The Standard Home Sale Contract is a fundamental legal document used in Philippine real estate transactions for the purchase and sale of residential properties. This contract type is essential for ensuring compliance with Philippine property laws, including the Civil Code of the Philippines, the Maceda Law, and various real estate regulations. It is typically used when transferring ownership of houses, lots, or residential units, whether in subdivisions, condominiums, or independent properties. The document includes crucial elements such as property details, price and payment terms, conditions of sale, warranties, and specific provisions required under Philippine law. It serves both as a binding agreement between parties and as a necessary document for property registration with the Registry of Deeds. The contract must be notarized to be legally effective in the Philippines and includes provisions for tax obligations, transfer costs, and other regulatory requirements specific to Philippine real estate transactions.
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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 sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, block number, technical description, certificate of title number, and exact location
5. Purchase Price: The agreed purchase price and detailed payment terms
6. Payment Terms: Structure of payments including down payment, balance payment methods, and deadlines
7. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
8. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other material facts
9. Conditions Precedent: Conditions that must be met before closing the sale
10. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Notices: How formal communications between parties should be made
14. Execution: Signature blocks with requirements for Philippine notarization
1. Broker Involvement: Details of real estate broker involvement and commissions, required if a licensed broker is involved in the transaction
2. Mortgage Contingency: Conditions related to buyer's mortgage financing, included when buyer requires bank financing
3. Property Inspection: Terms for property inspection period and related rights, included when buyer requests inspection period
4. Occupancy Terms: Terms regarding current occupants and possession date, needed if property is occupied
5. Homeowners Association: Terms related to homeowners association membership and fees, required for properties within subdivisions or planned communities
6. Construction Warranty: Warranty terms for newly constructed homes, included only for new construction
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, required when buyer is non-Filipino
1. Schedule A - Property Documents: Copy of title, tax declarations, and property technical description
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and due dates
3. Schedule C - Property Inventory: List of fixtures and fittings included in the sale
4. Schedule D - Outstanding Permits: List of required permits and their status
5. Schedule E - Property Photos: Recent photographs of the property
6. Appendix 1 - Property Plans: Floor plans and lot plans of the property
7. Appendix 2 - Tax Certificates: Current real property tax certificates and clearances
8. Appendix 3 - HOA Documents: Homeowners association rules and regulations, if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Insurance
Construction
Property Management
Public Sector/Government
Notarial Services
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Document Processing
Finance
Risk Management
Customer Relations
Administrative Support
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Attorney
Real Estate Broker
Property Developer
Sales Manager
Legal Counsel
Property Manager
Mortgage Officer
Title Officer
Real Estate Paralegal
Compliance Officer
Property Assessor
Real Estate Document Specialist
Housing Loan Officer
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