The For Sale By Owner Real Estate Purchase Agreement is a comprehensive legal document used in the Philippines when property owners decide to sell their real estate directly to buyers without primarily engaging a real estate broker. This approach has become increasingly popular as it can reduce transaction costs while maintaining legal compliance. The document must adhere to Philippine property laws, including the Civil Code of the Philippines, the Property Registration Decree, and various tax regulations. It is particularly important in the Philippine context where property transactions require strict documentation and specific legal formalities. The agreement covers essential elements such as property description, purchase price, payment terms, closing conditions, and tax responsibilities, while ensuring compliance with foreign ownership restrictions and local government requirements. This document type is typically used for both residential and commercial properties, requiring notarization and proper registration with relevant government authorities.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including lot number, street address, boundaries, and title details
5. Purchase Price: Total purchase price and payment terms including deposit, down payment, and balance payment schedule
6. Payment Terms: Detailed breakdown of payment structure, method of payment, and timeline
7. Due Diligence Period: Timeline and conditions for buyer's inspection and verification of property condition and documentation
8. Closing and Transfer of Title: Process and timeline for closing the sale and transferring property title
9. Taxes and Fees: Allocation of responsibility for various taxes and fees associated with the sale
10. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement
11. Default and Remedies: Consequences and remedies in case either party fails to fulfill their obligations
12. Governing Law: Specification that Philippine law governs the agreement
13. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Terms and conditions if buyer requires bank financing, including timeline and conditions for securing loan approval
2. Existing Tenancies: Details of any existing lease agreements if the property is currently tenanted
3. Property Management During Transition: Arrangements for property management between contract signing and closing if necessary
4. Broker Participation: Terms of any broker involvement, even in FSBO cases where limited broker services might be used
5. Furniture and Fixtures: List of any movable property included in or excluded from the sale
6. Construction Completion: For properties under construction, conditions and specifications for completion
7. Foreign Ownership Compliance: Special provisions if buyer is a foreign national, ensuring compliance with Philippine foreign ownership restrictions
8. Condominium Association: Special provisions for condominium properties regarding association rules and fees
1. Schedule A - Property Details: Comprehensive technical description of the property including lot plan, technical description, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Schedule C - Property Inspection Report: Results of property inspection including any identified issues or repairs needed
4. Schedule D - Title Documents: Copy of title and other relevant property documents
5. Schedule E - Tax Certificates: Current tax declarations and certificates showing no outstanding property taxes
6. Schedule F - Permits and Certificates: Copies of relevant permits, certificates, and local government clearances
7. Schedule G - Inventory List: If applicable, detailed inventory of furniture, fixtures, or equipment included in the sale
8. Appendix 1 - Property Photos: Recent photographs of the property documenting its current condition
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Insurance
Legal Services
Property Management
Urban Planning
Residential Housing
Commercial Property
Land Development
Relevant Teams
Legal
Compliance
Real Estate
Property Management
Finance
Risk Management
Operations
Documentation
Asset Management
Investment
Tax
Relevant Roles
Property Owner
Real Estate Investor
Property Developer
Legal Counsel
Compliance Officer
Property Manager
Real Estate Consultant
Tax Advisor
Financial Controller
Business Owner
Chief Financial Officer
Legal Administrator
Risk Manager
Investment Manager
Asset Manager
Documentation Specialist
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