The Real Estate Buy And Sell Agreement is a fundamental legal document used in Philippine property transactions to formalize the transfer of real estate ownership. This document is essential when any real property in the Philippines is being sold, whether residential, commercial, or industrial. It must comply with the Civil Code of the Philippines, Property Registration Decree, and local government regulations. The agreement includes crucial details such as property description, purchase price, payment terms, warranties, and the process for title transfer. It requires notarization and registration with appropriate government agencies to be legally effective. The document protects both parties' interests by clearly stating their rights and obligations, while ensuring compliance with Philippine property laws, tax regulations, and anti-money laundering requirements.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, addresses, and tax identification numbers as required by Philippine law
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including lot number, cadastral lot, title number, and technical description as registered with the Registry of Deeds
5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments
6. Mode of Payment: Specific details on how payments will be made, including bank details and acceptable payment methods
7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final, including title verification and tax clearances
8. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other legal guarantees
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Title Transfer: Process and timeline for transferring the title to the buyer
11. Default and Remedies: Consequences of default by either party and available legal remedies
12. Governing Law: Specification that the agreement is governed by Philippine law
13. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue
14. Execution: Signature blocks with requirements for witnesses and notarization as per Philippine law
1. Mortgage Provisions: Include when the purchase is financed through a mortgage, detailing the bank's requirements and conditions
2. Tenant Provisions: Include when the property is currently leased, addressing the handling of existing tenancy
3. Broker's Commission: Include when a licensed real estate broker is involved in the transaction
4. Construction Warranties: Include for newly constructed properties, detailing developer's warranties
5. Condominium Provisions: Include for condominium units, addressing association rules and common areas
6. Foreign Ownership Compliance: Include when the buyer is a foreign national, addressing ownership restrictions under Philippine law
7. Environmental Compliance: Include when the property has specific environmental considerations or requirements
8. Subdivision Restrictions: Include when the property is part of a subdivision with specific restrictions or requirements
1. Schedule A - Property Details: Technical description of the property, including boundaries, measurements, and improvements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of all title documents and certificates related to the property
4. Schedule D - Tax Certificates: Current tax declarations and tax clearances
5. Schedule E - Property Inspection Report: Detailed report on the current condition of the property
6. Schedule F - Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
7. Appendix 1 - Property Photos: Recent photographs of the property and its improvements
8. Appendix 2 - Location Map: Maps showing the location and access to the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Legal Services
Banking and Finance
Insurance
Urban Planning
Architecture
Property Management
Investment
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Finance
Risk Management
Business Development
Operations
Relevant Roles
Real Estate Attorney
Property Lawyer
Real Estate Broker
Property Developer
Real Estate Agent
Legal Counsel
Compliance Officer
Property Manager
Real Estate Investment Manager
Title Officer
Contract Administrator
Real Estate Paralegal
Property Assessor
Notary Public
Real Estate Transaction Coordinator
Real Estate Documentation Specialist
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