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The Real Property Purchase Agreement is a crucial legal document used in Philippine real estate transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions, requiring careful consideration of Philippine property laws, tax regulations, and local government requirements. This document is particularly important given the strict formalities required under Philippine law for property transfers, including proper notarization and registration requirements. The agreement must address specific local considerations such as foreign ownership restrictions, zoning regulations, and tax implications under the TRAIN law. It serves as the primary document for establishing the rights and obligations of both parties, ensuring compliance with local regulations, and facilitating proper registration with the Register of Deeds.

1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers as required by Philippine law

2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a sale transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including lot number, title details, boundaries, and technical description as appearing in the title

5. Purchase Price: Statement of the total purchase price and currency

6. Payment Terms: Structure and schedule of payments, including earnest money if applicable

7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final, including title verification and tax clearances

8. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter into the agreement and the status of the property

9. Seller's Obligations: Specific duties of the seller including delivery of documents and transfer of title

10. Buyer's Obligations: Specific duties of the buyer including payment obligations and assumption of costs

11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

12. Title Transfer: Process and timing for the transfer of title to the buyer

13. Default and Remedies: Consequences of breach by either party and available remedies

14. Governing Law: Specification of Philippine law as governing law and choice of venue for disputes

15. Notices: Process for sending formal notices between parties

16. Execution: Signature blocks and notarial acknowledgment as required under Philippine law