The Residential Condominium Contract serves as the primary legal instrument for condominium unit transactions in the Philippines, essential for both developers and buyers in the growing urban property market. This document is specifically designed to comply with Philippine real estate laws, particularly the Condominium Act (RA 4726) and related regulations. It's typically used when a developer sells a condominium unit to an individual buyer, whether for pre-selling or ready-for-occupancy units. The contract encompasses crucial details about the property, payment terms, warranties, and obligations, while incorporating provisions for common areas and association membership. It ensures protection for both parties while maintaining compliance with local property laws, building codes, and consumer protection regulations.
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1. Parties: Identification of the seller/developer and buyer with complete details
2. Background: Context of the transaction, including property development details and seller's authority to sell
3. Definitions: Key terms used throughout the contract including technical and legal terminology
4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and boundaries
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed payment structure including installment plans if applicable
7. Title and Ownership: Terms regarding transfer of title and ownership rights
8. Common Areas: Rights and obligations regarding common areas and facilities
9. Association Dues: Terms regarding monthly dues, maintenance fees, and other regular charges
10. Warranties: Developer's warranties on the unit and common areas
11. Restrictions and Rules: Usage restrictions, house rules, and regulations
12. Default and Remedies: Consequences of default and available remedies for both parties
13. Turnover: Terms and conditions for unit turnover and acceptance
14. Governing Law: Applicable laws and jurisdiction
15. Execution: Signature blocks and notarization requirements
1. Financing Provisions: Additional terms if buyer is obtaining bank financing
2. Renovation Rights: Terms regarding unit modifications and improvements
3. Parking Space: Terms for purchase or lease of parking space if applicable
4. Storage Areas: Terms for additional storage areas if included
5. Property Management: Specific terms about building management if different from standard
6. Insurance Requirements: Specific insurance requirements beyond standard coverage
7. Force Majeure: Extended provisions for unforeseen circumstances
8. Assignment Rights: Terms for selling or transferring the unit before full payment
1. Schedule A - Unit Floor Plan: Detailed floor plan of the unit with measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and due dates
3. Schedule C - Specifications: Unit finishing specifications and included fixtures
4. Schedule D - House Rules: Complete condominium corporation rules and regulations
5. Schedule E - Warranties: Detailed warranty terms and conditions
6. Schedule F - Common Areas: List and description of all common areas and facilities
7. Appendix 1 - Developer's Licenses: Copies of relevant permits and licenses
8. Appendix 2 - Master Deed: Copy of the condominium corporation's master deed
9. Appendix 3 - Tax Declarations: Relevant tax declarations and certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Insurance
Legal Services
Property Management
Urban Development
Relevant Teams
Legal
Real Estate Sales
Property Management
Compliance
Documentation
Business Development
Customer Service
Operations
Contract Administration
Relevant Roles
Real Estate Attorney
Property Developer
Real Estate Broker
Property Manager
Legal Counsel
Sales Director
Compliance Officer
Real Estate Manager
Development Manager
Contract Administrator
Property Sales Executive
Documentation Officer
Real Estate Consultant
Title Officer
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