The Home Buyers Agreement is a crucial legal document used in Philippine real estate transactions to formalize the purchase of residential property. This document is essential when individuals or entities are purchasing homes, condominiums, or residential lots, whether in pre-selling, ready-for-occupancy, or secondary market conditions. The agreement must comply with various Philippine laws including the Maceda Law (RA 6552), which provides protection for buyers on installment payments, and Presidential Decree No. 957, which regulates real estate development and sales. The document typically includes comprehensive details about the property, payment terms, delivery conditions, warranties, and obligations of all parties involved, while incorporating necessary consumer protection measures and property registration requirements specific to the Philippine jurisdiction.
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1. Parties: Identification of the seller/developer and buyer with complete details as required by Philippine law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot area, floor area, boundaries, and technical specifications
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed payment structure including down payment, installment terms, and final payment
7. Delivery and Possession: Timeline and conditions for property turnover and possession
8. Warranties and Representations: Seller's warranties regarding property title, condition, and compliance with laws
9. Buyer's Obligations: Responsibilities and commitments of the buyer including payment obligations and property maintenance
10. Seller's Obligations: Responsibilities of the seller including property delivery and documentation
11. Default and Remedies: Consequences of default by either party and available remedies
12. Transfer of Title: Process and conditions for transferring property title to the buyer
13. Taxes and Fees: Allocation of taxes, registration fees, and other costs
14. Governing Law: Specification of Philippine law as governing law and jurisdiction
15. Miscellaneous Provisions: Standard clauses including notices, amendments, and severability
1. Mortgage Provisions: Include when the purchase involves bank financing or mortgage arrangements
2. Construction Timeline: Required for pre-selling arrangements or properties under construction
3. Property Management: Include for condominium units or properties within managed communities
4. Amenities and Common Areas: Include for properties in planned developments or condominiums
5. Force Majeure: Optional expanded clause for areas prone to natural disasters
6. Assignment Rights: Include when transfer of rights needs to be specifically addressed
7. Broker Provisions: Include when the transaction involves a real estate broker
8. Co-Buyer Provisions: Include when there are multiple buyers for the property
1. Schedule A - Property Description: Detailed technical description of the property including lot plans and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including due dates and amounts
3. Schedule C - Property Plans: Floor plans, architectural drawings, and layout specifications
4. Schedule D - Fixtures and Fittings: List of included fixtures, fittings, and furnishings
5. Schedule E - Building Specifications: Detailed construction and finishing specifications
6. Appendix 1 - Property Documents: Copies of title, tax declarations, and other relevant property documents
7. Appendix 2 - Permits and Certificates: Copies of relevant permits, certificates, and licenses
8. Appendix 3 - House Rules: For properties in managed communities, applicable rules and regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Housing Development
Real Estate Investment
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Contract Administration
Risk Management
Business Development
Documentation
Customer Relations
Relevant Roles
Real Estate Attorney
Property Developer
Real Estate Agent
Property Manager
Sales Director
Legal Counsel
Compliance Officer
Real Estate Broker
Contract Administrator
Business Development Manager
Property Consultant
Title Officer
Real Estate Analyst
Documentation Specialist
Risk Management Officer
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