The Simple Real Estate Purchase Agreement is a fundamental legal document used in Philippine real estate transactions to formalize the sale and purchase of real property. This document is essential when transferring ownership of real estate, whether residential, commercial, or agricultural property. It must comply with the Civil Code of the Philippines and related property laws, including requirements for notarization and registration with appropriate authorities. The agreement typically includes detailed property descriptions, price and payment terms, warranties, and tax provisions. It's designed to protect both buyer and seller interests while ensuring legal compliance in the Philippine jurisdiction. This template is particularly useful for straightforward property transactions where standard terms and conditions apply, though it can be modified to accommodate specific requirements of the transaction.
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1. Parties: Identification of the Seller and Buyer with complete names, civil status, addresses, and tax identification numbers as required by Philippine law
2. Background: Brief context of the transaction and confirmation that the Seller is the rightful owner of the property
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Closing Date, and other relevant terms
4. Property Description: Detailed technical description of the property as it appears in the title, including lot number, plan number, and certificate of title details
5. Purchase Price: The agreed purchase price and payment terms, including any earnest money or deposit
6. Payment Terms: Detailed breakdown of how and when payments will be made, including bank details if applicable
7. Closing and Transfer of Title: Process and timeline for closing the sale and transferring the title
8. Representations and Warranties: Standard warranties about property ownership, absence of liens, and authority to sell
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Default and Remedies: Consequences of default by either party and available remedies
11. Governing Law: Specification that the agreement is governed by Philippine law
12. Execution: Signature blocks with requirements for notarization
1. Due Diligence: Optional section when buyer requires specific property inspection rights or due diligence period
2. Broker Involvement: Required only if real estate brokers are involved in the transaction
3. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed
4. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining financing
5. Property Condition: Detailed description of property condition when selling as-is or with specific conditions
6. Homeowners Association: Required when property is part of a subdivision or condominium with association rules
7. Construction Completion: Include for properties under construction or requiring completion of specific works
1. Property Title: Copy of the current Transfer Certificate of Title or other title document
2. Property Tax Clearance: Current real property tax clearance certificate
3. Technical Description: Detailed technical description of the property with boundaries and measurements
4. Payment Schedule: Detailed schedule of payments if not made in full at closing
5. Property Photos: Recent photographs of the property and its boundaries
6. Tax Declarations: Current tax declaration documents for the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Residential Housing
Commercial Property
Agriculture (for agricultural land)
Industrial
Hospitality
Retail
Investment Management
Legal Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Secretariat
Investment
Operations
Finance
Risk Management
Documentation
Business Development
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Attorney
Property Developer
Investment Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Property Assessor
Title Examiner
Mortgage Officer
Real Estate Investment Analyst
Property Administrator
Corporate Secretary
Notary Public
Contract Administrator
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