The House Payment Agreement is a crucial legal instrument used in Philippine real estate transactions where property payment is structured over time rather than made in full at closing. This document is essential when buyers opt for installment payments or when seller financing is involved, providing a detailed framework for the financial arrangement while ensuring compliance with Philippine property laws. The agreement must incorporate provisions from the Civil Code of the Philippines and the Maceda Law (RA 6552), which provides specific protections for buyers in installment payment arrangements. It's commonly used in both residential and commercial property transactions, requiring careful consideration of payment terms, default provisions, property transfer conditions, and tax implications. The document serves as a binding contract that protects both parties' interests while facilitating the systematic transfer of property ownership upon completion of payments.
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1. Parties: Identification of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, including brief description of the property and the parties' intention to enter into a payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Complete description of the property including lot area, floor area, boundaries, and certificate of title details
5. Purchase Price: Total purchase price and breakdown of any additional costs or taxes
6. Payment Terms: Detailed payment schedule, including down payment, monthly installments, due dates, and payment methods
7. Default and Remedies: Consequences of payment default and remedies available to both parties, incorporating Maceda Law provisions
8. Property Possession and Transfer: Terms regarding when and how possession and ownership will be transferred
9. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the agreement and the property's condition
10. Taxes and Expenses: Allocation of responsibility for various taxes, registration fees, and other expenses
11. Governing Law: Specification that the agreement is governed by Philippine law
12. Dispute Resolution: Process for resolving any disputes that may arise
13. Notices: How formal communications between parties should be made
14. Execution: Signature blocks and notarization requirements
1. Insurance: Requirements for property insurance during the payment period, used when the seller requires the buyer to maintain insurance
2. Property Maintenance: Responsibilities for property maintenance during the payment period, used when the buyer takes early possession
3. Assignment: Terms for transferring rights under the agreement, included when parties want to address potential transfer scenarios
4. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in areas prone to natural disasters
5. Early Payment Provisions: Terms for early payment or full settlement, included when parties want to specify these options
6. Co-Buyer Provisions: Additional terms when there are multiple buyers, used in cases of joint purchases
7. Property Development: Terms regarding ongoing or future development, used for properties in development projects
1. Schedule A - Property Details: Detailed technical description of the property, including lot plans and technical specifications
2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates, amounts, and running balances
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Property Inspection Report: Detailed report on the current condition of the property
5. Appendix 1 - Required Documents: List of documents required from both parties for the completion of the sale
6. Appendix 2 - Property Photos: Current photographs of the property for reference
7. Appendix 3 - Tax Certificates: Copies of relevant tax clearances and certificates
Relevant legal definitions
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Banking and Finance
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Property Development
Construction
Housing and Urban Development
Relevant Teams
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Real Estate
Finance
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Sales
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Documentation
Risk Management
Contract Administration
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Real Estate Agent
Property Manager
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Real Estate Attorney
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