The Simple Home Sale Contract is a fundamental legal document used in Philippine real estate transactions for the transfer of residential property ownership. This contract type is essential for documenting the agreement between private individuals or entities engaging in property sales, ensuring compliance with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant tax regulations. It's particularly suited for straightforward residential property transactions where the terms are relatively standard and uncomplicated. The document covers all crucial aspects of the sale, from property description and purchase price to closing conditions and tax responsibilities, while incorporating necessary protections for both parties under Philippine law.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their full legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, confirming the seller's ownership and intention to sell, and the buyer's intention to purchase
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Property Description: Detailed description of the property including exact address, boundaries, certificate of title number, and tax declaration details
5. Purchase Price: States the total purchase price and terms of payment, including any deposit or earnest money
6. Payment Terms: Specifies the payment schedule, method of payment, and consequences of default
7. Conditions of Sale: Details the conditions that must be met before the sale can be completed, including title requirements and property inspection
8. Representations and Warranties: Statements by the seller regarding the property's condition, ownership, and absence of liens or encumbrances
9. Closing and Transfer of Title: Specifies the closing date, requirements for transfer of title, and responsibilities of each party
10. Taxes and Expenses: Allocates responsibility for transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Describes what constitutes default and the remedies available to either party
12. Governing Law: Confirms that the agreement is governed by Philippine law and specifies the venue for dispute resolution
13. Execution: Formal closing section with signature blocks and notarization requirements
1. Broker Representation: Include when real estate brokers are involved in the transaction, specifying their roles and commissions
2. Mortgage Contingency: Include when the purchase is contingent on the buyer obtaining mortgage financing
3. Property Inspection Contingency: Include when the sale is subject to satisfactory property inspection results
4. Occupancy and Possession: Include when there are specific arrangements regarding when and how the property will be vacated
5. Existing Tenancies: Include when the property has current tenants and arrangements need to be specified
6. Fixtures and Fittings: Include when there's a need to specify which items are included or excluded from the sale
7. Construction Warranty: Include for newly constructed homes with warranty provisions
8. Homeowners Association: Include when the property is part of a subdivision or condominium with association requirements
1. Schedule A - Property Details: Detailed technical description of the property, including lot area, boundaries, and technical description from the title
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including amounts and due dates
3. Schedule C - Included Items: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Property Documents: List of all property-related documents to be transferred to the buyer
5. Schedule E - Outstanding Requirements: List of permits, clearances, and certificates required for the transfer
6. Appendix 1 - Property Photos: Recent photographs of the property's exterior and interior
7. Appendix 2 - Property Title: Copy of the current Transfer Certificate of Title
8. Appendix 3 - Tax Declarations: Copies of current real property tax declarations and receipts
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Insurance
Construction
Property Development
Public Sector
Notarial Services
Property Management
Property Investment
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Documentation
Sales
Risk Management
Operations
Customer Service
Finance
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Officer
Property Manager
Real Estate Broker
Legal Counsel
Title Officer
Mortgage Officer
Property Assessor
Real Estate Documentation Specialist
Compliance Officer
Real Estate Transaction Coordinator
Property Administrator
Real Estate Paralegal
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