The Real Estate Contract Form is a fundamental legal instrument used in Philippine property transactions to formalize the transfer of real property ownership. This document is essential for compliance with Philippine civil law requirements and real estate regulations, including the Civil Code of the Philippines and the Property Registration Decree. It is typically used for both residential and commercial property transactions, incorporating mandatory elements such as property description, payment terms, and transfer conditions. The contract form addresses specific Philippine legal requirements including foreign ownership restrictions, local government regulations, and necessary government clearances. It serves as a comprehensive agreement that protects both buyers' and sellers' interests while ensuring the transaction's validity under Philippine law. The document is structured to accommodate various types of real estate transactions while maintaining compliance with local legal requirements and industry standards.
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1. Parties: Identification of the seller and buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Key terms used throughout the contract, including technical and legal terminology
4. Property Description: Detailed description of the property including lot number, survey number, title details, boundaries, and technical description from the title
5. Purchase Price: Total consideration and payment terms, including mode and schedule of payments
6. Terms of Payment: Detailed payment structure, including deposits, down payments, and installment terms if applicable
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
8. Conditions Precedent: Requirements to be met before closing, including title clearance and documentation
9. Closing and Transfer of Title: Process and timeline for executing deed of sale and transferring title
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available remedies for either party
12. Governing Law: Specification of Philippine law as governing law and jurisdiction clause
13. Execution: Signature blocks with requirements for notarization under Philippine law
1. Financing Provisions: Include when buyer is obtaining bank financing, detailing terms and conditions of the loan arrangement
2. Construction and Development: Required for pre-selling arrangements or properties under construction
3. Homeowners Association: Include when property is part of a subdivision or condominium development
4. Foreign Ownership Compliance: Required when buyer is a foreign national or entity, addressing ownership restrictions
5. Broker Provisions: Include when real estate brokers are involved in the transaction
6. Environmental Compliance: Required for properties requiring environmental clearances or assessments
7. Tenant Rights: Include when property is currently leased or occupied
8. Subdivision of Property: Required when the transaction involves division of land
1. Property Details: Technical description, lot plan, and survey details
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Title Documents: Copy of title, tax declarations, and real property tax receipts
4. Due Diligence Results: Results of title search, liens check, and other investigations
5. Property Inspection Report: Detailed report on property condition and improvements
6. Permits and Certificates: Relevant government permits, zoning certificates, and clearances
7. Transfer Costs Breakdown: Detailed list of taxes, fees, and other closing costs
8. Property Photos: Recent photographs of the property and improvements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Legal Services
Insurance
Property Management
Urban Planning and Development
Housing and Settlement
Tourism and Hospitality
Commercial Property
Residential Property
Industrial Property
Agricultural Real Estate
Relevant Teams
Legal
Real Estate Operations
Compliance
Property Management
Sales
Document Processing
Due Diligence
Property Acquisition
Contract Administration
Finance
Risk Management
Property Development
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Real Estate Broker
Property Developer
Property Manager
Compliance Officer
Real Estate Transaction Manager
Title Insurance Officer
Real Estate Investment Manager
Contract Administrator
Legal Document Specialist
Property Acquisition Manager
Real Estate Finance Manager
Due Diligence Officer
Property Valuation Specialist
Real Estate Operations Manager
Land Registration Officer
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