The Apartment Purchase Agreement is a crucial legal document used in Philippine real estate transactions for the sale and purchase of residential units. This agreement is essential when transferring ownership of apartments or condominium units, whether from developers to first-time buyers or in subsequent resale transactions. It must comply with various Philippine laws, including the Condominium Act (RA 4726), Maceda Law (RA 6552), and relevant provisions of the Civil Code. The document typically includes comprehensive details about the property, payment terms, warranties, and closing requirements. It's particularly important in the Philippine context where condominium living has become increasingly common in urban areas, and the law provides specific protections for property buyers. The agreement serves as the primary legal instrument establishing the rights and obligations of both seller and buyer, while ensuring compliance with local property laws, tax regulations, and registration requirements.
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a sale
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the apartment unit, including unit number, floor area, boundaries, and parking (if included)
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed payment structure, including down payment, installment terms if applicable, and final payment requirements
7. Warranties and Representations: Seller's warranties regarding ownership, absence of liens, and property condition; Buyer's warranties regarding financial capacity
8. Closing and Transfer of Title: Process and requirements for closing the sale and transferring property title
9. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
10. Default and Remedies: Consequences of default by either party and available remedies
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
12. Notices: Method and addresses for official communications between parties
13. Execution: Signature blocks and execution requirements
1. Financing Provisions: Include when buyer is obtaining bank financing, detailing conditions and requirements
2. Construction Completion: Include for pre-selling units, specifying completion timeline and penalties for delay
3. Inspection and Acceptance: Include for newly constructed units, detailing inspection process and acceptance criteria
4. Association Matters: Include when property is part of a condominium association, detailing dues and obligations
5. Broker Provisions: Include when real estate brokers are involved in the transaction
6. Force Majeure: Include specific force majeure provisions beyond standard terms
7. Property Management: Include when the property comes with specific management arrangements or requirements
8. Renovation Restrictions: Include when there are specific restrictions on unit modifications or renovations
1. Schedule A - Property Details: Detailed technical description of the property, including floor plans and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Unit Specifications: Details of unit fixtures, fittings, and finishes
4. Schedule D - Common Areas: Description of common areas and facilities included in the purchase
5. Schedule E - Due Diligence Documents: List of property documents provided by seller
6. Appendix 1 - Property Title: Copy of the property title or condominium certificate of title
7. Appendix 2 - Tax Clearances: Copies of relevant tax clearances and certificates
8. Appendix 3 - Building Permits: Copies of building permits and certificates of occupancy
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Property Management
Insurance
Investment
Urban Development
Residential Housing
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Business Development
Operations
Finance
Risk Management
Customer Relations
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Broker
Property Developer
Legal Counsel
Compliance Officer
Real Estate Agent
Sales Director
Contract Administrator
Property Consultant
Investment Manager
Development Manager
Transaction Manager
Due Diligence Officer
Title Officer
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