The Home Purchase And Sale Agreement is a fundamental legal instrument used in Philippine real estate transactions to formalize the transfer of residential property ownership. This document is essential when any individual or entity wishes to purchase or sell a residential property in the Philippines, ensuring compliance with local laws including the Civil Code of the Philippines, the Maceda Law, and various real estate regulations. It serves as a comprehensive record of the transaction terms, incorporating property details, financial arrangements, warranties, and closing requirements. The agreement must adhere to specific Philippine legal requirements regarding property transfers, including proper notarization, registration procedures, and tax considerations. It provides legal protection for both buyers and sellers while establishing clear obligations and rights under Philippine jurisdiction.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, location, boundaries, and certificate of title details
5. Purchase Price: Total purchase price and detailed breakdown of payment terms
6. Payment Terms: Schedule of payments, method of payment, and consequences of default
7. Warranties and Representations: Seller's warranties regarding property ownership, encumbrances, and condition
8. Conditions Precedent: Conditions that must be met before the sale can be completed
9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring property title
10. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of default and available remedies for both parties
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
13. Notices: Process for sending and receiving official communications between parties
14. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing commission arrangements
2. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining mortgage financing
3. Property Inspection: Include when specific inspection requirements or results need to be documented
4. Occupancy Provisions: Include when there are existing tenants or specific move-in/move-out arrangements
5. Homeowners Association: Include when property is part of a subdivision or condominium with association requirements
6. Construction Warranty: Include for newly constructed homes with specific warranty provisions
7. Furniture and Fixtures: Include when sale includes specific furniture or fixtures
8. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
1. Schedule A - Property Details: Detailed technical description of the property, including lot plan and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Property Inventory: List of included fixtures, furniture, or equipment if applicable
4. Schedule D - Due Diligence Results: Summary of property inspection findings and title search results
5. Schedule E - Required Repairs: List of repairs or improvements to be completed before closing
6. Appendix 1 - Property Documents: Copies of property title, tax declarations, and other relevant certificates
7. Appendix 2 - Property Photos: Recent photographs of the property and its major features
8. Appendix 3 - Required Permits: Copies of relevant permits and certificates required for the sale
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Real Estate
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Banking
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Construction
Property Development
Property Management
Public Sector
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Relevant Teams
Legal
Real Estate
Compliance
Sales
Property Management
Business Development
Contract Administration
Risk Management
Operations
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Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Real Estate Agent
Legal Counsel
Compliance Officer
Contract Manager
Real Estate Development Manager
Property Acquisition Manager
Title Officer
Mortgage Officer
Real Estate Paralegal
Property Consultant
Sales Director
Business Development Manager
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