The Real Estate Agreement Contract serves as a fundamental legal instrument in Philippine property transactions, essential for both residential and commercial real estate dealings. This document is crucial when transferring property ownership, whether for sale, long-term lease, or development purposes. It must comply with various Philippine laws including the Civil Code, Property Registration Decree (PD 1529), and the Real Estate Service Act of 2009 (RA 9646). The agreement typically includes comprehensive details about the property, transaction terms, payment structures, warranties, and closing requirements. It's designed to protect all parties' interests while ensuring the transaction meets legal requirements for registration and transfer of title. This type of contract is particularly important given the strict formalities required in Philippine real estate transactions and the need to properly document property dealings for both legal compliance and tax purposes.
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1. Parties: Identification of all parties involved, including complete legal names, addresses, and tax identification numbers as required by Philippine law
2. Background: Context of the agreement, including brief property history and purpose of the transaction
3. Definitions: Detailed definitions of key terms used throughout the agreement, including legal and technical real estate terminology
4. Property Details: Comprehensive description of the property including lot number, title details, boundaries, and technical description as per land registration
5. Transaction Terms: Core terms of the agreement including purchase price/consideration and payment terms
6. Payment Structure: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Warranties and Representations: Declarations by both parties regarding property ownership, absence of liens, and authority to enter into the agreement
8. Conditions Precedent: Prerequisites that must be fulfilled before the agreement becomes fully effective
9. Closing Requirements: Documents and actions required to complete the transaction
10. Transfer of Title: Process and requirements for transferring property ownership
11. Taxes and Expenses: Allocation of tax responsibilities and transaction-related expenses
12. Default and Remedies: Consequences of breach and available legal remedies
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional details
14. Execution: Signature blocks and notarial requirements as per Philippine law
1. Due Diligence: Used when there's a need for detailed property investigation period before closing
2. Broker Provisions: Include when real estate brokers are involved in the transaction
3. Mortgage Contingency: Required when the purchase is contingent on buyer obtaining financing
4. Environmental Compliance: Necessary for properties requiring environmental clearances or with potential environmental issues
5. Tenant Rights: Include when the property is sold with existing tenants
6. Development Requirements: Necessary for undeveloped land or properties requiring specific development commitments
7. Homeowners Association: Include for properties within subdivisions or controlled communities
8. Force Majeure: Optional clause for addressing unforeseen circumstances, particularly relevant in long-term agreements
9. Anti-Money Laundering Compliance: Required for high-value transactions or when parties are subject to enhanced due diligence
1. Property Description Schedule: Detailed technical description of the property, including surveys and plans
2. Title Documents: Copies of relevant title documents and certificates
3. Payment Schedule: Detailed breakdown of payment terms and installment schedules
4. Due Diligence Results: Reports from property inspections and investigations
5. Permits and Licenses: Copies of relevant governmental permits and licenses
6. Property Tax Certificates: Current tax declarations and payment certificates
7. Deed of Absolute Sale Template: Template to be executed upon completion of payment terms
8. Property Photos and Plans: Visual documentation of the property and architectural plans if applicable
9. List of Deliverables: Checklist of all documents and items to be transferred at closing
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Construction
Banking and Finance
Property Development
Hospitality
Retail
Industrial
Agriculture (for agricultural land)
Education (for institutional properties)
Healthcare (for medical facilities)
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Compliance
Finance
Operations
Risk Management
Corporate Services
Business Development
Investment
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Corporate Counsel
Legal Director
Chief Legal Officer
Real Estate Development Manager
Property Acquisition Manager
Facilities Manager
Contract Administrator
Compliance Officer
Real Estate Investment Manager
Title Officer
Conveyancing Lawyer
Real Estate Paralegal
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