The Standard Real Estate Purchase Agreement serves as the primary legal instrument for real estate transactions in the Philippines. This document is essential when transferring ownership of real property, whether residential, commercial, or undeveloped land. It must comply with Philippine legal requirements, including the Civil Code, Property Registration Decree, and local government regulations. The agreement typically includes comprehensive details about the property, purchase price, payment terms, conditions precedent to closing, warranties, and remedies for breach. It's designed to protect both buyer and seller interests while ensuring transparent and legally compliant property transfers. Special considerations are incorporated for various scenarios such as installment payments (covered by the Maceda Law), foreign ownership restrictions, and local zoning requirements.
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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 property history and purpose of the sale
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 TCT/CCT number
5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed payment structure, including down payment, installment terms if applicable, and final payment arrangements
7. Conditions Precedent: Conditions that must be satisfied before the sale can proceed, including title verification and property inspection
8. Representations and Warranties: Seller's and Buyer's representations regarding property ownership, authority to sell/buy, and property condition
9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring property title
10. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions
13. Execution: Signature blocks with requirements for proper execution under Philippine law
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing commissions and responsibilities
2. Mortgage Contingency: Include when the purchase is contingent on the buyer obtaining mortgage financing
3. Property Management During Transition: Include when there's a significant gap between contract signing and closing
4. Tenant Provisions: Include when the property is currently leased to tenants
5. Construction Completion: Include for properties under construction or requiring specific improvements before closing
6. Foreign Ownership Compliance: Include when either party is a foreign national, addressing ownership restrictions under Philippine law
7. Subdivision Approval: Include when the property is part of a subdivision requiring homeowners' association approval
8. Condominium Provisions: Include for condominium units, addressing association rules and common areas
1. Schedule A - Property Details: Comprehensive technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of title documents and certified true copies of property ownership papers
4. Schedule D - Property Inspection Report: Detailed report of property condition and any identified issues
5. Schedule E - Permits and Certificates: Copies of relevant permits, tax declarations, and certificates
6. Schedule F - Deed of Absolute Sale Template: Draft of the Deed of Absolute Sale to be executed upon completion of payments
7. Appendix 1 - Tax Certificates: Current real property tax certificates and tax clearances
8. Appendix 2 - Property Pictures: Recent photographs of the property and its improvements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Real Estate Investment
Urban Planning
Property Management
Housing Development
Commercial Property
Residential Property
Land Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Operations
Finance
Risk Management
Corporate Services
Facilities Management
Investment
Documentation
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Title Officer
Compliance Officer
Real Estate Developer
Property Appraiser
Contract Administrator
Real Estate Consultant
Business Development Manager
Real Estate Investment Manager
Corporate Counsel
Transaction Coordinator
Real Estate Paralegal
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