The Real Estate Purchase Agreement Form is a vital legal instrument used in Philippine property transactions to document and formalize the sale of real property between parties. This document is essential when any real estate property is being transferred from a seller to a buyer in the Philippines, whether the property is residential, commercial, or undeveloped land. The agreement must comply with various Philippine laws including the Civil Code, Property Registration Decree, and local government regulations. It includes crucial details such as property description, price, payment terms, warranties, and closing conditions, while incorporating jurisdiction-specific requirements like tax clearances and proper notarization. This standardized form helps ensure that all legal requirements are met and that both parties' interests are protected throughout the transaction process.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required under Philippine law
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a sale
3. Definitions: Key terms used throughout the agreement, including technical and legal terms specific to Philippine real estate law
4. Property Description: Detailed description of the real property including lot number, survey details, TCT/CCT number, and exact location as registered
5. Purchase Price: Agreed purchase price, payment terms, and method of payment in accordance with Philippine banking regulations
6. Payment Terms: Schedule of payments, including earnest money (if any), and final payment arrangements
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and compliance with Philippine property laws
8. Conditions Precedent: Requirements to be met before closing, including tax clearances and local government permits
9. Closing and Transfer of Title: Process and requirements for transferring property title under Philippine land registration laws
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available legal remedies under Philippine law
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Formal signing requirements including notarization as required under Philippine law
1. Broker Involvement: Details of real estate broker involvement, to be included if a RESA-licensed broker is involved in the transaction
2. Existing Tenancies: Information about current tenants and lease agreements, if the property is currently leased
3. Property Insurance: Insurance requirements during the transition period, if there's a gap between payment and transfer
4. Due Diligence Period: Terms for buyer's investigation period, if agreed upon
5. Financing Contingency: Conditions related to buyer's financing arrangements, if purchase is subject to mortgage approval
6. Homeowners Association: Terms related to homeowners association membership and fees, if property is in a planned development
7. Construction Warranty: Builder's warranties for newly constructed properties, if applicable
8. Foreign Ownership Provisions: Special provisions if buyer is foreign, addressing restrictions under Philippine law
1. Property Documents: Copy of title, tax declarations, and technical description of the property
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Tax Certificates: Current real property tax certificates and tax clearances
4. Property Inventory: List of fixtures and fittings included in the sale
5. Due Diligence Results: Reports from property inspection and title verification
6. Power of Attorney: If any party is represented by an attorney-in-fact
7. Permits and Clearances: Relevant local government permits and clearances
8. Property Pictures: Recent photographs of the property and its boundaries
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Insurance
Property Management
Urban Planning
Architecture
Public Administration
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Business Development
Risk Management
Operations
Finance
Documentation
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Title Officer
Compliance Officer
Real Estate Developer
Property Appraiser
Mortgage Officer
Contract Administrator
Real Estate Paralegal
Property Consultant
Sales Director
Transaction Coordinator
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