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Bilateral Contract (Real Estate) for Philippines

Bilateral Contract (Real Estate) Template for Philippines

A comprehensive real estate contract governed by Philippine law that facilitates the legal transfer of property ownership between two parties. This document incorporates essential elements required under the Civil Code of the Philippines and related real estate legislation, including detailed property descriptions, payment terms, warranties, and transfer conditions. The agreement ensures compliance with local property laws, tax regulations, and registration requirements while protecting both parties' interests through clear terms and conditions. It includes provisions for due diligence, title transfer procedures, and dispute resolution mechanisms specific to the Philippine jurisdiction.

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What is a Bilateral Contract (Real Estate)?

This Bilateral Contract (Real Estate) is designed for property transactions in the Philippines, specifically structured to comply with the Civil Code of the Philippines and relevant real estate laws. The document is essential for any transfer of real property ownership, whether residential, commercial, or industrial. It contains mandatory provisions required by Philippine law, including proper party identification, property details, payment terms, and transfer procedures. The agreement serves as a legally binding document that protects both parties' interests while ensuring compliance with local registration requirements, tax regulations, and foreign ownership restrictions where applicable. This template is particularly useful for real estate professionals, property developers, and legal practitioners handling property transactions in the Philippine market, incorporating all necessary elements for a valid and enforceable real estate contract under Philippine jurisdiction.

What sections should be included in a Bilateral Contract (Real Estate)?

1. Parties: Identification of the seller and buyer, including complete legal names, addresses, and tax identification numbers as required by Philippine law

2. Background: Context of the transaction, including brief property history and purpose of the sale

3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terms specific to Philippine real estate law

4. Property Description: Detailed description of the property including lot number, survey number, title details, and boundaries as per the title certificate

5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments including earnest money requirements

6. Terms of Payment: Detailed payment structure, including installment terms if applicable, and method of payment

7. Conditions Precedent: Conditions that must be met before the sale becomes final, including title verification and property inspection

8. Representations and Warranties: Seller's warranties regarding property ownership, absence of encumbrances, and compliance with Philippine laws

9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring the title, including registration requirements

10. Taxes and Expenses: Allocation of taxes (including documentary stamp tax, transfer tax) and other transaction expenses

11. Default and Remedies: Consequences of default by either party and available legal remedies

12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

13. Execution: Formal closing section including date and signature blocks with notarization requirements

What sections are optional to include in a Bilateral Contract (Real Estate)?

1. Broker's Commission: Details of real estate broker's commission if a licensed broker is involved in the transaction

2. Mortgage Provisions: Include when the purchase is financed through a mortgage, detailing the terms and conditions

3. Foreign Ownership Compliance: Required for foreign buyers, detailing compliance with Philippine foreign ownership restrictions

4. Tenant Rights: Include if the property is currently leased, addressing existing tenant rights and obligations

5. Construction Warranties: Include for newly constructed properties, detailing developer warranties and guarantees

6. Homeowners Association: Include if property is part of a subdivision or condominium, detailing association rules and fees

7. Force Majeure: Optional clause addressing unforeseen circumstances that may affect the transaction

8. Environmental Compliance: Include for properties requiring environmental clearances or with environmental concerns

What schedules should be included in a Bilateral Contract (Real Estate)?

1. Schedule A - Property Details: Technical description of the property, including lot plan, technical boundaries, and certificate of title details

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, including dates and amounts for installments if applicable

3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included or excluded from the sale

4. Schedule D - Required Documents: List of all documents required for closing, including certificates and clearances

5. Schedule E - Outstanding Taxes: Details of any outstanding property taxes or assessments

6. Appendix 1 - Property Photos: Recent photographs of the property and its major features

7. Appendix 2 - Title Documents: Copies of relevant title documents and certificates

8. Appendix 3 - Tax Clearances: Copies of required tax clearances and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions












































Clauses



































Relevant Industries

Real Estate

Construction

Banking and Finance

Legal Services

Property Development

Insurance

Investment

Property Management

Urban Development

Housing

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Corporate Affairs

Investment

Operations

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Real Estate Developer

Property Acquisition Manager

Title Officer

Contract Administrator

Real Estate Agent

Corporate Lawyer

Investment Manager

Due Diligence Officer

Property Consultant

Legal Document Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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