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The Agreement To Buy And Sell Real Estate Residential is a fundamental legal document used in Philippine real estate transactions for transferring ownership of residential properties. This agreement is essential when any residential property is being sold in the Philippines, whether it's a house, condominium unit, or residential lot. It must comply with various Philippine laws including the Civil Code, Real Estate Service Act, and local property regulations. The document serves multiple purposes: it formalizes the transaction terms, protects both parties' interests, ensures compliance with legal requirements, and provides a framework for completing the property transfer. It includes crucial details such as property description, price, payment terms, warranties, and conditions precedent to closing. The agreement is particularly important in the Philippine context due to specific local requirements for property transfer, tax obligations, and foreign ownership restrictions where applicable.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, civil status, addresses, and tax identification numbers

2. Background: Sets out the context of the transaction, confirming the Seller's ownership and authority to sell, and the Buyer's intention to purchase

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation

4. Property Description: Detailed description of the property including lot number, street address, boundaries, area, and title certificate number

5. Purchase Price: States the total purchase price and the agreed-upon payment terms and schedule

6. Payment Terms: Details the method and schedule of payments, including any deposits, down payments, and balance payments

7. Conditions Precedent: Lists conditions that must be met before the sale becomes final, such as title clearance and property inspection

8. Representations and Warranties: Statements by both parties regarding their capacity to enter into the agreement and the property's condition

9. Title and Transfer: Outlines the process and timing for transferring the property title from Seller to Buyer

10. Taxes and Expenses: Specifies which party is responsible for various taxes and fees related to the sale

11. Default and Remedies: Describes what constitutes default by either party and the corresponding remedies

12. Governing Law: Specifies that Philippine law governs the agreement and outlines jurisdiction for disputes

13. Notices: Specifies how and where official communications between parties should be delivered

14. Execution: Formal closing section with signature blocks for all parties and witnesses