The New Home Purchase Agreement serves as the primary legal instrument for acquiring newly constructed residential property in the Philippines. This document is essential when purchasing property directly from developers or builders, whether for individual homes or units in larger developments. It must comply with various Philippine regulations, including the Civil Code, Maceda Law, and relevant real estate statutes. The agreement typically includes detailed property specifications, payment terms, completion schedules, warranties, and transfer procedures. It's designed to protect both buyer and seller interests while ensuring transparency in the transaction and compliance with local property laws, building codes, and zoning regulations. This document is particularly important given the unique requirements of Philippine real estate law and the need for clear documentation of property transfers.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale, including brief property description and intention of parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot area, floor area, and boundaries as per technical description
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed payment structure, including down payment and installment terms if applicable
7. Completion and Handover: Timeline and conditions for property completion and turnover to buyer
8. Seller's Warranties: Warranties regarding property title, construction quality, and compliance with laws
9. Buyer's Covenants: Buyer's obligations including payment commitments and property use restrictions
10. Title Transfer: Process and requirements for transferring property title to the buyer
11. Taxes and Fees: Allocation of transfer taxes, registration fees, and other related expenses
12. Default and Remedies: Consequences of default by either party and available remedies
13. Termination: Grounds and procedure for contract termination
14. Governing Law: Specification of Philippine law as governing law and jurisdiction
15. Notices: Process for sending formal notices between parties
16. Execution: Signature blocks and execution requirements
1. Development Rules: Include when property is part of a larger development, covering homeowners association rules and restrictions
2. Mortgage Provisions: Include when buyer is obtaining bank financing, detailing mortgage requirements and conditions
3. Construction Warranties: Include for newly constructed homes, specifying construction warranties and defect liability period
4. Utilities and Connections: Include when specific arrangements for utility connections need to be detailed
5. Property Management: Include for properties in managed communities or condominiums
6. Furniture and Fixtures: Include when sale includes specific furniture or fixtures
7. Environmental Compliance: Include when property requires specific environmental certifications or compliance
8. Special Conditions: Include for any unique circumstances or requirements specific to the property
1. Property Technical Description: Detailed technical description of the property including lot plans and boundaries
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Property Specifications: Detailed specifications of construction materials and finishes
4. Permits and Certificates: Copies of building permits, occupancy permits, and other required certificates
5. Property Photos: Current photographs of the property and its facilities
6. Deed of Restrictions: Copy of subdivision or development restrictions
7. Site Development Plan: Plans showing property location within development if applicable
8. List of Deliverables: Inventory of items included in the sale
9. Form of Notice of Turnover: Template for formal turnover documentation
10. Warranty Certificates: Copies of applicable warranties for construction and fixtures
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Environmental Compliance
Relevant Teams
Legal
Real Estate Development
Sales
Compliance
Property Management
Construction
Finance
Customer Service
Documentation
Project Management
Relevant Roles
Real Estate Developer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Construction Manager
Sales Director
Contract Administrator
Property Lawyer
Financial Advisor
Mortgage Specialist
Urban Planning Officer
Development Director
Project Manager
Sales Manager
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