The Real Estate Purchase and Sale Agreement is a crucial legal document used in Philippine property transactions to formalize the transfer of real estate ownership. This agreement is essential whenever real property is bought or sold in the Philippines, whether for residential, commercial, or industrial purposes. It must comply with various Philippine laws including the Civil Code, Property Registration Decree (PD 1529), and local government regulations. The document typically includes detailed property descriptions, purchase price, payment terms, warranties, and specific conditions required by Philippine law. It serves as the primary evidence of the transaction and basis for property registration with the Registry of Deeds. Special considerations may apply for foreign buyers due to ownership restrictions under Philippine law.
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1. Parties: Identification of the Seller and Buyer with complete details as required under Philippine law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and title details
5. Purchase Price: Agreed purchase price and payment terms including method and schedule of payments
6. Payment Terms: Detailed breakdown of payment schedule, installments, and mode of payment
7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding
8. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the agreement and the property's condition
9. Title and Transfer: Process and timing of property title transfer
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Possession and Risk: Terms regarding transfer of possession and assumption of risk
12. Default and Remedies: Consequences of default by either party and available remedies
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Formal signing section with notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, used when a licensed broker is involved
2. Mortgage Contingency: Conditions related to buyer's mortgage financing, used when purchase depends on mortgage approval
3. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is non-Filipino
4. Tenancy Provisions: Provisions regarding existing tenants, used when property is currently leased
5. Construction Completion: Provisions for completion of ongoing construction, used for properties under development
6. Condominium Association: Special provisions related to condominium ownership, used for condominium units
7. Agricultural Land Reform Compliance: Provisions ensuring compliance with agricultural land reform laws, used for agricultural properties
1. Property Documents: Copy of title, tax declarations, and technical description of the property
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Property Inspection Report: Detailed report on property condition and any existing defects
4. Tax Certificates: Current real property tax certificates and clearances
5. Plans and Permits: Building plans, permits, and zoning certifications
6. Inventory: List of fixtures and fittings included in the sale
7. Power of Attorney: If applicable, authorization documents for representatives of either party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Agriculture (for agricultural land)
Retail (for commercial properties)
Hospitality (for hotel/resort properties)
Industrial (for manufacturing facilities)
Residential Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Investment
Corporate Affairs
Finance
Risk Management
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Developer
Property Acquisition Manager
Real Estate Investment Manager
Title Officer
Corporate Lawyer
Real Estate Agent
Property Valuation Specialist
Land Registration Officer
Real Estate Transaction Coordinator
Business Development Manager
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