage or if purchase is through bank financing
5. Construction Obligations: Required for pre-selling arrangements or if property includes unfinished construction
6. Homeowners Association: Required if property is within a subdivision or condominium complex
7. Force Majeure: Provisions for extraordinary circumstances affecting the transaction
1. Property Documents: Copy of title, tax declarations, and technical description
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Property Inspection Report: Detailed report of property condition and inventory
4. Tax Certificates: Current real property tax certificates and clearances
5. Photos and Plans: Property photographs and architectural/lot plans
6. Powers of Attorney: If any party is represented by an attorney-in-fact
7. Permits and Certificates: Relevant government permits and certificates affecting the property
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