The Standard Real Estate Contract serves as the primary instrument for real property transactions in the Philippines, designed to comply with local laws and regulations while protecting the interests of both buyers and sellers. This document is essential for any real estate transaction, whether residential or commercial, and must conform to requirements set forth in the Civil Code of the Philippines, the Real Estate Service Act (RESA), and other relevant property laws. The contract includes crucial elements such as property technical descriptions, tax declarations, payment terms, and specific provisions required by Philippine law. It's particularly important given the Philippines' strict requirements regarding property ownership, transfer procedures, and foreign ownership restrictions. The Standard Real Estate Contract must be notarized to be enforceable and serves as the basis for the subsequent Deed of Absolute Sale used for property registration.
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1. Parties: Identification of the seller and buyer with complete details as required by Philippine law, including citizenship status
2. Background: Context of the transaction and brief property overview
3. Definitions: Key terms used throughout the agreement, including specific Philippine legal terminology
4. Property Description: Detailed technical description of the property as per tax declaration and title, including lot number, block number, and cadastral details
5. Purchase Price: Total consideration and payment terms, including tax allocations
6. Payment Terms: Schedule of payments, method of payment, and consequences of default
7. Warranties and Representations: Seller's warranties regarding ownership, encumbrances, and property condition
8. Conditions Precedent: Requirements to be met before closing, including documentary requirements
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
12. Notices: Communication protocols between parties
13. Governing Law: Specification of Philippine law as governing law
14. Execution: Signature blocks with notarization provisions as required by Philippine law
1. Broker Provisions: Include when real estate brokers are involved in the transaction, specifying commissions and responsibilities
2. Mortgage Contingency: Include when purchase is contingent on buyer obtaining mortgage financing
3. Foreign Ownership Compliance: Include when buyer is foreign to ensure compliance with ownership restrictions
4. Tenant Rights: Include when property is currently leased to tenants
5. Construction Warranties: Include for newly constructed properties
6. Homeowners Association: Include when property is part of a subdivision or condominium
7. Environmental Compliance: Include when property has specific environmental considerations or requirements
8. Zoning Compliance: Include when property use may be affected by zoning regulations
1. Property Documents: Copy of title, tax declarations, and technical description
2. Payment Schedule: Detailed breakdown of payment terms and dates
3. Property Inventory: List of fixtures and fittings included in the sale
4. Due Diligence Results: Summary of title search and other property investigations
5. Tax Certificates: Current real property tax certificates and clearances
6. Property Plans: Lot plan, technical description, and location plan
7. Permits and Licenses: Copies of relevant permits and certificates
8. Power of Attorney: If any party is acting through an attorney-in-fact
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Legal Services
Financial Services
Construction
Property Development
Property Management
Banking
Insurance
Public Sector
Urban Planning
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Commercial
Risk Management
Operations
Contract Administration
Due Diligence
Property Development
Asset Management
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Real Estate Broker
Property Developer
Legal Counsel
Compliance Officer
Real Estate Manager
Property Manager
Title Officer
Real Estate Paralegal
Mortgage Officer
Property Appraiser
Real Estate Investment Manager
Real Estate Administrator
Contract Manager
Due Diligence Officer
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