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Real Estate Buyers Contract for Philippines

Real Estate Buyers Contract Template for Philippines

A Real Estate Buyers Contract under Philippine law is a legally binding agreement that documents the terms and conditions of a property sale transaction between a buyer and seller. This comprehensive document, governed by Philippine civil and property laws, outlines the purchase price, payment terms, property description, conditions precedent, warranties, and the process for transferring ownership. It incorporates specific requirements under Philippine legislation, including compliance with the Property Registration Decree, Real Estate Service Act, and relevant tax regulations. The contract serves as the primary instrument for protecting both parties' interests and ensuring a legally compliant property transfer.

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What is a Real Estate Buyers Contract?

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.

What sections should be included in a Real Estate Buyers Contract?

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

What sections are optional to include in a Real Estate Buyers Contract?

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

What schedules should be included in a Real Estate Buyers Contract?

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

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
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

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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