The Purchase And Sale Contract For Residential Property is a fundamental legal instrument in Philippine real estate transactions, essential for documenting and formalizing the transfer of residential property ownership. This document is commonly used in various scenarios, from individual home purchases to developer sales, and must comply with Philippine property laws, including the Civil Code, Maceda Law, and local real estate regulations. It serves as a comprehensive record of the transaction terms, protecting both buyer and seller interests while ensuring legal compliance. The contract typically includes detailed property descriptions, payment terms, warranties, and specific provisions required by Philippine law, making it suitable for both private transactions and commercial residential property sales. Its use is mandatory for legally transferring residential property ownership in the Philippines, and it forms the basis for subsequent property registration and title transfer procedures.
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1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a sale transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, location, boundaries, area, and title details
5. Purchase Price: Statement of the total purchase price and terms of payment
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Warranties and Representations: Seller's warranties regarding ownership, absence of liens, and property condition
8. Title Transfer: Process and timeline for transfer of title to the Buyer
9. Taxes and Expenses: Allocation of responsibility for transfer taxes, registration fees, and other transaction costs
10. Possession: Terms and timing of transfer of possession of the property
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, if applicable
2. Mortgage Contingency: Conditions related to Buyer's obtaining mortgage financing, if purchase is contingent on financing
3. Property Inspection: Terms for property inspection and consequences of inspection findings
4. Existing Tenancies: Details of any existing lease agreements and handling of tenant rights
5. Construction Completion: For properties under construction, specifications regarding completion and acceptance
6. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions if buyer is non-Filipino
7. Homeowners Association: Details regarding membership in homeowners association and related obligations
8. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
1. Schedule A - Property Details: Detailed technical description of the property, including lot plan, technical description, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with specific dates and amounts
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Title Documents: Copies of relevant title documents and certificates
5. Schedule E - Property Inspection Report: Results of property inspection and list of any agreed repairs
6. Schedule F - Tax Certificates: Current real property tax certificates and tax clearances
7. Appendix 1 - Property Photos: Recent photographs of the property and its major features
8. Appendix 2 - Required Permits: Copies of building permits, occupancy permits, and other relevant certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Insurance
Property Management
Urban Planning
Public Administration
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Business Development
Finance
Operations
Risk Management
Customer Relations
Relevant Roles
Real Estate Agent
Property Developer
Legal Counsel
Property Manager
Mortgage Officer
Title Officer
Real Estate Broker
Compliance Officer
Property Assessor
Sales Manager
Business Development Manager
Contract Administrator
Real Estate Attorney
Financial Advisor
Property Consultant
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