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Joint House Purchase Agreement for Philippines

Joint House Purchase Agreement Template for Philippines

A comprehensive legal document governed by Philippine law that establishes the terms and conditions for multiple parties to jointly purchase and own a residential property. The agreement details the ownership structure, financial contributions, rights and responsibilities of each party, and complies with local property laws including the Civil Code of the Philippines and relevant real estate regulations. It addresses crucial aspects such as title transfer, payment terms, property management, and dispute resolution while incorporating specific requirements for joint ownership under Philippine jurisdiction.

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What is a Joint House Purchase Agreement?

The Joint House Purchase Agreement is a vital legal instrument used in the Philippines when two or more parties wish to purchase and own a residential property together. This document is essential for various scenarios, including family members pooling resources, friends investing together, or business partners acquiring shared property. It must comply with Philippine property laws, including the Civil Code, Presidential Decree 957, and local real estate regulations. The agreement covers crucial elements such as ownership percentages, financial responsibilities, property management, and exit strategies. It's particularly important in the Philippine context where family property ownership is common and requires specific legal protections. The document helps prevent future disputes by clearly outlining all parties' rights and obligations, ensuring compliance with local property registration requirements, and addressing tax implications under Philippine law.

What sections should be included in a Joint House Purchase Agreement?

1. Parties: Identification of all joint purchasers and the seller(s), including complete legal names, addresses, and civil status as required under Philippine law

2. Background: Context of the transaction, relationship between joint purchasers, and brief description of the property being purchased

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including lot number, street address, boundaries, title details, and tax declaration number

5. Purchase Price and Payment Terms: Total purchase price, contribution shares of each joint purchaser, payment schedule, and method of payment

6. Ownership Structure: Clear specification of ownership shares between joint purchasers and how the title will be registered

7. Representations and Warranties: Seller's warranties about the property's condition, title, and encumbrances; joint purchasers' warranties about their capacity to enter the agreement

8. Conditions Precedent: Conditions that must be met before completion of the purchase

9. Completion and Transfer of Title: Process and timeline for transferring property title, registration requirements, and documentary requirements

10. Property Management: Agreement on how the property will be managed, maintained, and used by the joint owners

11. Costs and Expenses: Allocation of purchase-related costs, taxes, and ongoing expenses between joint purchasers

12. Default and Remedies: Consequences of default by any party and available remedies

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

14. Execution: Signature blocks for all parties and witnesses as required under Philippine law

What sections are optional to include in a Joint House Purchase Agreement?

1. Mortgage Provisions: Required if the purchase involves bank financing or mortgage, detailing loan terms and responsibilities

2. Spousal Consent: Required if any of the joint purchasers are married, obtaining consent from spouses as required under the Family Code

3. Property Insurance: Optional section detailing insurance requirements and cost sharing for property insurance

4. Right of First Refusal: Optional provisions giving co-owners first right to purchase if one party wishes to sell their share

5. Dispute Resolution: Optional detailed ADR procedures before resorting to court litigation

6. Death or Incapacity: Optional provisions dealing with what happens to ownership shares in case of death or incapacity of a co-owner

7. Property Rental: Optional section if parties agree to rent out the property, including terms and profit sharing

8. Improvements and Renovations: Optional section detailing how decisions about and costs of improvements will be handled

What schedules should be included in a Joint House Purchase Agreement?

1. Schedule 1 - Property Details: Detailed property description, including technical description from title, tax declarations, and zoning certificates

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Schedule 3 - Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property

4. Schedule 4 - Due Diligence Results: Summary of property inspection reports, title search results, and other due diligence findings

5. Schedule 5 - Required Permits: List of permits and certificates required for transfer of ownership

6. Appendix A - Property Documents: Copies of title, tax declarations, and other relevant property documents

7. Appendix B - Power of Attorney: If applicable, power of attorney documents for parties acting through representatives

8. Appendix C - Property Photos and Plans: Current photographs of the property and architectural/lot plans

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Ownership Agreement

Cost

Free to use
Relevant legal definitions





















































Clauses









































Relevant Industries

Real Estate

Banking and Finance

Legal Services

Insurance

Construction and Development

Property Management

Public Sector

Notarial Services

Financial Advisory

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Documentation

Corporate Affairs

Finance

Business Development

Operations

Relevant Roles

Real Estate Attorney

Property Lawyer

Real Estate Broker

Property Developer

Mortgage Officer

Bank Manager

Property Assessor

Legal Counsel

Compliance Officer

Real Estate Manager

Property Investment Advisor

Notary Public

Title Insurance Officer

Real Estate Document Specialist

Property Rights Specialist

Contract Administrator

Real Estate Transaction Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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