The Simple Real Estate Purchase Agreement Between Family Members is specifically designed for use in the Philippines when transferring real property ownership between related parties. This document type is particularly relevant when families wish to formalize property transfers while maintaining familial considerations and complying with Philippine legal requirements. It addresses specific aspects of family property transfers, including potential price considerations, future inheritance implications, and special tax treatments available for relatives under Philippine tax laws. The agreement ensures compliance with the Civil Code of the Philippines, the Family Code, and relevant property registration requirements while maintaining transparency for all parties involved. It's particularly useful for straightforward property transfers where both parties wish to maintain family harmony while ensuring legal protection.
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1. Parties: Identification of the seller and buyer, including their complete legal names, addresses, and specification of their family relationship
2. Background: Brief context of the family property sale, including the relationship between parties and general intent of the transaction
3. Definitions: Key terms used in the agreement, including Property, Purchase Price, Closing Date, and other relevant terms
4. Property Description: Detailed legal description of the property, including certificate of title number, boundaries, and improvements
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment
6. Representations and Warranties: Basic declarations about property ownership, absence of liens, and authority to sell
7. Closing and Transfer of Title: Process and requirements for completing the sale and transferring property ownership
8. Costs and Taxes: Allocation of transfer taxes, registration fees, and other transaction costs
9. Governing Law: Specification that Philippine law governs the agreement
10. Execution: Signature blocks with acknowledgment of family relationship
1. Family Discount Provision: Details of any price reduction or special terms due to family relationship
2. Right of First Refusal: Option for seller to buy back property if buyer decides to sell in the future
3. Payment by Installment: Detailed terms if payment will be made in installments, including interest if applicable
4. Co-ownership Provisions: Terms for cases where other family members retain partial ownership rights
5. Future Inheritance Considerations: Acknowledgment of how this sale affects future inheritance rights
6. Occupancy Terms: Special provisions if seller will continue residing in the property after sale
1. Property Documents: Copy of title, tax declarations, and property location plan
2. Payment Schedule: Detailed breakdown of payment terms if not made in full
3. Family Tree: Document showing relationship between parties
4. Property Photos: Current photographs of the property and improvements
5. Tax Certificates: Current real property tax certificates and clearances
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Public Sector
Family Office Services
Notarial Services
Property Development
Banking
Relevant Teams
Legal
Real Estate
Property Management
Document Processing
Wealth Management
Administrative Support
Compliance
Customer Relations
Private Client Services
Relevant Roles
Real Estate Lawyer
Property Manager
Family Wealth Advisor
Real Estate Agent
Notary Public
Legal Document Specialist
Estate Planning Attorney
Property Rights Specialist
Conveyancing Officer
Family Office Manager
Real Estate Transaction Coordinator
Legal Administrative Assistant
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