The Basic Real Estate Contract serves as a fundamental legal instrument in Philippine property transactions, essential for both residential and commercial property transfers. This document type is specifically designed to comply with Philippine real estate laws, including the Civil Code of the Philippines and the Property Registration Decree. It is commonly used when parties need a straightforward, legally compliant agreement for the sale and purchase of real property, whether vacant land, residential homes, or commercial spaces. The contract includes crucial elements such as property details, price, payment terms, and transfer conditions, while incorporating necessary provisions for tax compliance and local government requirements. This document type is particularly valuable for standard property transactions where parties seek a clear, comprehensive agreement without the complexity of specialized development or investment provisions.
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1. Parties: Identification and details of the seller and buyer, including their complete names, civil status, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief history of the property ownership and intention to sell/purchase
3. Definitions: Key terms used throughout the contract, including technical and legal terminology
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and technical description as per title
5. Purchase Price: The agreed purchase price and payment terms, including method and schedule of payments
6. Terms of Payment: Detailed breakdown of payment schedule, deposits, and final payment arrangements
7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other guarantees
8. Conditions Precedent: Requirements that must be met before the sale can be completed
9. Closing and Transfer of Title: Process and timeline for transferring property ownership
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available remedies for both parties
12. Governing Law: Specification that Philippine law governs the agreement
13. Execution: Signature blocks and notarization requirements
1. Due Diligence: Detailed provisions for buyer's property inspection and document verification rights, used when the buyer requires a due diligence period
2. Broker Provisions: Details of real estate broker involvement and commission arrangements, included when a broker is involved
3. Financing Contingency: Conditions related to buyer's obtaining financing, used when purchase depends on securing a mortgage
4. Occupancy and Possession: Terms regarding current occupants and possession timeline, needed when property is occupied or leased
5. Property Management: Interim property management arrangements between signing and closing, used for commercial properties or extended closing periods
6. Force Majeure: Provisions for unforeseen circumstances affecting contract performance, particularly relevant in uncertain times
7. Homeowners Association: Terms related to homeowners association membership and fees, included for properties within subdivisions or condominiums
1. Property Details Schedule: Technical description of the property, including lot plans and boundaries
2. Payment Schedule: Detailed breakdown of payment terms and installment dates
3. Title Documents: Copies of property title and relevant certificates
4. Tax Certificates: Current real property tax certificates and tax clearances
5. Property Inspection Report: Results of property inspection and list of included fixtures/furnishings
6. Permits and Certificates: Relevant building permits, occupancy permits, and other certificates
7. Photos and Plans: Recent photographs of the property and architectural/structural plans if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Construction
Banking and Finance
Legal Services
Property Development
Property Management
Urban Planning
Agriculture (for agricultural land)
Retail (for commercial spaces)
Hospitality (for hotel/resort properties)
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Risk Management
Documentation
Sales
Business Development
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Real Estate Broker
Property Developer
Legal Counsel
Conveyancing Officer
Property Manager
Real Estate Consultant
Title Examiner
Compliance Officer
Real Estate Appraiser
Contract Administrator
Property Assessor
Real Estate Investment Manager
Legal Documentation Specialist
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