The Home Sales Agreement is a fundamental legal instrument used in Philippine real estate transactions for the transfer of residential property ownership. This document is essential when any individual or entity wishes to sell or purchase a residential property in the Philippines, whether it's a house, lot, or condominium unit. The agreement must comply with various Philippine laws including the Civil Code, Maceda Law (RA 6552), and Presidential Decree No. 957, which collectively govern real estate transactions and protect buyers' rights. The document typically includes comprehensive details about the property, payment terms, warranties, and conditions for title transfer, while also addressing tax obligations and registration requirements. It serves as the primary reference point for all aspects of the property sale and is required for property registration with the Register of Deeds.
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, civil status, and addresses as required by Philippine law
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, block number, technical description, and certificate of title details
5. Purchase Price: Total purchase price and detailed breakdown of all costs
6. Payment Terms: Payment schedule, method of payment, and consequences of default in accordance with Maceda Law
7. Conditions Precedent: Conditions that must be met before the sale becomes final, including documentary requirements
8. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the agreement and the property's condition
9. Transfer of Title: Process and timeline for transferring property ownership
10. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available remedies to either party
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
13. Notices: Process for sending formal communications between parties
14. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commissions, required if a licensed broker is involved in the transaction
2. Mortgage Provisions: Terms related to mortgage financing, required if buyer is obtaining bank financing
3. Construction Completion: Details about completion timelines and specifications, required for properties under construction
4. Association Dues: Terms regarding homeowners association fees and regulations, required for properties within subdivisions or condominiums
5. Occupancy Terms: Terms regarding current occupancy and transfer of possession, required if property is currently occupied
6. Furniture and Fixtures: List of items included or excluded from the sale, required if selling furnished property
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 due dates and amounts
3. Schedule C - Property Documents: List of all property-related documents including tax declarations, certificates, and permits
4. Schedule D - Defects List: Documented existing defects or conditions of the property
5. Schedule E - House Rules: Copy of subdivision or condominium rules and regulations if applicable
6. Appendix 1 - Property Photos: Recent photographs of the property and its current condition
7. Appendix 2 - Required Permits: Copies of relevant permits and certificates required for the sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Construction
Banking & Finance
Property Development
Insurance
Property Management
Residential Development
Urban Planning
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Documentation
Risk Management
Finance
Customer Relations
Business Development
Relevant Roles
Real Estate Attorney
Property Lawyer
Real Estate Broker
Property Developer
Legal Counsel
Conveyancing Lawyer
Real Estate Manager
Property Sales Manager
Compliance Officer
Title Officer
Real Estate Agent
Property Assessor
Legal Documentation Specialist
Real Estate Paralegal
Transaction Coordinator
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