The Standard Real Estate Purchase And Sale Agreement is a fundamental legal instrument in Philippine property transactions, essential for documenting the transfer of real estate ownership. This document is used when parties have agreed to the sale of real property and need to formalize the terms and conditions in compliance with Philippine law. It encompasses crucial elements required by the Civil Code of the Philippines, Property Registration Decree, and relevant tax regulations. The agreement is designed to protect both buyers' and sellers' interests while ensuring the transaction meets all legal requirements for property transfer in the Philippines, including proper documentation for the Register of Deeds, tax authorities, and local government units. It's particularly important as it serves as the basis for the eventual Deed of Absolute Sale and the transfer of title.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the transaction and brief property overview
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed technical description of the property including lot number, survey number, and TCT/CCT details as per Philippine land registration requirements
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment method, installments if any, and banking details
7. Taxes and Expenses: Allocation of taxes (capital gains, documentary stamp, transfer tax) and other transaction costs
8. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and Buyer's warranties regarding financial capacity
9. Conditions Precedent: Requirements to be met before closing, including title verification and payment of taxes
10. Closing Requirements: Documents to be delivered and actions to be taken at closing
11. Transfer of Title: Process and timeline for transferring property title to the Buyer
12. Default and Remedies: Consequences of default by either party and available remedies
13. Notices: How formal communications between parties should be made
14. Governing Law: Specification of Philippine law as governing law and choice of jurisdiction
15. Execution: Signature blocks with requirements for Philippine notarization
1. Broker Provisions: Include when real estate brokers are involved in the transaction, specifying commissions and responsibilities
2. Mortgage Contingency: Include when the purchase is contingent on Buyer obtaining mortgage financing
3. Foreign Ownership Compliance: Include when Buyer is a foreign national or entity, addressing ownership restrictions under Philippine law
4. Tenant Rights: Include when the property is currently leased, addressing existing tenant rights and transition
5. Condominium Provisions: Include for condominium units, addressing association rules and common areas
6. Construction Warranty: Include for newly constructed properties, specifying builder warranties
7. Subdivision Restrictions: Include for properties within subdivisions, addressing homeowners association rules
8. Agricultural Land Provisions: Include for agricultural land, addressing CARP requirements and restrictions
1. Schedule A - Property Documents: Copy of title, tax declarations, and technical description of the property
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Permits and Licenses: Copies of relevant permits, certificates, and licenses
4. Schedule D - Property Inspection Report: Results of property inspection and list of included fixtures/furnishings
5. Schedule E - Tax Certificates: Current real property tax certificates and clearances
6. Appendix 1 - Property Photos: Recent photographs of the property and its boundaries
7. Appendix 2 - Location Plan: Property location map and vicinity plan
8. Appendix 3 - Form Deed of Absolute Sale: Template of the Deed of Absolute Sale to be executed at closing
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Insurance
Legal Services
Property Management
Urban Planning
Agriculture (for agricultural land)
Tourism and Hospitality
Retail
Industrial
Relevant Teams
Legal
Real Estate
Compliance
Finance
Tax
Risk Management
Documentation
Property Management
Investment
Operations
Due Diligence
Corporate Secretariat
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Attorney
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Tax Consultant
Property Appraiser
Title Officer
Real Estate Investment Manager
Corporate Secretary
Due Diligence Officer
Land Registration Officer
Real Estate Documentation Specialist
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