The Real Estate Buyers Contract is a crucial legal document used in Philippine property transactions to formalize the purchase and sale of real estate properties. This contract type is essential for both residential and commercial property transactions in the Philippines, incorporating requirements from various laws including the Civil Code of the Philippines, Property Registration Decree, and Real Estate Service Act. It serves multiple purposes: documenting the agreed terms of sale, protecting both parties' rights, ensuring compliance with local regulations, and facilitating proper property transfer registration. The document is typically used when parties have agreed on basic terms and need to formalize the transaction, whether for vacant land, developed properties, condominium units, or other real estate assets. It includes critical information such as property details, purchase price, payment terms, warranties, and closing requirements, all structured to comply with Philippine legal requirements.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers
2. Background: Establishes the context of the sale and the parties' intention to enter into the transaction
3. Definitions: Defines key terms used throughout the contract for clarity and legal certainty
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and payment terms, including deposit requirements and payment schedule
6. Payment Terms: Specifies the method and schedule of payments, including any installment arrangements
7. Conditions Precedent: Lists conditions that must be met before the sale becomes final, including title verification and property inspection
8. Representations and Warranties: Statements by both parties regarding their capacity to enter into the contract and the property's condition
9. Closing and Transfer of Title: Details the process and requirements for completing the sale and transferring property ownership
10. Taxes and Expenses: Allocation of responsibility for various taxes and fees associated with the transaction
11. Default and Remedies: Specifies what constitutes default and the available remedies for both parties
12. Governing Law: Confirms that Philippine law governs the contract and specifies jurisdiction for disputes
13. Execution: Formal closing section for signatures and notarization requirements
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing their roles and commissions
2. Mortgage Contingency: Include when the purchase is contingent on the buyer obtaining mortgage financing
3. Construction Warranties: Include for newly constructed properties to specify builder warranties and obligations
4. Tenant Rights: Include when the property is currently leased to specify handling of existing tenancy
5. Homeowners Association: Include when the property is part of an HOA or condominium association
6. Environmental Provisions: Include when environmental issues or assessments are relevant to the property
7. Force Majeure: Include to address potential extraordinary events that could affect contract performance
1. Schedule A - Property Details: Detailed technical description of the property, including lot plans and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule D - Title Documents: Copies of relevant title documents and certificates
5. Schedule E - Due Diligence Results: Summary of property inspection reports and title search results
6. Appendix 1 - Property Photos: Recent photographs of the property and its major features
7. Appendix 2 - Required Permits: Copies of relevant permits, certificates, and clearances
8. Appendix 3 - Tax Certificates: Current real property tax certificates and clearances
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Insurance
Property Management
Housing and Urban Development
Hospitality
Retail
Commercial Property
Industrial Property
Agricultural Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Acquisitions
Finance
Risk Management
Operations
Documentation
Relevant Roles
Real Estate Agent
Property Developer
Legal Counsel
Compliance Officer
Property Manager
Real Estate Broker
Title Officer
Contract Administrator
Real Estate Attorney
Property Appraiser
Mortgage Officer
Business Development Manager
Real Estate Investment Manager
Chief Legal Officer
Acquisitions Manager
Real Estate Portfolio Manager
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